What metrics should media be planned to?
The short answer is clients need to focus on ROI. Not ROAS, CPAs, reach/frequency, engagement (i.e. vanity metrics like CTRs, impressions, etc) nor awareness / brand health. ROI is the ultimate modern metric for media planning.
We define ROI as incremental uplift divided by cost, with uplift measured in financial terms (i.e. revenue, profit, customer lifetime value), an equation that leads to a metric that satisfies all the required conditions to maximise gains from media:
It is an accurate, realistic and measured view of the media effects, as it's the incremental impact of what media is delivering (where ROAS isn't, and frequently also CPAs):
ROI is comparable across different media channels, i.e. paid search vs. social vs. radio (where engagement or reach/frequency aren't) as everything is measured on a like-for-like, level playing field
It is based on actual financial performance, so you can discuss with other parts of the business like finance and the board. And if the media pays back, it will help you scale investment. (Again, not something engagement, awareness, reach/frequency can help with)
It can advise on creative impact and which are the best campaigns to use across different channels
It helps guide future spend by incorporating diminishing returns into the measure (where reach/frequency can help, but ROAS, CPAs don't)
Independent agencies are best suited to deliver this as they are generally not bound by the traditional structure of buying around the aforementioned outdated metrics. An agency like ourselves at Media.Monks is best placed to address this for clients as wel:
Have the most advanced techniques for measuring incremental media uplift against business performance
Can do this measurement at speed to get results in days not months
Can then use these results to plan media instantly and with agility vs. traditional media models
Ultimately operate with transparency in the models and media planning, as aren't bound by big agency deals and not chasing the highest margins on certain channels
Ultimately this leads to the best outcome for the clients, and if they grow, they are happy, and so are we.