Gibson believes that instead of just concentrating on total circulation, advertisers should also scrutinise the core circulation figures released by the Audit Bureau of Circulation (ABC)

“Basic business principles dictate that purchasers insist on getting what they pay for; receiving their money’s worth. Yet assessments of return on advertising spend all too frequently base their calculations on total circulation sans any core circulation adjustments.”

Core circulation, she explains, is the total number of subscriptions, copy sales and digital editions minus third-party bulk and print media in education sales.

“Instructively, the best value for advertising is found in publications where the variance between cost-per-thousand (CPT) total circulation and CPT core circulation is least or, ideally, zero.

“Thus, for example, there is no variance for the Daily Sun, with 100% core circulation and consequently boasts an exceptionally low CPT, rendering the publication an extraordinary compelling advertising medium. Similarly, City Press’s core circulation is 99.8%, with Rapport and Sunday Sun both at 100%

“I would recommend that all advertisers conduct a core circulation exercise before spending the money as they may be called to account when the sums are done.”

Gibson says while advertising agencies tend to appreciate the relevant subtleties, some advertisers inadvertently overlook what should be a key factor in determining the optimum return-on-advertising spend.