Creating an effective marketing strategy can have a positive impact on the success and growth of your business. Media buying can play a pivotal role in your marketing strategy, but do you know exactly what it is and how to best utilise it for your business?
Media buying is a process of purchasing ad space and time on digital and online platforms. Traditional marketing channels and digital marketing channels, including TV, radio, websites and YouTube, can be used to achieve maximum exposure among target audience.
Media buying involves an outbound strategy, meaning you need to reach your audience with your ads, rather than content that they may find themselves. You need a well-thought out strategy for media buying to be effective. Strategically purchased media can impact a campaign’s success. Ads must be placed in the right location, at the right times and frequencies, so the right audience sees the ad.
A media buyer is responsible for negotiating for ad inventory, managing budgets, and optimising ads to improve campaign performance. It is their job to get brands in front of target markets.
Media buying is generally done in two ways, direct buy or programmatic buy. Direct buy is where media buyers develop relationships with publishers to negotiate ad inventory, whereas programmatic buy is where the buying process is done using automated technology. With direct buy, because of the relationships formed, you may be more likely to get better placements.
A key piece of any marketing strategy, media buying helps ads reach the right audience. It is an important step in the advertising process which focuses on getting the most impressions from the right audience at the lowest cost. When done well, media buying can help brands achieve optimum reach among key audiences by helping to educate customers, making it easier for customers to discover new brands and products.
For your media buying to be effective, there are a few things to keep in mind. Here are some tips to help you get the most out of media buying.
Before you embark on media buying, you need to think about what is the goal of the campaign. Each campaign will generally focus on a key performance indicator, such as increased website traffic, brand awareness, or social engagement.
Determine what media platform will be most effective for reaching your target audience, as well as what platforms may best support a particular goal. Some ad placements may be better suited for one goal or platform over another, and this may require some testing to determine what is best.
If you want to accomplish your goals, and of course you do, then media planning is an important step to create an effective strategy for media buying. Media planning focuses on the strategy behind the campaign.
It’s important to monitor your campaign throughout its progress and track its performance. This can help you determine if adjustments need to be made in order to improve results.
Using marketing performance tools to track key performance metrics, you can gather data on how ads are performing. Just make sure to gather enough data before making any decision to make changes, as you don’t want to jump the gun and change your campaign too soon.
Optimising your media buying is a good way to measure and fine-tune campaigns. This allows you to adjust frequency and bids to maximise performance before the campaign has ended.
Media buying, as the name suggests, involves cost, so you need to decide how much you’re willing to spend.
For a long running campaign, you may have a set daily budget, or if you’re planning for a shorter campaign, you may just have an overall budget to work with. Depending on your budget, this may impact the type of strategy that will be most effective for the lowest cost.
Working with experienced media buying teams can create impactful relationships with media owners that result in greater reach with less investment.
With media buying, the aim is to purchase placements on channels that are most relevant to the audience, at a time when the largest portion of the audience are most likely to see the ad. This will help you achieve the lowest cost per action.
But first, you need to identify who your target audience is. Think about who your campaign will target and which networks will be most effective for reaching them. You can target an audience by device, location, interests, and more. And while your brand may have a core audience group, you may target a slightly different demographic for each campaign, depending on the goal of the campaign. As new channels emerge, you’ll also need to keep up to date with where your audience may be moving to, as this can change over time.
Media buying can be extremely beneficial for your marketing campaigns, helping your business reach the right audience, wherever they are. And, with the help of an experienced media buying team, you can improve the success of your campaigns.