Negotiating A Media Buy
Negotiating a media buy can be a confusing experience. Every media outlet can find something they are number one in. It can be hard to figure out who to trust and what the best option really is for you. Here are some tips you can use:
1. Don’t trust the media. Trust the numbers
Make sure to get proposals or rates and data from different, competing outlets. You’re going to need information on competitors to negotiate. Don’t make the mistake of seeing just one person. Collect all the data and use that to work their price down.
2. Let All the Reps Know You are Looking at Their Competition
Make it known from the beginning that they are going to be evaluated against each other. This will save you time later if they have already been put on notice.
3. Put the Money On the Table and Let Them Fight Over It
Take your total budget, and inform them that you will be selecting one winner of your business. You will quickly find out who wants it the most. You can change your mind and buy from more than one if you want.
Media reps know that there is only one direction their rates go, and that is down. Their rates never go up in a negotiation. That is why they start high. Remember that they are in the habit of giving in. They are used to lowering their rates to get business. Use this to your advantage
4. Give Them “One Last Chance”
If you’re not happy where you are, call them up and let them know you are leaning toward another competitor. You can explain you would really like to buy their media, but the price versus the value just isn’t there. Ask them if there is anything they can do. Even if they are not able to lower their rates any more, there may be some additional value they can add into your buy.
Need More Info?
Have fun and remember that you are the one in charge. After all, you write the checks don’t you? When you get tired of dealing with all of them, remember SDB is just a call or click away from taking that headache from you! If you’d like more information on negotiating a media buy, check out our website. We have a page on media buying as well as some resources you’ll find helpful! Why not start with the media planning worksheet? Click HERE or on the image below!