Media planners and buyers expect fast RFP turnaround
RFPs continue to be a key part of the media planning and buying process,
according a study we conducted with the firm James G. Elliott on more than 200 SRDS.com users
. We found that the majority (82%) of respondents use RFPs always or often in their planning/buying process, with half (50%) always using RFPs. Among the respondents who do use RFPs, 78% rate their importance as extremely or very important.
The biggest change in the RFP process that we’ve seen is the amount of time the media brand has to respond. Since media buyers are now working on more campaigns and more brands, they have less time to spend on the RFP process. We found that almost all of respondents who use RFPs (90%) typically allow only 10 or fewer workdays for RFP completion. Over a third demand that the process move more quickly; 40% said they allow 1 to 5 workdays for the turnaround.
This may suggest that publishers should consider swapping their sales structure from a relationship model to one that is more transaction-oriented. The latter emphasizes getting to the point in your sales pitch and following up on RFPs as quickly as you can. This data may be an intrinsic sign of the new way planners and buyers want to be sold to. Because they are trying to do more with less time, publishers may need to modernize their selling models as well.
Over the next few months, we'll be sharing insights from the study to help media brands better understand today's planners. Click here to sign up to receive occasional emails with these insights right to your inbox.
More Information about the Study: In Q4 2013, Kantar Media SRDS and James G. Elliott joined forced to understand the media planning and buying information needs of media planners and buyers at agencies. The objectives were to understand the habits of media planners and buyers, to learn about the types of clients and plans that media planners and buyers are working with, to determine the types of resources used for planning and buying and to understand what factors have an impact on media selection. The 200+ respondents were very qualified: they currently have media planning or buying responsibilities and had researched, recommended, planned or bought business-to-business, consumer magazine or digital media in the past 12 months. Click here for more information on the methodology.