LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global media planning and buying market is expected to grow at a CAGR of 4.7% over the next five years due to the demand from emerging economies and digital services, on the web and smartphones, which are driving the market.
The research report titled ‘Global Media Planning and Buying Market: Procurement Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“The growth of the market can be attributed to the increasing spend on media due to the growing adoption of digital platforms such as social media, e-books, and online newspapers, and the expansion of industries across growing markets such as India and China,” says lead Technavio procurement specialist Angad Singh, from category spend intelligence. “Moreover, there is an increase in the adoption of technological platforms such as programmatic and real-time buying, which allows buyers to procure ads on previously set parameters, rather than reserving ad slots randomly,” adds Angad.
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Cost saving opportunities in the media planning and buying market
The adoption of various cost-optimization levers helps buyers of media planning and buying realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the media planning and buying market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Incorporating supplier performance measurement and benchmarking tools along with an increase in the use of spend management tools such as Arbitron and SQAD can optimize the media planning and buying market and result in savings to the extent of 15% of the total category spend.
The use of technological platforms such as programmatic buying, real-time bidding, and online media buying will also help to reduce costs and target critical media slots which have the highest impact.
Supplier competition saving aspects
Competitive bidding enables buyers to procure services at lucrative prices. Service providers should help buyers choose the optimum media channel and platform that are profitable, and offer the best ROI for specific campaigns. They need to make informed decisions based on pricing of various media slots and strategically place advertisements to ensure maximum reach and viewership.
Adoption of negotiation strategies saving aspects
One of the most opportunistic strategic cost saving levers in the media planning and buying market is the need for buyers to engage with service providers that have a strong professional network with media channels to procure better deals, higher discounts, and add-ons such as bonus spots and sponsorship opportunities. Good networking capabilities can result in getting optimal media space and placement across platforms.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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