Procuring any professional services – including media buying ones – begins with a well-thought-out agency procurement process. RFP document is an essential part of this.
Request for proposals ensures you get offers from most qualified companies in a manner that makes it easy for you to evaluate each and make an informed choice.
In this article, we will list all the essential elements of a Media Buying RFP document + we also provide a FREE Media Buying RFP template that you can use for your own business needs.
Table of Contents
What is Media Buying RFP?
A request for proposal (RFP) for media buying is a formal document used to get project completion proposals from specialist media buying organizations. These documents assist companies and decision-makers in determining which agency to engage for a project.
Media buying RFP addresses specific project requirements and issues that your company wishes to solve by soliciting unique solutions from agencies and other providers.
What to Include in Media Buying RFP Document?
A well-covered media buying request for a proposal document should contain the following elements:
This is your RFP's very brief" About Us" section that does not have to be a detailed history of your company, but it should provide suppliers with an understanding of what you do and who your target audience is.
Provide sufficient information for agencies to conduct their own research. Include the brand mission, values, typical customer profile, competitors and industry of your company.
Goals of the Project
This is the most crucial part of your RFP. Because media buying might encompass a variety of deliverables, be as explicit as feasible. Do you require continuing media buying services or a one-time, large campaign? The more detailed you are, the more easily you will discover the proper seller.
When it comes to media buying goals, keep to broad objectives while still being as specific as possible in your RFP. Allow the bidder to come back to you with SMART goals, giving them enough leeway in approaching the project.
The agencies you approach will almost certainly develop a project timetable based on your request, but they will need explicit directions.
Include a target project start date and any time-sensitive information in your RFP. Assume your project is a component of a broader marketing campaign that will go live on a specified date. This context will be required by vendors in order to construct an appropriate schedule for project completion.
If you're searching for continuous media buying services, look at your present workflows. What is the purpose of the content review process? How quickly will you be able to respond?
The scope of your project will affect the payment schedule you select. Ongoing services may be priced by the hour, or campaign-based services may be billed when a milestone is reached. To begin a project, vendors often request a percent-based deposit.
Confusion can be reduced by having a single point of contact. Specify a point of contact for the sales process and another for after the contract is signed in this area. Make enough room for the bidder to do the same. When you book a meeting, you'll know exactly who to contact.
Media Buying RFP Template
The media buying RFP template helps create your request for proposal from scratch because it already contains all the essential fields and questions that just need filling out by the agency.
You can also download your copy of a free media buying RFP template to the right on this page.
Here is an example of what a well-rounded RFP media buying template should contain:
Introduce your company and give a brief background on your business type, market, competitors, key areas of expertise and your unique value proposition.
•Mission statement and vision:
•Target audience/customer types:
•Main drivers for media buying needs:
PROJECT SUMMARY & OVERVIEW
Deliver an overview of your current media buying capacities (if any), why you are looking to implement media buying in your strategy, what you hope to gain from this and your ideal project timeline.
Define what challenges your business currently faces that media buying should solve. Be as broad or as concise as needed.
Determine the short-term and long-term goals (SMART - specific, measurable, attainable, relevant and time-sensitive) you wish to achieve with your media buying efforts.
All bidding vendors must [list the criteria that must be met in order for a proposal to be considered, for example their experience and client case studies, team size info, organizational charts, etc.]
1.Provide a resume or online portfolio for each individual who will be assigned to provide the services and designate the individual who would have primary responsibility for overseeing the services.
2. Work Examples: Provide a description of relevant past projects and examples of prior work.
3. References: Provide 2-4 client references including short description of the project and contact information.
All bidding vendors must [list the requirements that each proposal must address, such as budget, timelines, and submission due date
[Outline information about the timeline for the RFP process as well as the project itself— deadlines, milestones, and potential roadblocks.]
Specify the budget you have allocated for this project. Also, have the proposer submit an appropriate and realistic cost.
List other documents agency and service providers should submit along with their application. If you have additional questions you'd like them to answer, list them here.
•Notable Client Work:
The company will review submitted proposals for qualifications. The choice for a contract will be made based on the following criteria:
1. Expertise and experience of the agency in our niche
2. Quality of media buying services
3. Range of services
RFP Sent Date:
Proposals Due Date:
Winner Selected By Date:
Takeaways on Media Buying RFP
A media buying RFP can help you collect valuable responses from different vendors. It also allows you objectively choose the provider that best fits your goals.
This RFP checklist can be reproduced for essentially any other desired service or industry, such as:
- RFP for Software Development
- Digital Marketing RFP
- Website development RFP
- Mobile App development RFP
- SEO RFP
- Social Media RFP
- Website Design RFP
- eCommerce RFP
- Video production RFP
- Branding RFP
- Cybersecurity RFP
- Graphic Design RFP
- RFP for IT services
- Email Marketing RFP