Media Buying
Media buying is a means of procuring a media space and time for displaying creative advertisements. The main goal of media buying is to identify a place, time, and context so that relevant ads can be able to reach the targeted audience, to increase sales, brand awareness, and also conversion rates of a particular company or institution(Grouf et al., 2007). Media buying is usually time-based. This simply means that the buyer is supposed to make payments for renting, any possible placements that may exist in any platforms. The platforms should always be available for the timeslot that is convenient to the advertiser.
Steps in Media Venue Selection
For an organization or an individual to select a media venue, it is essential to undergo these various stages as outlined below(Grouf et al., 2007).
Stage One: Pre-Launching
In this phase, the buyer will have to make appropriate choices while ensuring that the selected media outlet is aligned with the advertising objectives. This phase will also require numerous and in-depth researches and planning. Some of the steps in this stage are:
Identifying the Target Audience
The advertiser should first start by having a clear picture of his or her audience by performing thorough investigations. This objective can easily be achieved by distributing the audience into categories such as that of demographics (age, marital status), geographical location (country, city), and behaviour (hobbies) to understand the target audience(Katz, 2016). By analyzing the variables stated above, the buyer can obtain similarities and patterns to have an idea of the people interested in his or her product.
Research Competitors
The buyer should perform an investigation on his or her potential competitors to get a feeling of their media buying strategy(Katz, 2016). Researching on competitors can be achieved by identifying where they advertise and their target audience. By learning from the rival’s experiences, the buyer can come up with smart advertising campaigns.
Design Media Buying Strategy
These are forms of advertisements that correspond to the buyer campaign goals. They include video commercials on Televisions, indoor posters, billboards, advertising on radio, mobile ads and many other forms of ads(Katz, 2016).
Choosing Media Outlets, and Price Negotiations
It is crucial to negotiate the price of different media beforehand. The buyer should go for the best deals, discounts, and bonuses that he or she is ready to be given by various media vendors. Comparison of offers from multiple media platforms is essential.
Budget Allocation and Campaign Execution
After identifying the target audience, the buyer should have to set a target on the return of investments. Campaign budget allocation should be according to the expected results that the buyer wishes to achieve, such as clicks, sales sign-ups, and so on(Katz, 2016). An estimate of expenditures for a specific period is also relevant in terms of days, months, or quarter budgets.
Stage Two: Campaign Launch
In this phase, the media buyer is supposed to ensure media delivery is sufficient, and there is a constant of the performance campaign (Grouf et al., 2007). At this phase, it is very crucial to analyze what works and what does not work.This will help to form a basis for decision-making based on the insight demonstrated.
Stage Three: Post-Launch Reflections
This phase is concerned with reflecting and thinking critically about the right side, lousy side and also the ugly part of the advertising campaign. This is based on delivery, return on investment, and overall performance of the advertisement.
Five W’s for Media planning
Who is my audience?
This question forms a building block for media planning. The advertiser should specify who his or her target audience is. This simply involves identifying the audience that is targeted by the advertisements(Katz, 2016). Research can also be done to study their motivations and needs.
What is my audience looking for?
The advertiser should find information concerning what the audience needs by performing research on keywords and queries. Search engines will help identify the needs of the audience.
When to publish your advertisement?
This question addresses the time of day or week that would be most appropriate for the advertiser to publish his or her advertisements. To identify the perfect time to advertise, the buyer should do experiments to identify the part of the equation that would be peculiar for all the audience(Katz, 2016). The buyer should also establish a steady cadence that can either be daily, weekly or even monthly.
Where to publish the advertisement?
The advertiser or instead, the buyer should select a media that will help to reach the target audience. The media should be less expensive and at the same time, enter as many viewers as possible so that the desired objective of the advertiser to be met(Katz, 2016).
Why should the advertisement convince the target audience?
Every customer is always attracted to high-quality content(Pilotta et al., 2004)
. The convincing power of the advertisement will determine if it will attract customers or rather chase away the customers.
The essential rules of Media buying include getting to know the target audience, creativity and diversity of the digital advertising ecosystem, choosing an appropriate media solution.
Getting to know your audience
Since every advertisement is unique, while having weakness and strength, for this reason, the client needs to see the brand’s audience very well so that he or she can be successful (Katz, 2016).
Creativity and Diversity of the Digital Advertising Ecosystem
The second effective media planning rule is to take into consideration the diversity of the advertising ecosystem and not to focus all the available resources on one channel. The client should understand clearly, the existence of many platforms for advertisements and try to avoid selecting only one platform.
Choosing an appropriate media buying solution
The client is supposed to have a tool that allows the control of all elements in the process. This can be done by ensuring that the client has developed a method of identifying the type of channels and mediums that can generate the best results (Pilotta et al., 2004)
Reference
Grouf, N., Liberman, L., Metral, M., Rorvik, S., Waxman, D., & Granbery, J. (2007). U.S. Patent Application No. 11/467,085.
Katz, H. (2016). The media handbook: A complete guide to advertising media selection, planning, research, and buying. Taylor & Francis.
Pilotta, J. J., Schultz, D. E., Drenik, G., & Rist, P. (2004). Simultaneous media usage: A critical consumer orientation to media planning. Journal of Consumer Behaviour: An International Research Review, 3(3), 285-292.
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