What Is Media Buying?
Media buying process is a set of strategic wholesale multi-platform ad space purchases, negotiations, and arrangements aimed at finding the most advantageous placement at the lowest price for the period.
Media buying falls into the paid media category and generally means the procurement of media space and time for displaying ad creatives. When buying media, the goal is to find the right place, time and the context to deliver relevant ads to the target audience and increase conversion rates, sales or brand awareness. Media buying is time-based, meaning that the buyer is paying for "renting" all possible placements on all possible platforms so they must be available for the timeslot when it is convenient for the advertiser to place the ad.
Read here about things you need to know about programmatic buying.
Stage One: Pre-launching
Advertising decisions are not made overnight. In fact, the stage of meticulous preparation is the most time-consuming and presupposes in-depth research and careful planning. In the pre-launch phase, the media buyer considers and makes relevant media choices. The core focus is to ensure that the chosen media outlets fit advertising objectives.
“Advertising people who ignore research are as dangerous as generals who ignore decodes of enemy signals.” — David Ogilvy
- Identify Target Audience, and Decide How to Reach It
First, get a clear picture of the existing customers, and investigate who they are. Distribute your audience into segments such as demographics (age, gender, social and marital status), geolocation (area, city, country), behavior (interests, hobbies) and other groups to understand with whom you are dealing. After getting to know your audience, try to find similarities and patterns to get an idea of the target audience or people who may be interested in your product or service. After identifying the target group, think about the way to reach those people. Where do they go? How do they shop? Do they buy online or come directly to the venue? If you plan to advertise online, think about channels to reach potential customers: social network platforms, search engine ads, website or blog advertisements. Make sure you know what platforms and devices your target group uses.
- Research Competitors
Investigate potential competitors, and get a feel for their media buying strategy. Identify where your competitors advertise, whom they target, what worked and what didn’t work for them. Learning from rivals’ experiences will save time and allow you to create smart advertising campaigns from the beginning.
- Design Media Buying Strategy
Choose forms of advertising that correspond your campaign goals: print ads in newspapers and magazines; video commercials on TV, online and movie theaters; indoor posters and outdoor billboards; radio advertising; banner and text digital media; mobile advertising and so on. Media buyers may choose to concentrate on one channel or buy media from different media owners and advertise simultaneously online, through radio and on TV. However, this might be challenging — for every media channel, there must be a personally tailored message that fits that specific channel. If media buyers prefer to advertise online, they must understand how programmatic media buying works and get to know the basics of real-time bidding.
- Choose Media Outlets, and Negotiate the Price
Whether you cooperate with radio stations or newspaper publishers, it is important to negotiate the price of the media beforehand. Look for the best deals, and ask for discounts or bonuses that media vendors ready to give. Compare offers from multiple publishers, and don’t be afraid to negotiate the price. If you buy digital media, discuss with the demand-supply platform (DSP) provider its platform fees and service costs, and make sure there are no hidden fees. Adjust the programmatic budget by setting the daily or monthly limit.
- Allocate the Budget, and Plan the Campaign Execution
After identifying to whom to advertise, where and how, it’s time to get your hands dirty. Set a target return on investment. Allocate a campaign budget according to results you expect to achieve (clicks, conversions, sales completes, sign-ups, etc.). Estimate expenditures for a specific period, such as day, month or quarter budget. Think about how to distribute your marketing budget across channels — offline and online. Plan every dollar you spend and don’t forget to account for unforeseen expenses.
Stage Two: Campaign Launch
During the launch phase, the main responsibility of the media buyer is to ensure effective media delivery and constant monitoring of the campaign performance. At this stage, it is crucial to analyze what works and what doesn’t and, based on those insights, make further decisions.
Ensure Media Delivery
As a media buyer, you must make sure the advertisement appeared in the desired location, in front of the target audience and in the right context. Make sure to deliver highly relevant messages that bring value to consumers instead of disturbance or irritation. Track the progress and the customer engagement.
Respond to Customer Behavior or Competitor Activities
Sometimes potential customers don’t interact with the advertisement in the way it was planned, and you don’t receive the desired response (clicks, buys, signs up, calls, etc.). In this case, be ready to adapt and change the strategy according to the consumer feedback. Furthermore, track the performance of your competitors, and always be aware of the industry trends.
Attention! Don’t be afraid to adjust settings, budget and/or media outlets during the campaign. Set up deadlines for reassessment. Be ready to review periodically throughout the campaign, and always re-evaluate the original plan and strategy. If you find that results are not meeting the initial objectives, be flexible and adapt quickly.
Stage Three: Post-launch Reflections
The post-campaign stage is a time to reflect and think about the good, the bad and the ugly of the advertising campaign in terms of delivery, media space, return on investment, customer engagement and overall performance.
Analyze the Effectiveness of the Campaign
Collect as much data as possible, and review statistics and granular reports to see the strong and weak points of the campaign. Analyze the effectiveness of the media space and whether it generated revenues that were expected. Check how the target audience interacted with the product, and assess consumer behavior. Evaluate return on investment, and mark errors that have been made to avoid them in future advertising campaigns.
Collect Data, and Draw Insights
When you have all the data, it is time to make use of it. In digital advertising, data is used to build algorithms that help optimize advertising campaigns and provide better targeting. Data is a marketer’s best friend, so look at it carefully. Aggregate data, and look for major and minor trends. Don’t look at singular points, especially when they change the direction. Search for relationships among variables or correlation and dependence patterns that help understand the logic. Finally, look at data from different angles. Invite others to examine data and discuss your impressions.
Opt for Digital Media
Advertising is much more than creating an appealing banner or commercial. A brand might design the most brilliant ad in the world, but it would be worthless if nobody sees it. And you don’t just need an audience to see the ad; you need the people who are most likely to be interested — your target group — to see it.
Creative without a strategy is called ‘art’. Creative with a strategy is called ‘advertising’.— Jef I. Richards
The secret of successful advertising is not only what is shown and how but also where it is displayed and to whom it is addressed. For this reason, media buying is incredibly important. The place where the ad appears determines the outcome of the entire advertising campaign and either brings the advertiser-desirable revenues or leave him penniless.
At the same time, the media buying process is rather time-consuming. No one wants to blow their entire marketing budget on something that doesn’t bring results. Therefore, the success of the campaign depends vastly on the place of ad exposure. When buying media, be clear about your objectives, and choose the right channel for your marketing.
Today, more and more advertisers buy digital media because they know that their consumers spend most of their time online. The internet is the place where your target audiences hang out. Programmatic advertising allows you to run highly targeted campaigns and reach audiences across platforms and channels.
SmartyAds makes programmatic easy for small- and medium-sized advertisers, local and global media buyers, and brands and agencies. If you would like to know more about digital media buying, drop us an info request to email@example.com.