The term media buying is an unfamiliar word for most people. This article aims to shed light on the phenomenon. It will discuss relevant topics, from what media buying is to how it works and many other valuable bits of information.
Buckle up, and explore the fantastic world that is media buying.
What is media buying?
The media buying process is a strategy used by businesses to expand their ventures. It is used to attract more customers and eventually increase business revenue over time.
Media buying refers to purchases, negotiations, and arrangements of ad space that aim to find the best deal for your company both space-wise and money-wise. Basically, if you want to get noticed more, you resort to media buying so you can promote yourself in more unique ways.
In simple words, it is a way to make sure that a company’s advertisements reach its target market. They do this by buying the best ad space deal that is available to them.
This technique has helped boost business engagement. Media buying has a significant impact on a company’s target market through a wide range of outlets.
How does it work?
Despite how easy it may sound, the media buying process is quite intricate. It requires a high level of understanding of the target market and the creative and marketing industries.
Additionally, the process itself is separated into three main stages. The sections below will detail each step and all the pertinent information regarding them.
The first stage is the most time-consuming and consequently the most important of all the three stages of the media buying process. It is essential to do things properly in this stage so that a company’s efforts, time, and resources are not wasted.
The pre-launching stage is where most of the magic happens. Big decisions have to be made regarding the advertisements. Key questions and goals have to be revisited, revised, and reconsidered. Among them are:
- Target Audience – A company needs to consider its desired audience and how they figure into the advertisement. What is the best, most impactful way to reach them? How does one leave a large enough impression that they would want to purchase the products or avail the services?
- Competitors – Analyzing the competitors’ advertising strategies will be immensely helpful for the company’s advertising strategy. It can give valuable insight on what methods work and what methods fail. In the long run, learning from your competitor’s peaks and pitfalls can only benefit the company. It will save you resources and time later on.
- Design the strategy – How will the advertisements be launched? Print? Digital? These, among so many others, are vital considerations in the success of an ad. If the company has an existing platform, such as a website, an overall website checkup and optimization to connect to website design might be helpful.
- Outlets – Once the medium is chosen, the next thing to consider is the media service where the company will launch the ads. There are many options available, such as TV, radio, and newspapers. No matter the platform, the most important thing is to negotiate the price. Drive it down as much as possible, without forfeiting any quality or quantity.
- Budget – Now that the advertisement has been envisioned, the next consideration is the budget. How much can the company shell out for this venture? Work only with what is available. Don’t go over the designated budget.
- Execution – The ad has been made. The budget, allocated. The next step is planning its implementation. Also, consider the return on investment of the ad. Plan everything down to the smallest detail.
The hard part has only just begun. Planning the advertisement may have been the bulk of the work, but launching it is where it counts. This is the part where money is spent and time is consumed. Make sure to make the most of every second and every penny.
The campaign launch is where a company may get its hands dirty from all the hard work it is expected to do. To successfully implement a campaign, consider the following factors:
- Media delivery – Is the ad being launched at the time and place it is supposed to be found? Does it reach the target audience? Does it drive a relevant message? Make sure to track the engagement of the ad to see how well it performs.
- Customer behavior – Despite all the planning, an advertisement doesn’t always reach the people it is intended for. If this is the case, ask why. Listen to feedback and adapt accordingly.
- Competitor behavior – The customer isn’t the only entity a company should consider. The competitor is also essential in the media buying process. Track how they are performing. Be in touch with the trends in the industry.
Stage 3: Post-Launch
Congratulations on the ad launch! Celebrate this milestone, no matter what the outcome. It is a giant leap that can either make or break a company.
Now, you have to think what’s next after all the planning and the succeeding implementation. Assess the performance of your ad and the performance of the company in relation to the ad. Were there any significant changes? What can be done to enhance performance the next time around?
The most important part of the post-launch phase is data gathering. Collect all the statistics and the feedback from your campaign. The data can be used to build algorithms that will optimize systems and improve future campaigns. Insights can also be drawn from it.
Data analysis can only help a company move forward to bigger and better opportunities.
What are the benefits of media buying?
Why is media buying necessary? Why should one go through all the stress and hassle of planning and executing a campaign and then analyzing how it performs?
Media buying provides a wide range of benefits for the companies that utilize it. The following sections will discuss a few of these benefits.
- Better Reach
- The first stage of the process goes into detail regarding the research involved in making an ad. Understanding the target market is a vital component of the process. Once consumers see that a company truly understands them, they would be more inclined to patronize their products and services.
- Additionally, the media buying process helps a company reach its target audience with more accuracy and intent.
- Standing Out
- Well-planned and executed ads will help a company differentiate itself from its competitors. Consumers will draw lines, and they will remember brands. Companies with excellent marketing are more likely to stand out in the industry than others. Media buying is the secret to a successful company’s ads.
- Save Resources
- Following the steps of media buying will cost the company some money. However, over time, it helps save time and resources as well. It prevents a company from irresponsibly allocating a budget for a poorly planned campaign. Instead, the resources go elsewhere, such as to a properly planned media campaign.
What are the three most essential rules in media buying?
A company should not go blindly into the world of media buying. Many money-hungry people can and will take advantage of naiveté. Aside from knowing the process, it helps to be familiar with the three most essential rules in media buying.
Rule #1: Pay Attention
It is necessary to be attentive and alert to what is happening during the media buying process. Everything in the media industry is negotiable. Listen to the information they give, and analyze it before making any decisions.
Rule #2: Keep an Open Mind
In the industry, it is crucial to keep an open mind. It is the key to innovations and breakthroughs. Keeping an open mind and pushing the mind to think outside the box can lead a company to success.
Rule #3: Track Responses
The most significant measure of an ad’s success is how well people respond to it. Does the target market hate it or do they love it? Consider also whether the goals set beforehand are met.
Taking note of the feedback can help you improve current and future performances.
What is the difference between media buying and media planning?
These two phrases have been used interchangeably by people who are not in the industry. However, media buying and media planning have different uses in the marketing world.
Media planning and media buying go hand-in-hand. Media planning refers to the first stage of media buying — the pre-launch phase. Media planners select and prepare the media that the company will launch, while media buyers negotiate the best deals on where and how to launch the advertisement.
Media buying is a highly effective and efficient marketing strategy. It has helped many businesses grow and prosper over time. Media buying is a wise and worthwhile investment for a budding company.
It is achieved through three simple steps: planning, executing, and analyzing. These three steps go hand-in-hand and ensure an ad campaign’s success in its target market.