LONDON--(BUSINESS WIRE)--SpendEdge has been monitoring the global media planning and buying market and the market is poised to experience spend growth of over USD 80 billion between 2019-2024 at a CAGR of over 4% during the forecast period. Request Free Sample Pages.
Read the 119-page research report with TOC and LOE on "The Global Media Planning and Buying Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, top suppliers, supplier selection and negotiation strategies, and insights into best practices to optimize procurement spend.”
Organizations are preferring to outsource media planning and buying operations to compensate for the lack of professionals with the requisite expertise and the dearth of technological platforms. This trend is acting as one of the major sources of investments in the media planning and buying market. Start-ups that are populating the e-commerce industry are exhibiting high demand for media planning and buying services, thereby driving the spend momentum in the market.
The prominence of the e-commerce sector in APAC is resulting in the gradual shift of buyers towards e-commerce advertising platforms. This is resulting in more spend to book online advertising slots which are contributing to spend growth in the media planning and buying market in this region. The increase in spend on cinema and OOH ad spend is accelerating the growth in the media planning and buying market in North America.
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Factors that will drive procurement expenses in the media planning and buying market
- Employee expenses are constituting almost 45% of suppliers’ OPEX. The growing shortage of experts is accelerating this expense. Buyers are likely to compensate for this growing expense in the form of an excess procurement spend.
- Suppliers are tackling a substantial increase in their technology expenses owing to their utilization of advanced tools such as analytics software and AI to achieve highly effective decisions pertaining to media planning and buying. This is expected to cast an inflationary impact on buyer’s procurement spend in the media planning and buying market.
Insights into category management strategies that will help buyers optimize their procurement spend
Optimizing procurement spend does not stop at getting the product from suppliers at reduced rates. Most of the buyers in the media planning and buying market fail to realize that an impactful supplier relationship management is crucial to create avenues to save costs in the long run and also to facilitate effective category management in a market that is characterized by price and demand dynamism.
Seek transparency in billing rates offered by suppliers
Buyers must ensure that billing rates of suppliers are forecasted based on future market conditions such as supply scenarios, technology costs, and labor costs. Buyers should mention a clause in the SLA wherein they can provide an estimated adjustment of the billing rate based on any changes in market scenarios such as a change in labor rates.
Identify suppliers who have better control over high-traffic media slots
With the increase in advertisement volumes and focus on consumers' preferences and experiences, it is becoming a challenge for media buyers to capture prime time slots. To address this challenge, buyers are advised to partner with suppliers who have a strong network with broadcasters/media houses, that helps them provide media slots at cost-effective rates, thereby leading to cost savings.
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Some of the key topics covered in this report are:
- Media planning and buying market spend segmentation by region
- Total cost of ownership analysis in the media planning and buying market
- Regional spend opportunity for media planning and buying suppliers
- Media planning and buying suppliers cost structure
- Media planning and buying pricing models analysis
- Media planning and buying procurement best practices
- Category management objectives
- Cost saving opportunities in the media planning and buying market
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