MxPiQ Day Two: The Magic of Media

Day two of the first-ever, in-person Marketing Procurement iQ conference for Europe focussed on the world of media. Covering tricky topics like mastering digital media buying, understanding media transparency and disruption, and what this all means for marketing procurement teams, here are MSQ’s highlights… 

The evolution of media

It’s to no one’s surprise that the massive world of media is disrupting traditional business models; as the digital age has shifted the “curated scarcity” of advertising types to a now unlimited “super-abundance” of advertising, as we look back on the Analogue Era, live in the present Digital Era, and look forward to the Era of Advertising 3.0. As media types continue to multiply, we’ve already seen plenty of new options emerging from the internet, meaning that paid media is now much less regulated than it once was. With this only continuing to expand, new areas of media (such as: ecommerce, retail media, social and paid search) rise to fruition which means that brands need to adapt and evolve their business models with different speciality areas, also demanding a new approach to contracts and agency selection to keep the sector regulated through procurement teams. 

How brands can adapt

In 2024, we’ve effectively reached the level where “the age of digitisation is pretty much complete”, signifying the end of an era that media models were once working hard to keep up with, and meaning that newer (and more) bases need to be covered. Procurement should adapt through media procurement specialisation and a more expansive team with a diverse range of talent, which is essential to keep ahead of the game, and means longer, more complex contracts need to be inspected thoroughly. Intra-company stakeholder liaison is also vital, dealing with the organisational and operational sides to media; also tackling more flexibility of external provision, different payment models and new KPIs that more accurately reflect performance.

Other bits of media magic from day two: 

• The emergence of retailers owning, democratising and monetising their data. 
• The importance of prioritising ESG and the urgency for brands to work on reducing their carbon impact if they haven’t started already. 
• With two thirds of investment being pushed into media buying, brands will need to move away from a price-based strategy to focus on data. 
• The relationship between procurement teams and their agencies; how to build trust and keep everyone accountable with the help of more robust contracts, frameworks and audits.

MSQ Source provides sustainable production and technology solutions for local and global needs. For more information, contact Darren Khan: Darren.khan@msqpartners.com.