Media buying is the purchase of advertisements from media companies such as television stations, newspapers, magazines, blogs, or websites. It also requires negotiation to determine pricing and ad placement, as well as researching the best location in terms of ad placement.
Media buying is an action to obtain Return Of Investment (ROI) by determining strategic advertising locations. For example in television advertising, there are various factors that must be considered, such as time, space, rates, lead demand, and many more. The price of media buying on television will depend on the specifics of the advertising campaign, such as whether this ad will appear in one city, regional, or national.
On a website, the purchase price of the media will be determined by factors such as where the ad will be placed on a page, how many pages of the website the ad will appear on, how big the ad will be, how many days the ad will run, how much traffic it receives website, and demographics of website users. The more exposure that advertisers are expected to receive, usually the more expensive the media buying value will be.
Effective media buying actually doesn’t just talk about ad placement budgets. Media buying teams can create impactful relationships with media owners so they can generate wider reach on less budget. This allows the marketing team to increase conversions and demonstrate high ROI to clients and stakeholders.
There are several key benefits to using an experienced media buying team and process.
1. Get the Best Deals
Media buyers often have a wide network of relationships, which they can leverage to maximize the value of your advertising investment. A professional media buyer is usually very good at negotiating techniques to calculate existing needs, such as the average cost of a prospect or how much brand exposure costs. Media buyers can also help increase the benefits of an agreement. In advertising, the term “value added” or “value added” refers to ad space or impressions affixed to a no-cost agreement. Experienced media buyers can negotiate prices to increase reach or frequency and can often add value to media channels they have worked with before.
2. Get the Best Slots
Media buyers understand where your advertising budget should be spent, and which placements are likely to get the most engagement. Media buyers stay aware of world trends and events (such as cultural events or political campaigns) that may affect ad availability and negotiate ad placement directly into contracts to ensure they deliver as promised.
3. Planning Marketing Campaigns with Best Practices
Media buyers understand what strategies work best to generate conversions (eg: placing an ad at a given time). Media buyers should have experience working across publishers and channels. They bring the best practices they learned in previous campaigns and can apply them as they negotiate ad placements for maximum results.
Stages in Media Buying
Before making media buying, a media buyer must conduct research to optimize the return on investment in their client’s advertising budget. They will examine the target audience for a product and determine which place or combination of places will best serve it. For example, they can utilize demographic and geographic research related to products to optimize their media buying strategy.
An advertiser’s budget can also determine when an ad should run and where it should be placed. For example, a larger budget could include access to regional or national markets. Smaller budgets could use the local newspaper or radio. Once the right place is selected, the media buyer will contact whoever has the desired slot or space to negotiate a price, time and remaining deal.
Some important aspects of the media buying process include personal relationships between media buyers, media planners, and channel owners. Due to limited broadcast time, a media buyer must build a relationship to get the most appropriate placement and time.
In addition, media buyers must keep abreast of changes in the market. As the communications business sector changes, assumptions about the best places for advertising must be updated regularly. The strategic place last year may no longer be the same as this year, based on the changing reputation of the media publication. Finally, media buyers must be able to create value for advertising clients by finding or making deals.