3 Stages of Media Buying Process
Media Buying Process: is a highly planned and designed negotiations and purchase of multi-platform ad spaces. In the whole process the main focus is to find and buy the most beneficial and advantageous placements for the lowest price for a certain period of time.
Media Buying: falls under the umbrella of paid media and it means the acquirement of a certain media space and a certain time for displaying ad creative. The main focus in the media buying is to aim the right place, right time and the right context to deliver the most relevant ads to your target audience. Targeting right people at the right time with the right approach ultimately increases your conversion rates, sales and your brand awareness among people.
Media buying is time oriented strategy means the person paying for the renting of all available placements on all available platforms so that when the time comes they all will be available for the convenient time for the different advertisers to place their ads.
Media buying can be sum up into 3 different and planned stages:
1st stage: Pre-launching
Advertising decisions are not as easy as they look and are not made as fast as a blink of an eye! It is a diligent preparation stage which takes a lot of time and requires in-depth research and detailed planning. In the 1st stage all the media buyers carefully chooses relevant media choices. The agenda is to make sure whatever the choice has been made for choosing media it should reflects their advertising objectives.
Identify the right audience and plan how to reach them:
Make it crystal clear who is your existing customers are, what they demand and who will be you target next. Create segments of your audience based on different parameters like demographics (Age, gender, social and marital status), Geolocation (areas, cities, countries), Behaviors (Interests and hobbies) and get a clear picture of whom you are dealing with.
Once you get the idea of your audience always try to find patterns and similarities to get the attention of your targeted audience. After locating your targeting audience start thinking about strategies for how you can reach them. Try to figure out their routine where do they go for surfing? How do they shop? Are the online buyers or prefers to go directly to the venue?
As you are advertising your product online always go for the channels from where you can reach your potential clients. It may be a social network platform or search engine ads or it could be a website or a blog you have plenty of choices but go for those platforms that your target audience uses.
Know your Competitors:
Whatever you are doing in your business remember always know your competitors. Investigates them and do research on them and get to know their media buying strategy. Make a good note on your competitors where they advertise, who they target, what things worked for them what comes as failure for them. In this way using their experiences you will be saving your time and money and making smart and efficient advertising campaigns right from the start.
Always choose those forms of advertising that mirror your campaign goals. For example, for newspapers, use print ads, for TV, use video ads and so on. Some media buyers prefer to only concentrate and focus on one channel or sometimes they buy different media from different media owners and advertise them online in parallel on TV and Radio. But this is a difficult and effort demanding challenge to be cleared. There should be a tailored message for every media channel.
Choose media outlets:
Either you are dealing with newspaper publishers or any TV stations it is your first priority to negotiate the price of the media first. Go for the best deals and look for discounts or bonuses from different media vendors. Always do the comparison of offers from multiple publishers and negotiate a good price with them. It’s your duty to make sure that there are no hidden fees. Limit your budget by setting up a daily or monthly limit.
Allocate and design the budget and plan the campaign execution:
After finalizing your target audience, where and how, it’s time to do some extra efforts. While investing your money set a goal target return on investment. Set your campaign budget from the start according to the analysis you had on the results you expect to achieve. Create an estimation of certain expenditures for a certain time period such as a single day or month. Keep record and plan every single dollar you spend and keep in mind the unseen expenses.
2nd stage: Campaign Launch
This is a crucial stage in this phase the main role of the media buyer during the launching phase is to make sure that the media delivery and monitoring of the campaign is being held effectively.
Ensure Media Delivery:
As a media buyer it’s your duty to ensure that every advertisement that shall be appear it should be appear in desired location and in right context. Again same principle will be apply, Right thing for the right people at the right time. Make sure to deliver valuable information to consumers instead of delivering of disturbance or irritation.
Respond to customer Behavior
Always prepare for changing your strategy according to the consumer feedback. Because sometimes things don’t go as they should be according to the plan so you should be open for changes and adapt new things.
3rd stage: Post Launch Reflections:
The post campaign stage is the time when you sit and see the good, the bad and the worst of the advertising campaign in delivery. You see the results of everything that you have planned like return on investment, media spaces and audience engagements.
Analyze the effectiveness of the Advertising campaigns:
Collect all the data generated from the campaign all the stats, reviews and reports and analyze them to point out the strong and weak points of your campaigns. Check whether your campaign is generating revenues as it was explained. Mark the errors in your campaign and improve them in the coming future.
After collecting all the data, reports and stats it’s time to make use of them. All this data helps to optimize advertising campaigns and precise the targeting filters. So look your data more carefully. Look for major and small trends after aggregating the data. Search and develop relationship between the variables. Finally look your data from every possible angles and get help from outsider to examine it and give feedback.