Independent global marketing consultancy, R3, and owned media specialists, Sonder, have released a report on how marketers can uncover untapped value in their media through strategic auditing. According to Sonder, while the US paid media market equates to $243 billion annually, owned media is estimated to be worth over $1.9 trillion.
“Industries like travel, financial services, telecommunications and FMCG have a large number of owned media channels like email programs, mobile apps, and store networks,” says Greg Paull, Co-founder and Principal at R3. “Putting an accurate third-party value to these channels transforms them into assets, which is why auditing owned media is a prerequisite for a progressive, well-leveraged business.”
An Objective View on Auditing Owned Media
The R3 and Sonder report Are You Sitting on Undervalued Media? provides insight into the specialist nature of Paid, Owned, and Earned media audits, and highlights how owned media is audited and valued differently from audits of paid and earned media. The auditing of owned media requires a value-based methodology that captures all the relevant media, audiences, data, and category diagnostics in a way that justifiably maximizes the value of the media.
Objectivity in owned media audits is also essential, which suggests media buying agencies aren’t equipped to value owned media as they exist to reduce the value of media on their client’s behalf.
Auditing for Commercial Return on Media
Marketers are often comfortable with audits of their paid media as it often represents the largest marketing expenditure for a company. But, by auditing the value, defining the operating model and establishing the tech stack, CMOs can weaponize their owned media assets to deliver commercial return to the business.
“Accountability of spending is crucial now more than ever and it’s important for CMOs to understand and justify their marketing spend,” says Paull. “Businesses must look within for growth and auditing owned media is just one opportunity to generate greater value and income from assets that already exist.”
A copy of R3 and Sonder’s Are You Sitting on Undervalued Media? report can be requested here.