Last updated on April 1st, 2024 at 11:05 am
Building a successful marketing campaign requires more effort than just creating a catchy tagline or creative and placing it in front of consumers. A business needs to look at various marketing components for campaigns that can drive business growth and achieve a better return on investment. Media buying is one such important piece of this puzzle.
What is media buying?
Media buying is buying relevant media at a suitable date and time to maximise visibility and reduce costs for a business. The key objective for any media buying exercise is to identify the right channels and ensure visibility for a business on those channels. The media buying exercise aims to increase the visibility of a business at the best rates possible.
Media buying is relevant in traditional advertising mediums like TV, radio, print, and digital advertising mediums like websites, social media, and such digital mediums. Media buying helps ensure maximum exposure for a brand among target consumers for the least amount of spend.
What is the difference between media buying and media planning?
Media buying and media planning are two terms that are often used interchangeably in the industry. Although both are parts of the marketing function, they achieve different objectives for a business. Media planning is the step that comes before media buying.
Media planning sets the ground rules for the brand and the proposed campaigns. Media planning selects the type of messaging, type of advertising mediums, and target audience. Based on the information provided in the media planning exercise, the media buying team selects the platforms along with time and cost.
Effective Strategies Used in Media Buying
Media buying is a complex process that usually involves considerable money. As a result, it is essential to be aware of the effective strategies that media buyers use for success. Here are the effective methods used in media buying:
Select the best deal
One of the most common media buying strategies is to target the best deal. As media buyers have strong relationships with various media platforms, they focus on extracting maximum value for the investment. Experienced media buyers are skilled in ensuring the best deal for the business. In other words, the business can get maximum exposure in return for the money invested in the campaigns.
Select the best slots
Media buyers also understand the importance of getting the best slots in the advertising mix. The best slots are usually the ones that can generate the best returns or engagement for a business. As a result, media buyers check the trends and significant events like global sporting events or political campaigns that can impact ad availability. With a proper understanding of these events, media buyers negotiate the best slots in advance for maximum exposure.
Define best practices
Media buyers have a deep understanding of what works among various consumer sets. As a result, media buyers can rely on experience and knowledge of best practices to achieve better outcomes for the business. By opting to set globally competitive campaigns, a business can achieve better results than other campaigns in the market.
Key Considerations in Media Buying
Media buying is a specialised profession that requires some critical considerations. Some essential aspects considered are based on the buying structure to follow. For instance, in the case of supply-side platforms, suppliers are key players responsible for selling the ad inventory. Popular media publishers are an example of such platforms.
Similarly, in the case of demand-side platforms, buyers are expected to set up campaigns, place bids on the available ad inventory, and optimise ad spend. Platforms like Google and Facebook are good examples of demand-side platforms.
An ad exchange is a marketplace where advertisers and media platforms engage in real-time bidding to buy or sell ad space. Platforms like Google and Facebook are typical buys in this type of media buying.
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