Ernest, here, with FearWorm, wanting to take a few minutes to address questions we’ve been receiving over and over this year. Regarding media planning, timing, and cancellation policies.
What’s going to happen this year?
Should I cut my ad budget?
Should I wait until the last minute to purchase my ads?
How do I secure the best cancellation policies?
That’s what I plan on answering in this video. If you have more questions, go online to FearWorm.com for our contact info, or contact us through our Facebook page. We’re happy to help. Whether you’re a FearWorm agency client, or not.
What’s going to happen this year?
That’s a BIG question.
• Guarantee – it won’t be business as usual.
• It will probably vary greatly by the geographic area you are in, but we can’t even tell what that variation will be yet.
• Some areas will likely be open for business.
• It may vary by the type of event, and indoor or outdoor.
What we can guarantee is we just don’t know yet.
So, do you do nothing? Put your head down and hope for the best? That’s not what I’d do.
So, what does that mean for your ad budget?
Should you cut your marketing budget in anticipation of a bad year?
• You can probably expect this will not be your best season.
• If you cut your budget back because of it, you’re probably shooting yourself in the foot.
I hate to say it… but cut your staff. Cut your overhead somehow. Don’t buy as many animatronics this year. But you had better not cut off the blood supply to your event – your marketing.
1. If there are less people attending haunted attractions this year, you had better secure the largest percentage of the people that are! You will probably have less competition this year. They will probably cut their budgets. Own it, win the audience, win the year. Your cost per attendee might be higher this year, but. You can still be successful. It is paramount to your future existence.
2. This is the year to build your brand. The largest companies in the US were built in down times, not boom times. Strive to gain market share during the down time, when you will have less competition. Then, work to keep that same percentage when times get better. So you end up with a bigger % of market share later when things pick back up.
Let’s Talk Timing.
Should I wait until last minute to do my media buys? In case I can’t open? Could I wait and get better rates?
The answer is, No. Of course you should do your planning starting about right now. We’ve waited a little bit, but no more. You’re pushing your builds, your hiring, and everything else back. Take this time to plan your marketing!
• You simply will not have time to add your media planning to August and September.
• You will likely not get better rates come that time. Media is struggling at its most right now. They are unsure of the future, and their available inventory for fall is huge right now. Take advantage of the window…now!
• Timing for media is NOW. They are playing ball. I don’t know if they still will be in fall, but they are right now.
• They are also negotiating favorable cancellation periods to secure future business. Especially from restaurants and events.
Leading us to the final point –
How do I ensure favorable cancellation policies?
• Radio and TV are typically 2-week cancellation policies guarding some kind of special promotion or rate. So far, we’ve received 24-hour or less cancellation policies. I expect that to continue. WRITE IT INTO YOUR CONTRACT.
• BILLBOARDS are usually non-cancellable. So far, we’ve received up to 2 periods (54 days) cancellation policies on billboards. WRITE IT INTO YOUR CONTRACT.
• With billboards, a FearWorm tactic this year is to consider more digital boards. We received 24-hour cancellation after the start of the pandemic, and refunds on budget. Plus, no wasted production fees. WRITE IT INTO YOUR CONTRACT.
• Print – just don’t do it.
Just build it into your agreements.
• Digital – It depends upon the service you use and your agreement. With FearWorm, we are our own DSP. So for programmatic media, SEM, geo-targeting, Mobile ID, youtube, OTT, Social Advertising – we have an immediate cancellation option. If you’re not with us, bake it into your deal with your digital providers. If they won’t offer it, don’t sign.
As an agency, we charge 5% down on media. We don’t refund it, because we’re doing the work now. Then that 5% is applied to 2020 spends. If your event is cancelled before it runs, we will apply it to your 2021 season. This is more than fair.
In summary, now is the time to be on your “A” Game.
Work with a professional or be a professional.
Be smart. Don’t stray from your brand. Don’t wait. Be smart about cancellation policies and contracts. Leverage the fact that you are placing media at all. And don’t be a dick about it because this won’t last forever, and you need media as your partner. Right now is when you find out who the “good people” are. Be one of those. To your customers, your staff, the media and your agency. It all comes back to you.
Adapt. Innovate. Spend. Grow for the future “you.”
If you’d like to learn more about FearWorm, contact us today. We take on a limited number of new accounts each year, and that number is quickly shrinking. As of this filming I believe we only have 7 new slots available. So, contact us today!