The products and services of a brand need to reach its audience to make a name for itself. Not everyone is your customer, so to reach the potential customers, to make them aware of your presence, Marketing is needed.
The word is not that simple as it looks; one needs to follow the proper concept that is needed to be done to promote the products and services of that brand. Strong marketing tactics can do wonders for a brand.
One of the major parts of marketing is advertising. When you advertise products, you create demand for them amongst the audience and make them aware of the brand. We get to have the idea of a brand through Billboard, Television ads, radio ads, or just while scrolling through our social media, somehow or the other the best ones always left an impression of them in our mind.
Advertising a product or service will get you to your desired result but it all depends on how you do that. Media is through which, advertising is possible and one needs to learn how to use it properly to get the best result possible.
To get inside the head of the consumer, one needs more than just a catchy slogan, a bonafide message has to be created through that advertisement with an accurate price, which depends on the budget of that marketing campaign.
To get an advertisement one needs to buy the space of that medium, which they are going to use to communicate with the audience. It is done through Media buying, it is paid marketing, that is whatever tactic will be chosen for it, and the client needs to purchase that. In the following article, we will learn about media buying and if it is a good bet for your brand.
"Nobody counts the number of ads you run; they just remember the impression you make."
— Bill Bernbach
What is Media Buying?
Media buying is all about buying space on mediums of advertisement that will be able to communicate with the targeted audience within a given specific timeslot and within a minimal amount of money.
This is a long process as it includes researching and negotiation in deciding about the placement and the price of the ads. The medium can be television, radio, newspaper, magazine, outdoor advertisement, Social Media, blogs, websites.
Media Buying And Research
Medium buying is a complicated process, before investing one needs to do a lot of research. The research includes,
- Finding out who is the target audience, their income, and basically the geographic and demographic research.
- Then comes the budget, one of the most important factors, if not the most. It decides if it’s going to be a regional or a national market, where the advertisement will be shown and for how much time.
- The next step is choosing the best media outlet from the vast option to reach the desired results.
Negotiation Process of Media Buying
The next process after the research is negotiation, which means coming to a conclusion at the best deal possible. The negotiations are of two types and they bare:
Zero-Sum Negotiation- Here, one or both parties are not able to come to a conclusion because they are not willing to settle with the given conditions in the agreement. This is not good for the company and will quite possibly create an unhealthy relationship between the client and the media company.
Integrative Negotiations- In this both the client and the media company work to achieve the best result that will satisfy both the parties' goals.
How does Media Buying works?
There are two ways to buy media for your brand and they are direct buy and Programmatic buy.
Direct Buy- It includes finding the publisher, negotiating with the publishers, buying the space, and then having the advertisement on the chosen platform directly.
Programmatic Buy- This process is done through automated technology that is real-time bidding. Here the advertisers offer space for the advertisement and the highest bidder occupies the place for its products and services.
Why Media Buying is Necessary?
This is basically done so that the brand can get exposure for a period of time and so that whatever the company is investing in this, they can get a good return from that investment in a form of profit. Media buying is a very essential part of marketing today. It is needed for:
- To reach the target audience at a perfect time and place and have the chance to turn the potential customers into actual customers.
- If the right strategy is followed a large number of target audiences will get exposed to the brand at a very reasonable price, paid by the company.
- The company will stand out and will give a tough fight to its competitors. Constant ads will help in getting the attention of a maximum number of people and making them talk of the town, thus increasing the chances of sale of the company’s products and services.
Top Media Buying Agencies
The agencies here supervise the media buying process and choose the best possible option for the client so that their aim can be achieved. Some of the top media buying agencies include:
- Socialiency Advertsing
- Amazon DSP
- The Trade Desk
- Google Display & Video 360
The marketing process has become extremely competitive; several same products of different brands exist. To make the brand stand out amongst all those, proper marketing is needed.
Medial buying helps in planning and carrying out a valuable marketing campaign that will benefit the brand by increasing its sales and imprinting its existence in the minds of the consumers. The media buyer analyzes all the factors and decides which platform is best for the brand to get recognition at a minimal cost.
What are the most important rules of Media Buying?
The three most important rules of media buying are, using the correct form of media, placing the advertisement at a correct place, and targeting the right audience for the product or service.
What are Media Buying Platforms?
Media platforms include Websites, YouTube, Social media, Radio, Television, Newspapers, and other advertising media.
What is media buying?
Media buying is all about buying space on mediums of advertisement that will be able to communicate with the targeted audience.