The buying of advertising space for the purpose of advertising from a company operating media properties is called media buying.
The cost of a media buy varies depending on the specific media property on which the buyer wants to advertise like the size of the ad space, the specific times at which the advertisements are to be displayed, Geo and other specific features of the advertising campaign.
Media Buyers are the individuals responsible for purchasing time and advertising space for the purpose of advertising.
In easy words Media buying can also be referred to as display advertising, is when a creative is placed on a website, network of websites, or an advertising network for the
purpose of driving traffic or increasing brand awareness.
Media Buy Types :
- Direct Site Buy: This is when a single site is bought for serving the ads.
- Network Buy: As the name says, in this, the network of sites are bought on which the ads will throw impressions, e.g. companies like tribal fusion or value click, etc. does this kind of display advertising.
- Self-serve Network Buy: This media buying provides you with the means to manage your own account and allow you to come and go as you please.
The process of media buying :
I will divide the process of media buying into five different steps for better understanding and clear view –
STEP 1 : Identify your target –
Before you plan to buy the ad space, you need to know your target market, so to do this, the best approach is to create a profile with questions like –
– Who are you trying to reach?
– Who is your target market?
– What is their age?
– Male or Female?
– Income, etc.
STEP 2 : Know your target –
Once you’ve identified your target market, it’s time to do some market research. It’s important to understand the consumer behavior of those that you are targeting. You can do your own research, which is called primary research or you can also depend on secondary research that’s already been done which are cost benefits to use.
Knowing your target is very important before you start as it helps a lot in catching the exact users, like identifying where you will find your target market. This will help in placing a media buy that is effective and performs by achieving your identified objectives. Research can help you in doing this. Research can also provide you with information on what your competitors are doing and where they are going to reach the audience you are trying to reach.
STEP 3 : Fix your Objectives
When you are done with all the research, the next step to be taken care of is setting the objectives so that you get to know how much was the success in achieving your target. Depending on the campaign the goal is set up, like sign-ups, awareness, leads, etc.
STEP 4 : Planning and Strategies
What can be after when you have identified, researched your target and have set the objectives – It’s now about planning and making some perfect strategies to obtain the objectives within the budget and in time!
STEP 5 : Execution
Now you have your plan and all strategies in hand, it’s time to get to work. Your first step is to begin to contact the media outlets you have identified and start negotiating your media buy rates. Make sure you negotiate rates and ask for bonuses or add-ons that they are willing to give you if you choose to go with them. With all these the do keep the eyes on your budget, your calendar and, most importantly, keep track of important deadlines. Make changes and adjust your plans if the requirement is there.