Remember those sponsored ads you see while scrolling on social media? That would probably be a way to describe it in a simplified way. But what does media buying mean? The meaning is actually deeper than this, so let’s dive in:
What is media buying?
Media buying is a paid marketing solution to buy locations such as Tv, websites, radio, newspaper, or outdoors to run advertising for specific audiences. The main goal of media buying is to get the most exposure and impressions at the lowest cost.
What is programmatic media buying?
While media buying requires you to negotiate and buy advertising spaces, programmatic media buying used automated technology and algorithms to do this job for you.
The best thing about programmatic media buying is how you can do everything automatically rather than searching for ad spaces manually or figuring out which platform is best for you or even negotiating things yourself.
Media buying vs media planning
Those two terms shouldn’t be mistaken for one another. They both complete each other. While media buying is more about negotiating prices for ad spaces, media planning is the strategy of how you’ll implement everything. This includes understanding the target audience, choosing channels and times that work best for the target audience, and what messages will you deliver.
All of this should be planned beforehand with media planning, then comes the role of media buying in purchasing spaces.
Gow does media buying work
1- strategy
Set a budget, investigate the target audience, and set goals and metrics with an ROI.
2- channels
Choose channels where you can place your ads. Those channels must be where your target audience hangs. And remember every channel should have its own message. Your target audience’s behavior changes according to each channel.
3- competitors’ research
See what campaigns your competitors did and what were the results? What channels did they use? What was successful and what wasn’t? This saves you time learning from others’ experiences and allows for better advertising campaigns results.
4- negotiate
Start negotiating ad placements prices and looking for deals when contacting entities such as newspapers or radio stations. And if you’re doing a social media campaign that includes influencers, reach out to them and negotiate the prices.
5- Analyze
Evaluate ROI, see the customers’ interactions with the ads, then collect data and statistics. Aim for avoiding mistakes or avoiding repeating mistakes after analyzing this data.
6-Reevaluate
Track the campaigns’ progress and the audience’s engagement then start adapting your strategy according to customers’ feedback. You should see if the results aren’t meeting your expectations and goals, then start reevaluating your strategy.
Why is media buying important
Reaching wider audiences
When media buying is done right with accurate planning, your campaigns can reach wide audiences and generate leads. Especially in media buying you can tailor buyer personas and target them precisely.
It’s affordable
While many people think media buying is pricey, the truth is that you can set a tight budget and get a lot of impressions.
Standing out in the competition
While there are many of your competitors’ ads out there, running ads constantly will keep you top of mind to consumers. Plus, you’ll be increasing your sales since your ads appear to audiences all the time.
It’s important to understand media buying lingo before launching your campaigns, here are some of the most common terms you’ll meet in media buying:
Impressions
The number of audiences who see your ad
Frequency
How many times (on average) does an individual encounter an ad or a program in a specific time period such as a month or a quarter
Banner ad/display ad
An image or an aminated visual you can display on websites advertising your brand after agreeing with the website to place your ad among their content.
CTR
Abbreviation for click-through-rate. It means measuring how the ad was successful in urging the user to click back on the website.
CPC
Abbreviation for cost-per-click which means the pay cost for users clicks on a specific ad.
To wrap up
Media buying is a way to buy ad spaces to advertise your brand while programmatic media buying uses automation to ad all this. Media buying is important to reach the widest audience possible at the lowest cost and to stay top of mind to customers since your ads are appearing constantly. There are many media buying terms that you need to be aware of, such as impressions, CPC, and frequency.
How to find media buying agencies
There are many websites that list media buying agencies, such as Entasher.com where you can reach agencies, ask for quotations, and start working.