In the ever growing digital world, simply creating advertisements does not ensure the success of a brand. Consumers are pampered, and competition is fierce. That is why advertisements must be intelligently positioned – at the correct moment and context, in front of the right audience. This is where the concept of “media buying” enters the marketing mix.
Competing for a piece of that attention may be exceedingly difficult for businesses, and organic advertising isn’t always enough. Media buying is a faster way of getting the brand word out to the correct people through a variety of media.
What is Media Buying?
In layman’s terms, the process of acquiring ad space and time on digital and offline channels such as websites, YouTube, radio, and television is known as media buying.
So you might be wondering what exactly a Media Buyer does?
Well, a media buyer’s purpose is to ensure that an ad campaign receives the most exposure in the target market while spending the least amount of money. Ad price negotiation and detailed research on ad placement venues are also required for effective media buying.
Now, Media Buying consists of two main types as follows:
- Direct media buying: Direct media buying entails acquiring advertising space directly from individual media organizations, such as publishing houses or ad sellers.
- Programmatic media buying: Programmatic buying is the process of acquiring digital adverts using an automated ad-buying platform. A media buyer will join up with a demand side platform (DSP) and provide campaign parameters rather than selecting a single media outlet. The DSP then uses real-time bidding to purchase ad inventory on an ad exchange or through an ad network.
The process of Media Buying
Wondering how media buying works in practice? The process has 6 key steps.
- Review media plan: Examine your media strategy while keeping in mind the campaign’s target audiences, marketing goals, ad spend budget, key performance indicators (KPIs), and target media mix. Although the ad creative will not be finalized until later in the process, start thinking about what types of advertising you’d like to run. For example, if you intend to run video advertising, look for online newspapers that accept the format.
- Target list: Create a list of potential media outlets, ad agencies, and ad vendors. If you’re considering both direct and programmatic placements, specify media buying platforms and cost.
- Develop & send requests for proposals: By offloading some of the work to media outlets and ad agencies, an RFP (or request for proposal) can help you simplify the ad-buying process. Your RFP will include information about your advertising campaign, such as goals, target audiences, an estimated budget, KPIs, and a response deadline. Based on these exact aims, vendors will react with a bespoke campaign proposal.
- Evaluate options and purchase media: Gather and assess RFP replies in a spreadsheet, grouping data elements such as technique, audience, cost, and expected KPI performance. After you’ve gathered your data, analyze choices and choose the most cost-effective set of ad placements, making sure that your media mix matches the parameters in your media plan.
- Insertion Orders: An insertion order (IO) is a legal contract between an ad seller and the entity that is placing an ad. It will include the cost, run dates, add specifications, and (if relevant) information regarding KPIs. For each media placement, create and send an IO.
- Track results: Monitor campaign performance data, such as click-through rates and conversions, and make changes to your creative assets as needed to improve outcomes. If your vendor guarantees particular performance measures (such as impressions), double-check that your campaigns meet their expectations.
Importance of Media Buying
To achieve results, strategic media buying employs digital and display advertising. Investigate what you can get for your clients and stakeholders by working with an experienced media purchasing team. Following pointers will help you understand the importance of Media Buying.
- Reach out to your target audiences when it matters: You can ensure that your brand is visible to potential customers at the right place and right time by purchasing media, whether you want it to show on billboards or in their social media feeds.
- Get higher ROI: Media buying is more than just a financial transaction for ad space. Media buying with wide networks can assist you in obtaining the best pricing for a brand awareness campaign or more leads.
- Boost your visibility: Media buyers are knowledgeable of media buying trends, which allows them to determine appropriate ad placements that provide the most interaction at the lowest cost. Furthermore, they have the potential to affect commercial space availability and ad placements during key events.
Tips and Tricks for effective Media Buying
Purchasing media is a time-consuming process. These pointers can assist you in increasing efficiency and optimizing your ad expenditure returns.
- Plan KPIs: Ad performance comparison and tracking can be difficult. To make things simpler, choose ad placements that will allow you to successfully track the KPIs established in your media plan, and confirm how and when ad providers will send performance data. Then, schedule calendar reminders for each ad vendor’s reporting periods.
- Leverage RFPs: One of the complexities of media buying is that each advertising provider organizes proposal information differently. Some will report cost per click, while others will show total campaign cost, and yet others will report cost per day. Similarly, providers may report an estimated amount of impressions, clicks, deliveries, or other campaign performance metrics.
- Agencies: Experienced media buyers are employed by advertising agencies and media buying agencies. Some companies also provide media planning services. They can assist with media plan planning, vendor selection, and performance tracking, as well as provide feedback on ad creative or insights into underperforming campaigns. Because agencies acquire a huge volume of advertisements, they have more negotiation power than an individual media buyer.
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Conclusion: While randomly placing adverts may work, strategizing first will almost certainly work better. If this is your first time working with a media buyer, don’t be scared to ask questions and make errors. Because one campaign ends, another begins, the entire operation is a learning experience.
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