TL;DR
- Media agencies are trusted advisors across the full advertising technology lifecycle, not just campaign execution.
- A structured, five-stage product development process helps agencies identify and implement the right solutions for brand marketing goals.
- Stages include ideation, product definition, partner selection, proof of concept, and scaling.
- Side-by-side platform evaluation and formal POC testing reduce risk and improve decision quality.
- Agencies that build product development capability deliver greater business value beyond day-to-day operations.
Media agencies play a pivotal role in shaping business outcomes by aligning the right solutions within the advertising ecosystem. By connecting brands with platforms, publishers, media, and data, agencies help brands achieve their communication goals with their intended audiences.
Given this critical role, agencies should be trusted advisors not only during campaign planning and implementation but also in identifying opportunities that extend beyond day-to-day operations. With comprehensive knowledge of the advertising ecosystem, agencies must exercise due diligence to ensure that a brand's marketing toolkit or technology stack is optimised for its marketing goals.
An effective approach to identifying the optimal solution or stack element involves adapting the stages of product management as outlined by the collaboration platform Asana and guided by insights gathered from McKinsey.
Ideation and Establishing the Problem to Solve
The first step in developing a solution is to clearly define the problem being addressed. In this ideation phase, agencies gather input from stakeholders, establish key evaluation criteria, explore potential use cases, and engage with key market participants. The output should be a market brief or a set of guidelines for evaluating the identified opportunities.
McKinsey emphasises the importance of product-market fit, underscoring the need for a thorough understanding of the market before investing time in problem-solving.
Key inputs during ideation include:
- Stakeholder interviews and business objective mapping
- Evaluation criteria defined before any solution is considered
- Use case exploration across relevant audience segments
- Engagement with key market participants and platform partners
Product Definition and Value Proposition
Once guidelines and inputs are established, the next stage involves defining the solution to the problem. Is it a technology solution or a change in an existing process? At this stage, the goal is to formalise the structure of the solution and articulate its value proposition.
It is important to consider both internal and external stakeholders when developing the value proposition. The impact should be measured not just by product adoption but by the extent to which the solution addresses the original business problem.
Key questions that guide a robust value proposition:
- Has the solution created operational efficiencies?
- Has it improved the brand's marketing capabilities?
- Has it enabled strategies that were previously unattainable?
Strong product definition and a clear value proposition are the foundation of successful adtech implementation. Without them, even technically sound solutions risk failing to deliver measurable business impact.
Solution Development and Partner Selection
With parameters for success and the intended resolution in place, the next step is to finalise solution selection or establish formal steps and processes. When selecting a technology partner, such as a DSP, CDP, or other advertising stack element, agencies should create a formalised evaluation process with prospective partners.
This process should include:
- Transparent evaluation criteria shared with all prospective partners
- Clearly defined expected outcomes before the evaluation begins
- Participation requirements during the evaluation or trial period
- A side-by-side comparison that allows issues to be resolved as they arise
Though time-consuming, side-by-side platform evaluation is beneficial. This approach enables more nuanced comparisons beyond specific evaluation criteria and provides a holistic understanding of the market landscape, offering opportunities to reassess the solution based on what is available.
Proof of Concept and Testing
Once the solution or partner technology is selected, the next stage is to develop a proof of concept (POC) or preliminary test. This stage sharpens the feasibility of the solution, stress-tests potential issues, and provides a real-life example of how the solution will be implemented.
A POC is crucial for understanding whether the solution will meet its value proposition before making significant investments.
During this stage, it is also important to consider the internal implications of the new solution. Addressing the complexities and nuances that internal teams may face as the solution scales is crucial for successful product delivery.
Formalisation of Process and Scaling
As the proof of concept proves successful, it is time to revisit the original problem definition and prepare for scaling the solution. This involves ensuring the ability to monitor progress, measure success, address onboarding issues, and provide internal training and feedback. The solution partner should be ready to offer support during the onboarding period and beyond.
A proper timeline and rollout schedule should be agreed upon with internal and external stakeholders. This ensures that key milestones are tracked and any necessary adjustments to the implementation plan are made in a timely manner.
The Evolving Mandate for Media Agencies
As advertising technology continues to evolve and become more complex, the role of media agencies must evolve accordingly. Developing the capability to launch technology solutions and processes that not only enhance the advertising ecosystem but also contribute to business objectives is a challenge worth undertaking. This process must be approached with due diligence to ensure success.
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