When To Buy TV Ad Space?

Should you continue to buy TV ad space just because you have always done so? Things are changing on the supply side of the TV ad space market, which you should take into consideration when you come to buy TV ad space. But your first consideration should be whether or not this form of marketing is working for you. Consider the salutary tale of the psychologist who was investigating six-year-old Johnny’s attitude to TV.

Johnny watched a huge amount of TV adverts and so to draw him out the psychologist said. “Johnny, if you found a pound coin and had to spend it, what would you buy?" "A box of Tampax!" he replied without hesitation. "Tampax?" said the intrigued psychologist. "What would you do with that?"

"Well," said Johnny, "I do not know exactly, but it's sure worth a pound. With tampax, it says on TV, you can go swimming, go horseback riding, and also go skating, any time you want to."

Clearly Johnny’s mother is the target market here and Johnny is collateral damage and it serves to illustrate the point that unless you are measuring the impact of your TV advert expenditure you probably shouldn’t be buying it at all.

Things to consider on the supply side are the key drivers of TV advertising revenues that include the state of the economy in general and trends within TV broadcasting. The major current trend is the rise in multi-channel viewing, and the resulting increase in competition with traditional commercial broadcasters. Be sure to negotiate hard because both types of TV are vying for your business. Going forward, the market will be affected by a number of developments not least of which will be the big analogue switch-off coming soon. Other interesting competitive developments are how new technology such as Personal Video Recorders (PVRs) might be more appropriate to your particular product or service and the likelihood of increasing distribution of TV content over broadband.

The true economic price of TV advertising is the cost per advertising impact. Research shows that in the short term, changes in the supply of TV advertising space has little effect on TV net revenues, as a fall (rise) in impacts leads to a rise (fall) in the price per impact (the price elasticity is close to unity). This means that roughly the same amount of money continues to chase a smaller or larger number of advertising opportunities.

However, maybe you should wait awhile and consider the new channels, since in the longer term, increases in the supply of TV advertising puts far greater downward pressure on the price. Change in audiences has a proportionally greater impact on multi-channel advertising revenues than traditional channel advertising revenues.

So when is it best to buy TV ad space? Well only when it works for your company and when you can get the best deals with more and more channels opening up.

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