In this competitive business landscape, simply creating an advertisement does not ensure unparalleled success for your brand. Competition is fierce and customers are well-treated with every product and service that a brand offers. So to be successful in this competition, media buying is one of the best ways in the lead generation industry.
Media buying is indeed one of the most important parts of a successful marketing strategy as it helps advertisements to reach the audience targeted.
In this blog, we will understand this marketing concept and why media buyers are essential for a successful business.
Whether you are starting a new business venture or want to upgrade your business strategy, this guide will provide you with some valuable tips to help you reach your goals. So, keep reading as we dive deep into this modern marketing strategy.
The procedure to buy digital or offline media space to run ads for a business is known as media buying. In other words, it means securing ideal media spaces to feature advertisements to maximize their productivity and reach the right audiences. It includes purchasing digital channels like websites, social media, streaming services, and applications in addition to traditional media like television, radio, print, and outdoor locations.
A media buyer is a person who supervises the media purchasing process by collecting data from a media management team. They execute buying of ad space with the inputs provided by the media planning team on the target audience and marketing goals. A media buyer has several responsibilities, such as:
Now that you have got a basic idea of media buying, let us learn about some strategies you can follow in order to get high-quality leads:
Tip 1: Driving high-quality leads with the help of media buying takes a considerable amount of time and dedication. You will need a specialist, who can supervise the media plan, choose the best strategy, update the placements, and work hand-in-hand with the media partners. Further, you must also consider hiring a content writer or a copy editor for developing content for the media buy ads.
Tip 2: Run some tests before putting up the media buy advertisements. For display advertisements, you should check if the placement, color, copy, and layout of your brand are right or not. Similarly, for videos, check if the branding is done at the correct time. Also, check the motion, length, and other metrics.
Tip 3: Make sure that you are well aware of your brand objectives. You should decide if are looking for brand awareness or to increase the quality of traffic that can lead to better conversions. Knowing these goals will help you plan your marketing strategy for effective results.
Tip 4: It is very essential to constantly check the performance of your media ads. Based on the assessment, be ready to optimize your ads as and when required. This is the reason you must choose a flexible budget that can allow you to evaluate and then reevaluate if needed. In this regard, you can consider programmatic media buying which is a completely automated process and helps you secure digital spaces for your ads.
An effective media buying strategy can guarantee higher ROI for the media space. The development of a strong relationship between media buyers and media owners allows more leads at a considerably lesser investment. This consequently helps the marketing team to boost conversion and show a higher ROI to the stakeholders and clients. Here are some of the benefits of effective media buying:
Media buyers usually have a huge network that they can use to enhance the returns on your investment. These professionals have excellent negotiation techniques and know the basic industry standards, such as the cost of brand exposure or the approximate cost of leads.
Media buyers understand where you should spend your advertising money and the locations where your advertisements can generate the most engagement. These people must stay aware of the latest trends and events across the world that can provide ad availability.
Media buyers possess the understanding of which marketing strategy will lead to increased conversion. They are experienced in working for various channels and publishers. To sum it up, media buying allows prompt and effective brand promotion, unlike content marketing which is focused on generating results in the long run.
When media purchasing or negotiating media purchases, you must keep in mind the following factors:
When media buying, as a business leader, you should choose a trustworthy and skilled buyer who has strong relationships with publishers and outlets. You must prioritize brand safety and brand trust while following this marketing strategy.
One must identify the creative campaigns that generate the best returns at the lowest costs. Digital media buying provides you with the ability to assess and tune the campaigns while they are still in flight.
The following table shows the major differences between media planning and buying:
|Media Buying||Media Planning|
|Focuses mainly on developing relations with the stakeholders for the long run||Create and present the media plan after doing a thorough market research|
|Negotiating about price, placement, and timeframe||Transforming the media plan into a media buying brief|
|Implementing the media purchasing campaign||Focusing mainly on industry trends and consumer behavior|
As shown in a survey, customers spend almost three hours and twenty-seven minutes online every day. They come across thousands of advertisements and web content in the virtual world which results in their low attention span. Even organic promotion does not seem to generate the anticipated results that businesses expect these days. This is the sole reason why advertisers must deliberately position their ads, using the ideal audience, context, and timing. This is where the whole “media buying” concept comes into play. When done effectively by experienced and skilled media buyers, this marketing strategy can do wonders in terms of generating quality leads for your brand.
High-quality leads are the best possibilities that have high chances for conversion. High-quality leads have a better understanding of your services and products and can readily make a purchase.
RFP stands for Request for Proposal. An RFP is a formal document that is used in order to get proposals for project completion from reputed media-buying organizations.
The primary objective of media buying is to locate the most efficient and effective media channels for delivering a company’s advertising messages to the target audience. In simple words, media buying aims towards delivering the right message to the right set of people at the right time.
Media buying is a modern marketing concept to introduce your product or brand to a larger audience with the help of media spots. The idea is to captivate your audience in the respective market and boost brand recognition, contact acquisition, and awareness.