The secret to a effective marketing strategy is not simple slogans that are that you can put on the lips of your customers repeatedly. To create campaigns that increase the ROI of your marketing your team must to create a powerful persuasive, memorable message that will reach your target audience at the appropriate timing and at the appropriate cost.
What is Media Buying?
Media buying is a method that is used to pay for marketing. The aim is to find and buy ad spaces on channels that are appropriate to the intended audience at the best time and with the least amount of funds. Media buying is that is applicable to traditional marketing channels (television and radio, as well as print) as well as streaming channels (websites and streaming, social media). If done correctly media buyers can get maximum exposure to their targeted audience for the lowest amount of money.
What is a Media Buyer in Marketing?
Media buyers manage the media purchasing process, with assistance provided by members of the media planning team. With a clear understanding of advertising goals and target audience preferences formulated by members of the team responsible for media planning media buyers make the buying of advertising space. The major part of the role of a media buyer is in negotiating with sites as well as networks and channels they would like advertisements to be featured on. They need to ensure that they are buying the right placements at the right dates, and for the right duration, all within their strict budgets.
Media buyers must also utilize instruments for measuring marketing results to monitor important performance metrics and deliver to ensure that ads are delivered in line with the contract and is fulfilling the goals of the campaign.
What is the Difference Between Media Buying and Media Planning?
While media buyers and planners do work together however their roles are quite different. Media planning is the very first step. Based on the findings and methods formulated by this group media buyers follow the plan for media by placing the agreed-upon advertisements on the suitable channels.
The process of planning for media is focused on identifying an audience, doing market research, setting an budget, and laying out objectives. Media planners collaborate with their clients to identify who the potential viewers will be for the offerings and the channels that this are used by the audience and at what times and the type of message the audience will most likely interact with. Based on this information, the team of planners will decide which channel they would like to buy ad space and at what price.
When the media plan is established that media buyers are connected to their counterparts on the various media websites that were agreed upon. These are usually sales or account executives, whose job is to search for suitable advertisers. The two parties discuss placement, time and price. Media buyers usually employ the following strategies to implement the media plan:
- Bidding manual: The bidding of ads and the management of bids through an ad platform like AdWords.
- Programmatic purchases: AI and algorithm allowed real-time bidding on advertising space that matches the profile of consumers (e.g. fashion designers that leverage an online platform that can automatically bid on and display advertisements on channels that are geared towards fashion).
- Direct purchases:When a media buyer negotiates ad rates and times with an advertiser (e.g. fashion designers who work closely with Vogue team to put ads on their website or magazine).
Why Media Buying is Important
A successful media purchase goes beyond just the transaction of the money to purchase advertising space. Media buying teams can establish powerful relations with media owners which will result in more reach for lower expenditure. Marketing teams can improve conversion rates and prove an impressive return on investment to customers and other stakeholders.
There are several advantages that are associated with having a seasoned media buying team and the process.
Get the Best Deal
Media buyers usually have a large network of contacts which they can utilize to maximize the return on your investment. Professionals in the field of media buying are proficient in negotiation techniques and standard industry practices for example, the cost of leads , or how much the cost of brand exposure should be. Media buyers are also able to enhance the value that an agreement offers. In the world of advertising, the words “value gained” and “added value” refer to ads or impressions added to the agreement at no cost. Expertly-trained media buyers are able to bargain prices to increase frequency and reach and often can gain value from media outlets they’ve worked with previously.
Get the Best Slots
Media buyers are aware of the best places for your advertising dollars to be put to use, and which places are most likely to receive the highest level of engagement. Media buyers keep track of current trends and global occasions (such such as Olympics as well as political campaigning) which can affect the availability of advertisements and incorporate ad places directly in the contract to ensure that ads are delivered in the manner they are promised.
Create Campaigns using the Best Methods
Media buyers are aware of the strategies that can best result in conversions (for example, advertising at a specific time of the day). Media buyers have worked with publishers and channels. They apply the best practices they’ve learned during prior advertising campaigns and apply these when they negotiate advertising placements to maximize the return.
Challenges of Media Buying
As with all marketing strategies investing in skilled team members and procedures for media purchasing will result in showing the benefits. In order to do this, the media buying teams require analytical skills that enable them to assign KPIs and conversions to specific ads. They also require access to live metrics to be able to make adjustments to campaigns which aren’t performing. The most challenging issues with regards to buying media include:
When you are investing in media it is essential that buyers of media know the campaigns that are performing. They can then use this information to better allocate budgets. But, many businesses struggle in implementing an an attribution model to accurately reflect their complete range of media. This can make it difficult to determine if an ad’s placement been successful in triggering an exact conversion.
Optimize Campaign In-Flight
Another issue for media buyers is optimizing advertisements mid-campaign. The majority of marketing data isn’t available until after the campaign has ended, leaving it too late to alter the amount of advertising. To fix this, marketing professionals should invest in platforms for marketing that can provide a detailed analysis of the effectiveness of their marketing during the time the campaign is in full swing.
Avoiding Ad Fraud
The term “ad fraud” occurs when a company is required to pay for advertising space on fraudulent websites or when companies must pay more for ads that is based on the number of clicks/impressions it receives from click farms or bots. This is most common in programmatic advertising. Programmmatic buying is beneficial for real-time advertising however, it can cause ad fraud since there is no examination of the websites where ads are bought and can result in the mismanagement of money.
Negotiating contracts can be a problem in buying media. Media buyers must make sure that the terms of negotiations are explicitly stated in the contract, to ensure that the specific requirements are fulfilled. For instance, if an advertiser is only looking to reach people from the US it must be stated clearly. If this is not done and companies are wasting money targeting a market that isn’t a good fit.
How to Negotiate Media Buys
The primary role of the media buyer is to be the negotiator. This ensures that customers get the best value for the advertising space they buy. This includes cooperating alongside media firms, using best practices for how to maximize the profit from an advertisement and creating specific agreements. When media buyers implement plans for media they should be aware of a few negotiation tips to be aware of.
Do Your Research
Research isn’t only a component of planning for media. As a buyer of media, you need to be aware of the variables that determine the performance of any campaign, for example:
- What are the typical costs for leads in your field?
- What is the price of regular ad placements on different websites?
- What kind of advertisements, display sizes, etc. work best on certain websites?
Understand How Much You Are Willing to Spend
Begin every negotiation by preparing an elaborate budget plan and areas where you could be prepared to allow for the most expensive spots. Before you begin negotiations, make certain you’ve answered these questions
- What is your budget overall?
- How do you make maximum value from that budget?
- Are there any publications you would be willing to pay more money on (based on previous results or the target audience)?
Have a Backup Plan
The most powerful tool in any negotiations is having a backup plan. There could be an agency or a television channel that you’d love to collaborate with, but you find that they are either completely booked or are out of your budget. Media buyers must always have alternative options in order to provide quick solutions to any unforeseen issues with purchasing. Additionally, you should know when you’re willing to walk away and explore alternatives. This can give you more leverage in negotiations for pricing or placing.
Establish an Anchor
As per Nobel Prize winner, Daniel Kahnemann the people make their on their initial estimates on the anchor. In other words, he says that prices can be random and can be affected by the user’s first experience with it. For instance, homeowners from different states might be anchored in different ways. For instance, a homeowner living in New York is typically willing to pay more for the home than a homeowner living in Florida regardless of whether one New Yorker moves to Florida. Knowing this principle could be beneficial when negotiating. If you intend for a campaign that is the price of $100 for each lead that is not the initial bid. The bid should be lower to allow publishers to at the same time negotiate.
Take note of all the filters you’d prefer to apply to your leads prior to commencing discussions. Don’t think you’ll be able to alter these in the course of negotiations.
Negotiate Value Add-Ons
Request value-added features in negotiations. These could include banner ads for an email marketing campaign or an additional airing of the radio advertisement. This will give you more exposure while keeping your budget in check.
Get It In Writing
Like everything else that you negotiate, make sure you include what you’ve agreed to straight into your contract. If your account director is changed or your emails go missing Media buyers must have an agreed-upon list of expectations that they can reference.
Type of Negotiations
There are two major kinds of negotiation strategies and integrative negotiation is the most frequently used when buying media.
- Zero-Sum Negotiations: During these negotiations either or both parties are unwilling to compromise on their agreement. Although they are often celebrated on TV and films the style of negotiation can strain or destroys relationships between the business and the media.
- Integrative Negotiations: In these negotiations, both sides cooperate and reach a compromise to ensure that each party is getting a deal that aligns with their objectives. Because media buying is built on relationships, this strategy is usually the most efficient.
Things to Take into Account when Negotiating Media Purchases
There are numerous channels for advertisers to purchase space on, and various methods of making purchases. Each offer different ideal methods. Take a look at the following:
Programmatic advertising is a purchasing process that is based on technologies, like AI to streamline and optimize media purchases. These purchases typically take place through channels such as Facebook as well as Google. This kind of media buying is focused on the persona instead of the media and asks “who do I wish to reach?” instead of “where do I want to put advertising?” In practice, purchase of programmatic media is like the instant auction. simply choose the person you wish to reach, specify how much you’d prefer to pay per impression or click and specify the advert you’d like to display and AI will take care of the rest for you.
Ad Placement for TV
Purchasing advertising space on TV It is usually during the prime time, when the networks present to media buyers the advantages of buying time on their networks. It is usually done in person meetings.
When you purchase ads for television ensure so that your ad isn’t moved from the agreed-upon best timing. It is particularly important to stay on top of any the happenings to avoid this. If, for instance, there is a political campaign taking place the ads of candidates could overtake yours even if they are paying more. Candidates usually receive the lowest price for commercial advertising.
- Radio advertisements are a fantastic opportunity advertisers can connect with the local audience.
- When you purchase radio ads ensure that you get a space that will air before the commercial break or after the conclusion to the commercial breaks. People tend to turn off from radio stations during the majority of commercial breaks.
Outside-of-home advertisements reach out to people via billboards, for example. This is an excellent opportunity to engage with people in their everyday lives.Media buyers must work together with creative teams to come up with suggestions for out-of-home as well as offline ads.
As an example, Reebok set up an outside-of-home campaign to see if pedestrians were speedy enough. People who walked past the advertisement at a rate that was higher than 17 km per hour were eligible to receive the opportunity to receive a pair of free shoes.
Media buying is a highly complex, with lots of pressure on getting the best ad placement to improve the customer experiences as well as conversion. Staying abreast of the latest tactics for media buying and negotiation techniques media teams can maximize their spending and plan.