Guidelines for Buyers Doing Business with Diverse Media Suppliers

quotGuidelines for Buyers Agencies and Marketers When Doing Business with Diverse Media Suppliersquot is a collaboration between the ANA 4A39s and the ANA39s AIMM the Alliance for Inclusive and Multicultural Marketing designed to help marketers partner with diverse media suppliers strengthen their DEI strategy and drive brand growth There are 20 guidelines Here are some highlightsAccept Alternative Media Metrics Standard metrics such as CPM reach and traditional thirdparty measurement may need to be substituted with other metrics when evaluating diverse media suppliers Diverse media is likely to have higher CPMs and less scale given they often have more targeted audiences but such factors should not preclude inclusion Engagement metrics that consider messaging environment connection with the community and cultural connection may be more importantIdentify Diverse Suppliers The 4A39s the ANA and AIMM has developed resources that can be called upon to find diverse suppliers They areThe 4A39s Diverse Owned Media Cmpanies Resource ListThe ANAAIMM list f Certified Diverse SuppliersThe MAVEN MCampampI Media Ownership for Marketers Report from AIMM and Media FrameworkCertification Requirements Certification authenticates via a thirdparty vetting process that a supplier meets the criteria as a quotdiverse supplierquot It removes the burden to confirm legitimacy from the buyer and is instead handled by the certification organization The report lists five major certification organizations NMSDC WBENC NGLCC NVBDC and DisabilityINUnderstand the Procurement Perspective on Spend There is a clear procurement perspective on what quotcountsquot as diverse spend Some larger marketers are part of the Billion Dollar Roundtable which has adapted NMSDC WBENC NGLCC NVBDC and DisabilityIN as the acceptable certifications required to count toward the 1 billion annual Tier 1 spend to qualify for membership There are procurement teams at companies which are not part of the Billion Dollar Roundtable which also only count spending with certified suppliers as diverse spendPayment Terms Marketers and agencies should avoid extended payment terms for diverse media suppliers unless there are unique circumstances for doing so Extended payment terms can cause severe financial hardship for diverse media suppliers who do not have the cash flow or cash on hand to weather extended payment termsHike Investment to Increase Inventory Inventory is limited in the diverse media marketplace there simply are not enough eyeballs and impressions to satisfy demand When marketers increase media investments it allows suppliers to create additional content and therefore increase inventory Buyers are encouraged to cocreate branded content with diverse suppliers to supply inventoryThe guidelines also cover topics such as marketer leadership buyin legal requirements creative messaging the RFIRFP process and media buying parametersThe best part of creating these guidelines was the collaboration not just between ANA 4A39s and AIMM We also invited diverse suppliers to engage in discussions with us and contribute ideas and those conversations were particularly enlighteningThere will ultimately be two complementary sets of guidelines issued The second to be released at a later date is for diverse media suppliers conducting business with buyers agencies and marketersThe complete Guidelines for Buyers Agencies and Marketers When Doing Business with Diverse Media Suppliers can be found hereClick the social buttons to share this story with colleagues and friendsThe opinions expressed here are the author39s views and do not necessarily represent the views of MediaVillagecomMyersBizNet

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Guidelines for Buyers Doing Business with Diverse Media Suppliers

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Bill Duggan

We Are the Outliers - By Jack Myers

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Guidelines for Buyers Doing Business with Diverse Media Suppliers

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Bill Duggan

We Are the Outliers - By Jack Myers

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