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Losses in media is a fact of doing business. But the simple solution to mitigating potential losses is a robust measurement and analytics program. One that keeps the media accountable, linked to strategic objectives, and is independently measured. That way, anomalies can be identify, fraud can be caught early, and low performing media can be weeded out.
Taking learnings from the measurement program and adapting contracts to suit is also crucial. To make sure media buys have make goods or refunds for low performance, or to establish the measurement KPIs and third party measurement. This also means that you can take immediate action on issues arising.
The flip side of the media performance coin though, if to put budget towards the top performers. Don’t just let low performing media pull back your results, reward those that are lifting the standard. So be quick to stop the low performers and reallocate to the top performers. This means giving teams and partners the mandate to make those sorts of adjustments. This alone can lift performance meaningfully.
So when thinking about mitigating the losses, it does also mean stopping things not working, but to also quickly put those resources into areas that are working.
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