There is certainly no such thing as an unlimited budget. However, there seems to be an unlimited and also somehow ever-expanding supply of media and promotional options to “get the word out about your offering”. So, how do you determine what media mix makes the most sense for your organization? Pro tip: you CANNOT depend on (nor should you expect) any media representative/s to help you make media buying decisions- never let the fox guard the henhouse.

You can really boil it all down to numbers. Whether you prefer to buy your organization’s media yourself or work with an outside firm that handles your media buying, make sure you are considering an apples-to-apples evaluation as you weigh the allocation of your precious advertising dollars. 

A relatively straightforward way to evaluate media head-to-head is to use a metric that has been utilized related to the practice of media buying for decades: CPM (cost per thousand). This metric is primarily used when evaluating impressions (how many times your ad will be seen by the desired target audience). Simply divide the audited circulation or impressions that will be delivered (provided by the media outlet) by 1,000 to get the number of thousands. Then divide the cost of the ad by the number of thousands. For example: if a magazine you are considering has a circulation of 200,000 and an ad costs $5,000, the ad would have a CPM of $25. In this case, the CPM would be calculated by dividing the circulation or impressions of 200,000 by 1,000 to get 200 and then dividing the cost of the ad by 200 ($5,000 / 200 = $25). 

One wrinkle of this ultra-simple CPM equation in apples-to-apples comparisons is related to your target audiences. More specifically, how well does the media you are considering reach the desired target audience/s? This is not as straightforward as a pure CPM calculation based on the audited circulation numbers provided by a publication. In these cases, it is important to consider the potential of that media to effectively reach your desired prospect/s. For example, an ad in a consumer magazine with a very high circulation will usually have a low CPM. On the other hand, an ad in a specialty magazine that has a low circulation to a very specific and valuable target audience for your success will have a much higher, yet justifiable CPM. 

All mediums have nuances that can make determining their value based simply on the cost per thousand (CPM) calculation too simplistic and will usually require some level of subjectivity applied to their evaluation. However, you owe it to all of your stakeholders to invest the necessary time into the media planning process to do your best to understand what you are paying relative to other mediums that you might be currently considering buying.  

If navigating and weighing how all of these options fit into your media plan seems overwhelming, working with a firm like Stamp to represent your organization and take all of this off your plate is absolutely an option. Schedule a no-obligation call with us to find out what that can look like, and then we can put you in touch with some of our clients so you can hear first-hand what it is like to work with us.