Media Buying
Media buying is a process used in paid marketing efforts. In this case, our oal is to identify and purchase advertising space on relevant channels with the target audience.
What is a Media Buyer in Marketing?
Media buying is a process used in paid marketing efforts. The goal is to identify and buy advertising space on relevant channels with the target audience at the best possible time, for the least amount of money.
What is the Difference Between Media Buying and Media Planning?
Although media buyers and media planners must work closely together, their roles are very different. Ultimately, media planning is the first step. Based on the conclusions and strategies established by this team, the media buyers implement the media plan, placing the agreed ads on the appropriate channels.
Media planning
The media planning process focuses on establishing an audience, conducting market research, setting a budget, and setting goals. Media planners work with their clients to understand which target audiences are most likely to engage with them for their offerings, which channels viewers use, at what times, and for what types of messages. With this information, the planning team will choose which channel they want to buy ad space on and at what price.
Media Buying
Once the media plan is established, the media buyers connect with their competitors through the agreed media sites. These are usually sales/account executives who are responsible for finding relevant advertisers. These two parties discuss location, time, and cost. Media buyers typically use the following strategies to execute media plans:
Manual bidding: Bidding on ad space and direct bidding through advertising platforms like AdWords.
Programmatic Buying: AI and algorithms enable real-time bidding on ad space that matches consumer profiles (for example, fashion designers benefit from a platform that will automatically bid and advertise on channels based on Fashion).
Direct Buys – When a media buyer discusses ad rates and run times with a specific advertiser (for example, fashion designers work directly with the Vogue team to advertise on their site or magazine).
Why Media Buying is Important
Effective media buying is much more than an actual transaction of money for advertising space. Media buying parties can build influential relationships with media owners to reach more with less investment. This allows marketing teams to increase conversions and show higher ROI to customers and stakeholders.
There are a few key benefits to using an experienced media buying team and process.
Get the best offer
Media buyers often have a wide network of relationships that they can use to maximize the value of their investment. Media buying professionals specialize in negotiation techniques and general industry standards, such as average lead cost or key cost of brand exposure. Media buyers can also help amplify the benefits of a deal. In the case of advertising, the terms “added value” or “added value” refer to the advertising space or impressions included in the contract without charge. Savvy media buyers can negotiate prices to increase reach or frequency, and can often add value to previously worked media channels.
Get the best slots
Media buyers understand where their advertising dollars should be spent and which locations are the busiest. Media buyers are aware of global trends and events (such as the Olympics or political campaigns) that may affect ad availability and may consider placing ads in direct deals to ensure ads are delivered as promised.
Plan a campaign with best practices
Media buyers understand which strategies will lead to the best conversions (for example: advertising at a specific time of day). Media buyers have experience working with publishers and channels. They bring back the best practices learned from previous campaigns and can apply them when discussing ad placement for maximum return.