The Technology of Advertising

Interesting article in MediaWeek this week entitled, “Digital Buyers Lament Ad-Buying Process, Seek Guidelines“. 

Overall, the article laments the fact that there has been a lack of influx of new technology into the advertising industry to reduce the amount of paperwork needed to plan and buy media. 

Naturally, here at Balihoo we couldn’t agree more.  We’re taking several steps to try and help with this problem: 

First, we’ve developed a robust RFP system for media planners.  It’s fully configurable, meaning that you can ask any question you want in any format.  As media sellers respond to your RFP, their responses are automatically aggregated into a single, online worksheet that you can manipulate and export. 

Secondly, this same RFP system saves time and paperwork for the media seller.  Create “canned” responses for the standard questions and focus your time and energy on the in-depth strategic questions and financial details. 

Additionally, for both parties, all of this data and the back-and-forth negotion process is fully digital and the history is captured within the system, no need to print out and save paper files. 

Finally (as of last week) Balihoo is participating on the AAAA (American Association of Advertising Agencies) committee designed to help develop, design and implement standards across the RFP process. 

Simplifying and streamlining the media buying process is critical for our industry.  As we head into a suspected “down time” for the industry, it’s so important that we all work together drive out cost and increase efficiencies into everything we do. 

Some interesting thoughts from our CEO on this very topic can be found here.