Although there are plenty of ways in which you can promote your products and services online such as writing a blog, putting up social media posts. But have you ever considered media buying?
What Is Media Buying?
Media buying is simply about buying a space on the internet or other media channels to place your ads.
It is the process of purchasing a share of media whether from a TV channel, a publication, a radio spot, an outdoor site or website for the sole purpose of advertising.
And it’s objective is to negotiate the best rates from media owners for an optimal placement for your ads in order to get most out of your ad spends value.
It is even safe to say that media buying is about achieving high results in terms of exposure using only the lowest possible budget.
What Does A Media Buyer Do?
But what is a media buyer’s job description? And what does their day to day work look like?
As we’ve mentioned before. Media buyers are the ones who will negotiate the price of media including discounts and additional mileage for the best value of the money given by the brand.
They also closely monitor the media vehicles themselves in order to ensure that the ads are placed in optimal areas.
Following their day-to-day activities. Media buyers may get involved in:
- Identifying the target audience for the brands particular media campaign
- Decide the best form of communication with that target audience
- Continued research and study by staying up to date with industry research figures including the distribution figures for print publications, viewership numbers on TV, listeners on the radio and even internet consumption habits along with other statistics
Overall, they collect and analyze media and sales data in order to improve the media buying strategy. But of course, before these professionals could take on this role, they must go through rigorous negotiation skills training.
What Are The Expertise Involved In Media Buying?
Media buying requires one to have a knack for numbers. As they have the responsibility to efficiently spend the advertising budget to achieve maximum results.
And apart from good negotiation and communication skills. Teamwork is very important for them as they have to work in close coordination with the media planner.
What Are The Types of Advertising and Media Available?
Media buyers always strive to get the best deals out of any required and relevant media channel.
The share of the media they purchase will be different from one medium to another. Here are some advertising available:
- Print ads in newspapers and magazines
- Video ads on TV, in cinemas and online
- Posters in side malls and stores
- Audio ads on radio
- Banners and text ads on the internet
- Billboards on outdoor sites
- Branding on mobile outdoor sites
But of course being a jack of all trades is one way to go about this field. However, an ideal scenario would be if you look for specialized media buyers depending on the channel that you will use.
- Broadcast media buyers
- Print media buyers
- Digital media buyers
- Direct response media buyers
- Outdoor media buyers
Why do we not recommend just one guy to handle everything? Well, the concern isn’t about giving the responsibility to one person. But what if your business is about a bigger budget.
It’s not an exaggeration when we say that there are brands that spend millions on their campaigns and they are using all of the media channels.
When you have bigger projects and campaigns. It will require more accountability and one person would not be efficient enough.
How Does Media Buying Work?
Media buying is about combining three important skills:
- Strong Professional Relationship With Media Owners
- Media Clout
We have already discussed the negotiation skill. However, what is the ground for the negotiation?
Relationship and media clout are the weapons that the media buyer equips when sitting on the negotiation table.
A strong relationship with the media representatives can greatly assist the media buyers in getting better deals such as discounts and even valuable additions.
Next is media clout, what is it?
When media companies have signed on many clients to act as their media custodians, they combine all of their budgets together. That combined spending power is called media clout. And it is where the true power for negotiation lies as a good media clout allows the media buyer to give themselves the confidence in delivering better numbers.
What are the 3 stages of media buying?
Media buyers must do their preparations before diving right into purchasing a digital media space.
At this stage, they need to sit down and plan which media channels they will be using and what areas they are going to target.
This is an important step because the geo-locations of the ads will depend on the budget and the effectiveness of the campaign.
They also need to ensure that the objectives of their client remains as their core focus. Media buyers will view the audience affinity, viewership time and the credibility of the properties needed to be assessed.
As soon as the media buyer completes their plans, they set up a meeting with several media representatives and start negotiating in order to get optimal placements with the best rates.
Creation and Launching Phase
If you already have everything planned out to the last detail. They will need to create the campaign. This is the stage where they create the banners, or ads whether traditional or digital.
This is also where the media buyer ensures that the campaign is working. And they will need to keep on monitoring whether or not the campaign was executed as per the agreements made with the media owners.
Scaling and Post Launching Phase
The final stage in the media buying process is scaling the operation. Scaling simply means that they are opening up to more locations, more people, and different devices in order to grow the business overall.
But the media buyers will need to get results of the previous campaigns before starting another one.