Trade Groups Collaborate on Guidelines to Help Buyers and Diverse Media Suppliers Strengthen Partnerships

There39s been a great deal of recent attention on supplier diversity in the advertising supply chain Marketers and agencies want to do the right thing and support diverse suppliers Black Hispanic Asian LGBTQ and more Diverse suppliers in the advertisingmarketing industry are in categories including agencies media companies production companies and research suppliers Given that the biggest marketing expense for most organizations is media there has been a particular emphasis on supporting diverse media suppliersThere are multiple benefits in supporting diverse suppliers overall and diverse media suppliers in particular They includeMore authentic connections as diverse suppliers reflect the consumer baseNew channels and diverse perspectives for ideas goods and servicesAccess to a broader audience to improve brand awareness and attract new customersGreater customer loyaltyPositive economic impact for the community in which suppliers are locatedRepresenting a force against racial inequality and inequity and the elimination of systemic investment inequalities in the media and creative supply chainBut we39ve heard complaints along the way Diverse media suppliers say that many potential buyers are evaluating them on traditional metrics like CPM and reach where diverse media companies just can39t shine Rather messaging environment connection with the community and cultural connection may be more important Diverse media suppliers also say they are getting an increasing number of requests and that some RFIsRFPs require hours of work to answer This is challenging for the suppliers because they often have smaller staffs and even parttime sales staffs As a result buyers should find opportunities to streamline RFIsRFPsMeanwhile there have also been complaints from the buyers marketers and agencies They say the diverse suppliers often don39t know how to get the conversation started don39t always understand the role of clientside procurement and may not fully understand the benefits of certification There39s been more basic feedback that some diverse suppliers need to do a better job on their prep work and ensure that they are clear on evaluation criteriaFor the past six months ANA has been working in partnership with the 4A39s American Association of Advertising Agencies and AIMM Alliance for Inclusive and Multicultural Media to develop guidelines to help buyers and diverse media suppliers improve their ways of working together That collaboration has been fantastic But better yet we have engaged the diverse suppliers to provide input and contribute to the development of the guidelines By my rough estimate some 50 diverse suppliers have participated in our Zoom meeting discussions or weighed in via email That has helped take the guidelines to a new and better level and we are most appreciativeThere are two sets of guidelinesFor Buyers Agencies and Marketers When Doing Business with Diverse Media Suppliers which was released in MayFor Diverse Media Suppliers When Doing Business with Buyers Agencies and Marketers which was released on August 9 2022There are 16 guidelines for diverse media suppliers They includeRegister Your Business on Marketer Supplier Portals Most marketers have their own portals that serve as a database for diverse suppliers and suppliers should register their businesses on these portals The portals should be just one step in building a relationship with the marketer and diverse suppliers are encouraged to stay in regular contact eg quarterly with the marketer andor its agencyConsider Certification Diverseowned media suppliers which are not certified should consider getting their certification from the relevant organizations There are multiple benefits of obtaining certification For example certified businesses are included in more RFPs which provides additional exposure to corporate marketing departments which leads to increased sales Certification therefore maximizes the opportunity for suppliers to be considered and hiredBe Clear on Evaluation Criteria Make sure RFIs are clear about the evaluation criteria suppliers will be measured against to be sure buyers are setting realistic goals Diverse media suppliers should seek to understand how success will be measured to deliver against campaign goals andor levelset expectations on gaps in measurement that should be highlighted from the outsetThe Value of Case Studies Diverse media suppliers are encouraged to curate case studies displaying work they have done with national advertisers Buyers appreciate learning via case studiesThere are 20 guidelines for buyers They includeAccept 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 measure messaging environment connection with the community and cultural connection may be more importantPayment 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 termsCertification 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 organizationsHike 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 inventoryWhat terrific collaboration Thank you 4A39s AIMM and the many diverse suppliersClick 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

SUBSCRIBE FOR FREE MEDIAVILLAGE CONTENT | BECOME A THOUGHT LEADERSHIP CONTRIBUTOR

Trade Groups Collaborate on Guidelines to Help Buyers and Diverse Media Suppliers Strengthen Partnerships

Author

Publish date

Channel

Archived in

Bill Duggan

FEMA and the Ad Council Encourage AANHPI Communities to Enhance Disaster Preparedness in New PSAs - Ad Council InSites

More Videos:

SUBSCRIBE FOR FREE MEDIAVILLAGE CONTENT | BECOME A THOUGHT LEADERSHIP CONTRIBUTOR

Trade Groups Collaborate on Guidelines to Help Buyers and Diverse Media Suppliers Strengthen Partnerships

Enjoying This Commentary? There's More to Love

Bill Duggan

TAGS:

FEMA and the Ad Council Encourage AANHPI Communities to Enhance Disaster Preparedness in New PSAs - Ad Council InSites

Cookies