Speaker 1: Media planning is the practice of formulating a very detailed media buying strategy with the ultimate goal to achieve the advertiser's marketing objectives. In other words, it is the practice of strategically selecting a mix of media buying methods, formats, and tactics to be used over a certain period of time. Before creating a plan, media planners typically identify marketing problems, set marketing objectives, and select the correct media mix combination. But, let's see in greater detail what is the process of creating a successful media plan. Every media plan starts with one or many identified marketing problems. The truth is that every business has marketing inefficiencies. By identifying them, advertisers can be more strategic with their marketing efforts to generate more online sales and revenues. For you to understand better what I mean, let's take two examples. Suppose that a business offers a unique product. When people learn about that product, they normally get fascinated and buy it straight away. However, even though that business has great conversion rates, only a few people know about that product's existence. Therefore, the marketing problem here is that there is no much product awareness. If more people were to discover that product, that business could have generated even more conversions. In this example, let's assume that a business gets huge volumes of website traffic. However, only a small number of users make a purchase, and the rest do not revisit the website, even though they had demonstrated interest in making a purchase. The marketing problem here is that the business doesn't generate a lot of conversions. But, if more people were reminded of the product they demonstrated interest in, that business could have generated even more conversions. Moving on to the marketing objectives, those go hand-in-hand with the identified marketing problems. For example, if there is no much product awareness, the marketing objective should be to build awareness through advertising campaigns. With programmatic advertising campaigns, advertisers can achieve many marketing objectives. As mentioned earlier in this course, they can build brand awareness, increase website visits, drive app installs, and increase signups, sales, and revenue. The next step is to select the ideal marketing tactics for accomplishing the chosen marketing objectives. Media planners typically use several tactics per objective. For example, if the objective is to build brand awareness, some tactics may be to set up one campaign targeting lookalike audiences, and another one targeting relevant third-party audience segments. Once the tactics are chosen, the next step is to create a media plan, which covers how the marketing objectives will be achieved in a detailed and organized manner. A successful media plan should contain information such as marketing objectives, allocated budget by marketing objective, marketing tactics by marketing objective, media buying methods by marketing tactic, the ideal advertising formats by media buying method, the creative types by ad format, the KPIs by marketing objectives, as well as other details such as KPI targets and campaign timings. But let's take an example. Suppose that a media planner wants to achieve two objectives, to build brand awareness and increase conversions. When it comes to the brand awareness objective, he allocates $10,000 on a prospecting campaign that will be buying media through private auctions. He also chose to run video outstream ads. In order to measure the success of this campaign, he chose the views metric as his KPI. He also set a target of half a million views. Lastly, he decided to start his campaign on the 1st of January and end it on the 30th of January. When it comes to the second objective, which is to increase conversions, he allocated $2,000 on a remarketing campaign. He also chose to buy media through open auctions with the use of display ads. The selected KPI was cost per conversion, and his target was to pay $120 per conversion. Lastly, he decided to start his campaign on the 1st of January and end it on the 30th of January.