As much as the creativity and the content of the promotional matter, equally important is the medium through which the audience will receive the message designed to target them. The brands might put their heart and soul in designing a perfect brand message but until and unless it is delivered through the right media buying vehicle, it might not reap the desired results.
What is Media Buying?
- A process of linking the advertising creative to the right media channel.
- Media buying process is applicable for both traditional media and the digital media.
- Media buying decision involves analyzing, selecting and pitching the media for content delivery.
- Media buying for traditional media involves booking ad space in newspaper, television and radio channels.
- Media buying for digital media involves booking ad space in digital platforms such as social media, websites, streaming channels etc.
- The objective of media buying process is to select an impactful media at lowest rates possible.
What are the core decisions taken under media buying agencies?
Analyzing and identifying the right media:
There are numerous media channels available in the market but the task is to select the media vehicle that will take the brand’s advertising campaign to maximum audience. Therefore, during the top media buying services process the team analysis the advantages and disadvantages of various media vehicles. Then either one or media mix is selected that fit their budget.
Booking the ad space:
Once the media is finalized, the next decision is to be taken is regarding the time and frequency with which the ad will be displayed in the media. Booking the ad space needs careful understanding of the slot division of the media, the nature of the media and the demand of the media. For instance if a brand wishes to run their advertisement on a news channel than it will have to choose between slots such as morning news bulletin, afternoon news or prime time news. Similarly, the nature of the media also matters, in electronic media the time duration of the ad and the frequency will cost you differently than the non-electronic media like print or hoarding ad.
Negotiating the ad space for money and value:
The competition to grab the most profitable ad space is high and so is its cost. Once the ad space is finalized, the online media buying team try to negotiate with the media vendors for cost of the space. The negotiation involves, briefing the media vendor about the objective of the ad campaign, the media channels decided to achieve the same, taking suggestions from the media vendors for best media options and lastly finalizing the cost of advertising space and time that suits your budget. The final call over the ad space cost is taken when the client is assured that the selected media will reap the best value for the money invested in buying the advertising space.
Tracking and measuring the advertising campaign:
The final task is to track the performance of the advertising campaign. One needs to measure that the ad space and time bought is generating the results as expected or need some changes.
Why media buying services is a crucial process for an effective advertising campaign?
- Media buying process helps in delivering the promotional message to the maximum audience via right media vehicle at the right time.
- If the Digital media buying process lacks efficiency, then the entire advertising campaign might fail to generate expected results.
- Builds long term relationship and credibility between the media buyers and media vendors.
- Media buying process accelerates audience conversion rate.
- The media buying process helps in purchasing the right media, measuring the media performance, monitoring and optimization of the selected media mix.
- Ensures that the promotional message is delivered to the right audience at the right time through the right media channel.
What are the significant steps involved in media buying?
Step 1: Media selection and planning
- Traditional Media: Newspaper, magazines, pamphlets, television, outdoor hoardings, bus ads and radio.
- Digital Media: Mobile, website, social media, online streaming, digital outdoor ads.
- Exploring new avenues: OTT advertising, Cinema graphs etc.
Step 2: Finding best media vendors
- Listing the media vendors available for the media outlets.
- Analyzing the past record of the media vendor.
- Selecting the most favorable vendor and briefing it about the media plan and objective.
Step 3: Pricing and Negotiation
- As mentioned above, once the media outlets are selected, the quotes are made by the media vendors.
- Different media vehicles have different rates for ad space, time and frequency.
- The media quotes are reviewed by the media buyers.
- A final call is made when both the media vendors and the media buyers are mutually benefited from the deal.
Step 4: Closing the deal and accountability
- The last step is to check every aspect of the media buying process and execute the same.
- The media vendor holds accountability to deliver results as promised to the media buyers.
- If the media buyers aren’t satisfied with the results, it can either change the media outlet or take required action for achieving the set objective.