Data in media planning

What is big data ?

Every day, we create 2.5 quintillion bytes of data — so much that 90% of the data in the world today has been created in the last two years alone. This data comes from everywhere: sensors used to gather climate information, posts to social media sites, digital pictures and videos, purchase transaction records, and cell phone GPS signals to name a few. This data is big data. (IBM).

Why should companies use media agencies ?

People often think of media agencies as managing large, expensive ad campaigns for big brands. However, media agencies can benefit any size business, as long as you keep in mind the best way to use the agency, and to use advertising, for your particular business. Here are the reasons why a company should use a media agency: (Magloff)

Expertise

Many businesses may not have their own marketing department, and so may need expertise an agency can provide. Agencies will usually have access to researchers, media buyers, artists, film makers and other experts who can provide advertising know-how that small businesses cannot afford to hire for themselves (Magloff).

Saving Time

Hiring a media agency means that you and your staff do not need to spend time developing an advertising campaign. This is especially important if you do not have staff that are dedicated to advertising work. Hiring an agency will free your staff to do what they have been trained for (Magloff).

Saving Money

Although it may seem as though hiring an advertising agency will be expensive, you need to consider that an agency can save you a lot of money on ad placement. Most agencies are given discounts by publishers, and radio and TV stations, so they can get cheaper rates than someone dealing directly. Agencies can also easily redesign ads to be more effective while taking up a smaller amount of space, saving your business more money (Magloff).

Brand Development

Advertising agencies can help even experienced businesses to develop their brand by developing logos and advertising that will develop brand awareness. They can also provide you with research that will allow you to target the most effective market. Agencies can also help design your ads for individual media so that you can get the most effective advertising in each market (Magloff).

What are the ethical and legal issues related to data collection ?

The companies benefit from data collection in relation to advertising. However, there are some ethical and legal issues related to it. A company needs to be careful about what data can be collected, how and from whom.

There are huge amount of lego problems related to data collection, such as: 

•   Researchers need data for problem definition & testing 

•   Legal issues are global in scope and highly complex, inconsistent

•   Legal issues create barriers and restrict use 

•   Guidance for researchers is scarce

•   Ethical issues clouding legal analysis

•   Failure to properly analyze legal considerations may result in embarrassment, tarnished reputations, loss of research funding, ruined careers, significant fines, and/or imprisonment (EU).

In relation to legal issues, ethical considerations often based upon: whether benefits of research outweigh potential harms that may occur and whether research activity is likely to engage in harmful acts. (EU.)

The fact that something is beneficial or does no harm does not necessarily make it legal. Many activities deemed ethical are illegal. On the other hand illegal conduct is generally not viewed as ethical. It is important that researchers undertake legal analysis first and after ensuring that the research activities are within the law, the proceed to examine ethical issues. (EU.)

How to make a media plan ? 

http://avenueright.com/entries/86/the-perfect-media-plan-in-7-steps

According to Avenue Right, there can be defined 7 steps to make a perfect media plan:

1. Identify the Problem/Opportunity
2. List Decision Criteria:
3. Prioritize Decision Criteria
4. Consider the Alternatives
5. Evaluate
6. Make Decisions
7. Execute

Sources:

Avenue Right. The Perfect Media Plan In 7 Steps. URL: http://avenueright.com/entries/86/the-perfect-media-plan-in-7-steps. Accessed 30.03.2015

IBM. What is big data?. URL: http://www-01.ibm.com/software/data/bigdata/what-is-big-data.html. Accessed 30.03.2015

EU. Legal Issues Associated With Data Collection and Sharing. URL: http://www.syssec-project.eu/m/page-media/23/bic2011-09-westby.pdf. Accessed 30.03.2015

Lisa Magloff. The Advantages of using Advertising Agency. URL: http://smallbusiness.chron.com/advantages-using-advertising-agency-3596.html. Accessed 30.03.2015