Media Buying Process And Strategy
It isn’t easy to find the best media buying strategy from all the new options available. To begin with, you don’t understand the majority of them.
It is vital to fully comprehend the details before making any investment decision to know exactly what you are getting yourself into.
The essay explains the complete notion of media buying strategy and some pointers on how to succeed with it.
What Is The Definition Of Media Buying?
It’s the process of buying ad space on websites, radio, television, magazines, digital signs, or other publications. It’s a method that many agencies use. The fundamental purpose of media buying is to reach many people for the least amount of money.
Media buying is a two-step process that begins with media planning and ends with media buying (media space purchasing process).
The latter is a crucial component in the procedure because a buyer only receives the area for a specific time.
Why Is It Required To Purchase Media?
Expertise in the market Media buyers always is up to date on the newest industry trends. They’ve also had enough experience in the field to know what works and what doesn’t. They can provide you with the ideal course to pursue because they have your company goals in mind. Their other advantage is their network, which they have built through time and provides them with trust and purchasing power.
Cost-efficient. Media buyers can negotiate agreements for you at a reduced price because they bring more business to their vendors. They may even obtain you a reduction or a reward of more exposure in the media.
In addition, media buyers have accessibility to all of their resources to ensure the process is more effective.
What Is the Digital Media Purchasing Process Like?
“Digital buying” means the process of buying advertising space on websites, apps, as well as other digital platforms.
To get ad space on the publisher’s website, agencies employ real-time bidding (RTB).
Views can be sold using RTB (ad impressions). As soon as it becomes available, the latter is sold.
The purchasing and selling of show advertising have altered dramatically as a result of this.
Read more about “Digital Media Buying Tips From Media Buying Experts“
Real-Time Bidding Components
The following are the important players in RTB:
1. The publisher: The publisher’s website is the one that users visit. A news website, a vacation blog, or a social networking platform like Facebook are all possibilities. If a publisher wishes to add advertising space to their inventory as a source of revenue, they do so.
2. The Supply-Side Platforms (SSP): This tool is designed to assist publishers in selling and managing their inventories.
3. The Ad Exchange: The Ad Exchange is a technology platform that allows users to buy and sell available ad impressions.
4. The Demand-Side Platforms (DSP): This is the portion where the publisher can see adverts that they would like to use on their website.
The Real-Time Bidding Methodology
When a user enters the online application, it all begins. The SSP is notified of the available impression by the publisher’s website, which then examines the information about the user (web history, age, location, gender, and any other information available). The information is then provided to such advertising services.
The user’s data is then passed on to the DSP, which is utilized in media buying & location-based mobile advertising. The ad exchanges then initiate a bidding session, in which the DSP bids based on the impression’s value, which is further dependent on the advertiser’s measures.
The highest bidder, of course, wins. It is subsequently forwarded to the publication and made available to website visitors.
This procedure repeats itself each time a person views or refreshes a page.
Advertising On A Programmatic Basis
This is the automated bidding procedure for purchasing and selling ad items in real bidding (RTB). Publishers can buy ad clicks in milliseconds, thanks to the advanced system. As a result, costs are reduced because no human work is necessary. According to invest, programmatic advertising accounts for two-thirds of digital ad displays in the United States.
In 2013, mobile programmatic ad income accounted for only 6 percent of total mobile ad revenue, but it had since risen to 43% in 2018.
In the United States, it is estimated that mobile display advertising will cost more than $45 million. According to eMarketer, programmatic will account for 86.3 percent of ad expenditure by 2020. By supplying characteristics such as geography, age, gender, and social standings of site users.
The Media Planning and Buying Process
The three stages of media purchase are as follows:
Pre-launch: important media decisions are made.
Launch: Ensuring that media delivery is efficient and follows the schedule.
Post Lunch: Analyze the performance and make the appropriate changes to ensure optimum benefits.
The First Stage: Pre-Launch
Any business choice necessitates planning. It aids in the identification of all necessary resources as well as the evaluation of accessible options.
Any project’s risk of failure is reduced as a result.
To avoid disappointments when purchasing media, it’s best to take the time to set out all of the parts that go into the project.
For your pre-launch stage, here’s a cheat sheet:
Be Aware Of Your Target Market.
Advertising is only effective if something reaches the destination target. Poor research into your target demographic will result in ineffective media buys and, as a result, poor results.
When selecting your target audience, you must be able to answer the following questions:
Recognize Your Target Market
After you’ve identified the demographic you want to target, you’ll need to learn how they behave online. This will assist you in deciding where and how to place your advertisements. If you don’t have enough money, we recommend doing secondary research.
Your main goal here is to figure out which online platforms they use and which websites they visit.
What are your competitors up to these days?
Investigate what successful approaches your opponent is employing. The questions raised about your opponent can assist you in providing a detailed response to the question:
What are the demographics of your competitors?
What method do they use to acquire media?
What platforms do they use to launch their campaigns?
Where are they putting their advertisements?
Which media outlets did they label as useless and effective?
The answers will assist you in gaining a competitive advantage in the market.
Plan Out Your Media Buying Strategy
Create a strategy based on your discoveries about your target market, where to locate them, and how your competitors behave.
- Will you use a single channel or a combination of channels?
- Where will you place your ad? On the radio? What about movie theaters? Billboards on the street?
Make Sure Your Objectives Are Very clear.
You’ll wind up all over the place if you don’t understand what you’re trying to accomplish.
Do you want to increase the number of individuals who sign up for a newsletter? Are you seeking for a technique to get more people to engage with your brand? Increased profits?
This will help you figure out if the media you select will help you achieve your objectives.
Negotiation Of Prices
Regardless of which media outlet you use, don’t be afraid to haggle. To get a sense of the market price, compare prices from different publishers.
- Keep your eyes peeled for any special deals or discounts.
- Is there anything you have that would be useful to media companies? If so, use it to negotiate a win-win situation.
- When it comes to investment, don’t be a dealmaker. Establish a great friendship with the owner of the media.
- Allow for a second opportunity. Don’t give up if you don’t get benefits the first time you work with a media owner. Allow them to rethink their strategy – you might be surprised at how well people do when given another chance.
- Keep your bridges intact. Always keep in mind that your connection is your wealth. Whether you cooperate with them or not, keep an open-door policy with your media owners.
- Make a Financial Plan
Set aside the money you are prepared to spend on the campaign to avoid getting influenced by all the possibilities you receive.
Put your money only where it has a chance of earning you money.
Stage two: Start Your Campaign Now
This is when you guarantee that the media delivery strategy is carried out according to the plan. It’s also time to address any concerns that you may not have anticipated during the planning step.
Follow up to ensure that your message is receiving the original target. Take note of how people interact with your materials as well. Are they reposting it rather than leaving a comment? Are there any students that have dropped out?
All of these responses will assist you in assessing your media delivery more efficiently.
Tracking and fine-tuning
Even the best experts’ ideas have weaknesses. If you aren’t obtaining the outcomes you want, don’t lose trust in the process.
Rather, educate and make the appropriate adjustments.
Stage Three: After the Launch
This is your chance to evaluate your campaign’s performance.
Analyzing Campaign Results
That’s the time to examine your campaign’s specifics. What issues did you experience? How much did it all cost in total? Were the results worth the effort?
This will assist you in determining whether or not you can proceed with the campaign.
Every day, new digital marketing trends emerge. Regrettably, to compete in the market, you must keep up.
We hope that the preceding tips on media buying strategy have clarified the process and will assist you in running a successful campaign.