Advertising remains a crucial industry, worth £40 billion in the UK alone. It is though, an increasingly challenging one. How do the companies involved keep up with the automated systems and algorithms used to buy and place ads and make best use of the potential for digital channels such as Facebook, Instagram, TikTok and LinkedIn?
And how can better targeting and efficiency ensure higher return on investment (ROI) for advertisers facing rising costs in other areas of their business and lower customer spend because of the cost-of-living crisis?
These are all questions that Lane Media, with a staff of 16 based in Edinburgh, deals with daily and has done so with significant success.
The independent media planning and buying agency, with a core client base in Scotland, has achieved growth both across the UK and internationally, consistently delivering sustainable growth averaging 15 per cent year-on-year since its inception in 2016, says founder and managing director Barry Fearn.
The company has become a leader in recognising the importance of collaboration, data-driven strategies, and sustainable growth in a rapidly evolving landscape. “We plan and buy advertising campaigns across all channels, whether that be TV, radio, print or increasingly, the emerging digital channels,” he explains.
His career began in the technology sector in London, around the dot-com boom and says: “The company has very much been built with the evolution of digital media in mind”.
“We've seen rapid change in the past 25 years in all media with today's marketplace an increasingly fragmented one and it’s been very difficult for clients, especially advertisers, to stay in the forefront of what's going on.
“Ultimately our role is to scan the horizon, test and pilot different tools and channels and come up with the best solutions to achieve the client's objectives.”
He believes the company’s unique selling point is “looking around the corner – because we’re not afraid to do that – and making sure we’re on top of the technological changes that are coming thick and fast all the time.”
He also notes that the ability to collect and analyse large amounts of data has revolutionised strategies, with advertisers able to target audiences with unprecedented precision and measure the effectiveness of their campaigns through detailed analytics and performance metrics.
“That involves benchmarking a lot of data to gain an insight into how a solution that’s worked for one client could also potentially benefit another’s business,” he says. “Where we really excel is in taking those insights and being bold in the guidance and advice we give our clients to adopt new strategies in their marketing choices.”
Fearn says that Lane Media is probably one of the most successful agencies in the UK in its use of TikTok – and one of the fastest to grow client ROI via the app. “That's a great example of our focus on making sure that we understand the newer channels.
“We spend an increasing amount of overall client budget on channels such as TikTok and YouTube – whereas other companies might have suggested that the client keep their money in Meta (Facebook and Instagram) because when we started investing in TikTok a couple of years ago it wasn't as sophisticated in terms of understanding its audience and data as it is now,” he adds.
Working in a media agency involves meeting people from many different sectors and he believes it takes a certain type of expertise to be able to contribute to these diverse businesses. This can range from helping an e-commerce client sell shoes to advising a global cyber security company on selling more software or a charity on increasing donations.
“It’s the kind of variety that I and all my team deal with on a daily, weekly or monthly basis to understand the nuances and the challenges clients from a wide range of sectors are confronting.”
As in any other business, traditional values such as customer service remain core standards in the maelstrom of digital transformation. “A key tenet in what we do is that you can't keep abreast of everything just by yourself – so collaboration with both clients and media owners and really understanding what's working for them is vital,” he stresses.
He’s also proud of Lane Media’s commitment to balance profit with purpose: the company gives back 5 per cent of its operating profit to selected charities. “As we’ve grown the business, I’ve felt it important to make a pledge that represented the bigger picture and the fact that we weren't building it solely for shareholder return,” says Fearn.