A successful marketing campaign relies on more than random advertisements and content. It needs a clear-cut strategy to optimize media presence at the lowest cost. Competitors are constantly fighting for market share, and you must guard yours profusely even as you seek to grow it.
A media buyer will help you be at the right place at the right time, helping you to gain a valuable ROI from paid advertising.
What is media buying?
Media buying is the process of identifying and purchasing ad space on channels that reach the target demographic at the right time and place. It ought to be part of the marketing budget as it is more than just existing on media platforms to be seen. Media buying is possible on traditional marketing means such as Tv and radio and digital channels like websites and social media.
Who is a media buyer?
A media buyer is an individual who oversees the media buying process and negotiates and places ads on the media channels. They work with a media planning team which:
- Establishes the target audience
- Carries out market research to find out what the customers need
- The channels that the audience uses and the optimal times
- The type of message they would resonate and engage with
- Builds the working budget
How is media buying done?
Media buying is done in these ways, depending on the medium paid for:
Direct buying
Direct buying is where the media buyer establishes a relationship with a specific publisher such as a magazine and negotiates for specific ad times and rates.
Programmatic buys
Automation facilitates programmatic buys where AI and algorithms enable real-time bidding for ad inventory. It helps publishers purchase ad impressions instantaneously and is cost-efficient.
The components of an automated system include:
- Demand-side platforms (DSP): This is where advertisers and agencies set up their campaigns, bid on, and buy inventory.
- Supply-side platforms: This is where publishers sell and manage their ad inventory.
- The ad exchange: The platform where ad inventory is bought or sold.
Media buying pointers
The media buying process needs to be efficient lest the cost outweighs the returns. Keep these in mind as you seek the services of a media buyer:
Have a clear strategy
An ad campaign needs a clear strategy. Begin by understanding the goals to align the team's effort and focus. Set up the Key Performance Indicators (KPIs) you will use to track and revise the campaign after launch. Finally, establish the working budget for the whole campaign.
Identify the target audience.
Your target audience is one of the first things you must be sure of. Every other activity will be towards them, and if you are not clear on who your audience is, everything else will lose its focus.
Create the campaign
Tailor an ad campaign based on the channels that reach the audience best. Consider what your competitors are up to and how to set your brand apart.
Evaluate the performance
You need to track the campaign results after launch and tweak it where necessary. Gather data from each ad but take enough time before making any changes. A day might be too soon to conclusively judge an ad, while three months might be too long.
Media buying is an effective means to up your marketing strategy. It employs specific research and targeted ads to build leads and create conversions. Optimize your media buying to maximize the ROI while minimizing cost.
