March 28, 2021
What is Media Buying and How to Do it Right?
Media buying is the act of purchasing space on a website to place your or another company’s advertisement. The price that you’ll pay for this space depends largely upon the type of media and audience targeted. The goal is to attract a wide audience to interact with the advertising content. The more visible the content, the higher the chances of consumers making a purchase.
Media Buying Tactics
Successful media buying requires strategy. Competitor analysis and consumer behavior have to be taken into consideration as well. Here are some of the things that you can do to become successful in media buying.
1. Market Research
The first step to successful media buying process and before compiling a strategy is to do market research. Market research includes searching for various platforms that your audiences visit frequently. If you place your ad in a venue that doesn’t have a large enough audience, then your campaign may not yield the desired results. On the other hand, if you place an ad in a venue that has a large audience but it’s not your intended market, you might not have high conversion rates.
2. Create a Strategy
Once the audience and marketing channels are determined through the market research, you can strategize your media buying plan. Media plan strategies depend on various factors such as high traffic days, online platform algorithms, content form, and budget. Your media buying strategy should consider the duration the audience spends on the online platform. This information will influence your content styles, such as duration and form.
Remember, your media buying strategy should be realistically grounded and backed by data. The goals should be measurable, ideally after launching the campaign as this immediately gives you an idea of what’s working and what’s not, and the opportunity to make necessary changes as needed.
3. Hire a Media Buyer
The intricate details that go into media buying can be drawn from experts. You can consider hiring a media buyer or even an media buying agency. Media buyers plan out a campaign by determining the target audience’s demographic information and creating custom marketing materials to reach this audience.
They’ll also plan out the timing, format of the campaign and its impact on the company’s budget and resources. This planning process should include a detailed analysis of the company’s position in the marketplace, its financial statements, and a good understanding of the target audience.
Planning and strategizing about media buying is essential in making effective ad campaigns. Good media planners will inventory the company’s assets, liabilities, budget, human resources, and advertising budget for the planned campaign and determine what’s best for the company.
Final Thoughts
You have to strategize when it comes to media buying. Market research is essential to understand your audience’s preferences and viewing platforms. The research data also guide your advertising strategy. The ultimate goal is to convert ad viewership into sales. You can consider hiring a media buyer who has the expertise of pairing all the little details that make a successful campaign.
Marketing Agency Network features only the best media buying agencies in the US. In case you’re looking for such an agency, feel free to check out the following list: