Media Buying Marketing Strategy [Extra Quality]
Media buying is a process used in paid marketing efforts. The goal is to identify and purchase ad space on channels that are relevant to the target audience at the optimal time, for the least amount of money. Media buying is a process relevant to both traditional marketing channels (television, radio, print) and digital channels (websites, social media, streaming). When done effectively, media buyers achieve maximum exposure among their target market for the least amount of spend.
media buying marketing strategy
Media buyers oversee the media buying process, with input from the media planning team. With an understanding of marketing goals and target audience preferences given by the media planning team, media buyers execute the actual purchase of the advertisement space. A huge part of the media buyer position is negotiating with the sites, networks, and other channels they want ads to appear on. They must ensure they are purchasing the correct placements at the correct times, for the correct duration, all within strict budgets.
Effective media buying goes far beyond the actual transaction of money for ad space. Media buying teams can create impactful relationships with media owners that result in greater reach with less investment. This enables marketing teams to increase conversions and demonstrate high ROI to clients and stakeholders.
As with all marketing initiatives, investing in experienced media buying teams and processes means demonstrating value. To do this, media buying teams need analytical capabilities that allow them to attribute conversions and KPIs back to a specific ad. They also need access to real-time metrics in order to make in-campaign updates to ads that are underperforming. The top challenges when it comes to media buying are:
Media buying is highly nuanced, with a lot of pressure placed on acquiring the optimal ad placement for customer experience and conversion. By staying abreast of top media buying strategies and negotiation tactics, media teams can better optimize spend and strategy.
Media buying is essentially about delivering the right message to the right people at the right time. During a time of crisis, that message needs to respond to what your audiences are experiencing. Combat fear, not with radio silence, but with a megaphone. Like Ford, your media buying strategy should focus on three things:
Media buying is part art and part science. Media planning and buying involves strategy, negotiation and placement of ads. The very best ads leverage content and context to capture the attention of the right audience. That, in a nutshell, is what media buyers aim to do.
Remember, the goal of media buying is to place your ads in front of your ideal audiences at the right time, place and context for them to be seen and acted upon. Tactics vary, but can include the following.
As you follow up on leads and activate your sales team to close those leads into new customers, media buying and planning can help to keep your brand top of mind. Tactics that deliver value to the customer and educate them on what differentiates your brand will prove to be most successful during this stage. Those tactics may include:
If your audiences are usually out and about, but a crisis brings life to a halt, causing them to spend more time in front of TVs, computers and streaming services than usual, adjust your media buying strategy to invest more heavily in those types of placements.
Media buying is the process of purchasing ad space and time on digital and offline platforms, such as websites, YouTube, radio, and TV. A media buyer is also responsible for negotiating with publishers for ad inventory, managing budgets, and optimizing ads to improve campaign performance.
It's not like social media where users come and find you. It's an outbound strategy that is only effective if you have a well thought-out strategy. Rex Gelb, director of advertising and analytics at HubSpot, says one of the biggest mistakes brands make is not thinking through their marketing goals.
Media buying and media planning fall into the same category but are two different processes. While media buying focuses on getting the most impressions from the right audience at the lowest cost, media planning focuses on the strategy behind the campaign.
During the planning phase, you determine what media will be most effective to reach a particular audience. So once media planning is complete, media buying follows. It's also important to note that media planning isn't solely for advertising, it's for any media a brand puts out there.
With digital media buying, or programmatic buying, buying impressions is automated. The negotiation still technically happens but it's done at a much quicker rate through open and private marketplaces.
Digital media buying can be more cost-effective and allow teams to focus on ad performance instead of back-and-forth negotiations. However, with the latest restrictions on cookies and Apple's AppTrackingTransparency (ATT) rollout on iOS 14, it's unclear how that will affect the media buying space.
Inside the Google Marketing Platform, you'll find Display & Video 360. Originally DoubleClick Bid Management, DV360 integrates seamlessly with Google Analytics and other Google products. So, if your team is already using those tools, this may be the right media buying tool for you.
When buying media, no ad placement is accidental. It does involve some trial and error as you get started and the optimization process will last throughout the campaign. However, once you have a strategy to follow and an intuitive platform to track performance, this will result in effective ads that meet your marketing objectives.
When it comes to digital media buying, the process comes with many advantages over the traditional model of contacting individual TV stations, billboard owners, and more. However, digital media buying is still prone to certain challenges, such as:
As technology has advanced, one of the most significant changes to media buying has been the emergence of the programmatic ecosystem. Programmatic media buying is a means of automating and streamlining the logistics of advertising online. Like the stock exchange, transactions happen in real-time. In this case, however, the transactions are between media buyers and publishers.
One of the best things about programmatic is that it allows you to focus your ads more specifically on individual impressions rather than buying out ad slots as you would with traditional advertising. Media buyers use a demand-side platform (DSP), a type of media buying software, to facilitate the buying of ad impressions across various ad exchanges through one interface.
You will often hear the terms media buying and media planning used in similar ways. These tasks may even be conducted by the same agency or internal team, which can further blur the line between them. Media planning and buying should be closely integrated to create a cohesive, successful ad campaign.
That said, we can make a distinction between these two tasks. Media buying and media planning are two separate pieces of the advertising puzzle. One way to understand the difference in media planning versus media buying is to see media planning as more of the strategy element in a campaign and media buying as the means of implementing that strategy.
Whether you are a novice that knows nothing about media buying or a business that wants to sharpen its skills in this department, this guide will help you get your media buying strategy on the right track. Here we will take 9 essential steps toward a complete understanding of the media buying process, software, and better campaign optimization.
Essentially, media buying involves purchasing a share of offline or digital media space and time to run advertisements and then monitoring how the ad is doing and making adjustments as needed to optimize the ad's performance. This involves judicious strategizing and negotiating to make the most of the brand's ad budget.
The main objective of both offline and digital media buying is to get a brand's ad creatives out before its target audiences in the right ad formats, at the right times, and in the proper contexts to have a successful campaign.
The media buying process starts from defining a goal that you want to achieve with it. This can be more page views, better conversion rates, and, as the result, more closed leads. Once you know why and for what you may need media buying, you go through the following stages:
What is programmatic media buying, you ask? It uses automated algorithms to optimize media buys on platforms called demand-side platforms and focuses on the ad ad relevance to the audience rather than on where media should be placed.
In programmatic media buying, ad buyers and publishers buy and sell digital ads using automation and this is done through demand-side platforms. Publishers, from their site, use a supply-side platform to list their ads on the ad exchanges. This is how the programmatic media buying process occurs:
As the name suggests, managed service means the media buying campaign is fully managed by a third-party agency that helps launch it. It is obvious managed service leads to decreased transparency, control over money, and efficiencies.
Media buyers and media planners work closely together, but their roles are entirely different. In a nutshell, media planners develop the initial strategy, and then media buyers place the ads in the most suitable channels based on that strategy.
Media buying is much more than just paying money to get ad space. Effective media buying entails forging strong, meaningful relationships with media channels to obtain the best media slots with the broadest reach, increase conversions and thus maximize ROI.
In programmatic media buying, the success of your deal depends more on optimization. Programmatic platforms like Epom DSP feature algorithms like bidding autopilot (in other platforms it can be called otherwise), which allows you to set bidding rules and multipliers for a particular campaign. 041b061a72