Picking the right media outlets to advertise your brand can seem pretty daunting, especially if you're new to marketing. A solid media buying strategy is crucial for getting your name and message in front of potential customers. Here's what brands need to know about making smart media buys.
In a nutshell, media buying just means purchasing advertising across different platforms, whether TV, radio, print, or online. The goal is to choose the right mix of outlets that will effectively reach the people you want to target.
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There are two essential parts to think about
First, you must negotiate and purchase the ad space or airtime. Rates are based on things like audience size and demographics. A 30-second primetime TV spot will cost a lot more than a late-night radio ad!
Next, you must produce creative ads to fill those spots - like commercials, billboards, social posts, etc. The ads you make and place depend on the media buy.
Let's say you're launching a new fancy skin cream. Your media buy might include:
Print ads in magazines like Vogue and Elle
- TV commercials during E! and Bravo
- YouTube video ads on beauty channels
- Eye-catching product photos and videos for your ads
- The goal is strategically placing your ads where your target luxury shoppers will most likely see them.
Smart media buying can help brands:
- Spread awareness about a new product line
- Generate buzz for a big sale
- Drive traffic to your website
- Get more followers on Instagram
- Position your company as an industry leader
- You'll want to track quantifiable results like sales. But quality media placements also build crucial brand equity over time.
Who handles the media buying depends on your resources
Big brands often have in-house teams for this. But even they partner with media agencies to leverage outside experts.
Smaller brands usually work with a digital marketing agency or specialised media buying firm. Their experience and relationships can really pay off.
Some brands do a mix of in-house buying supplemented by an agency.
There's no one-size-fits-all approach. Choose the structure that aligns with your budget and existing marketing capabilities.
The key is developing a thoughtful media plan to promote your brand effectively. With some smart media placements, you can connect with the right audiences and see great returns on your ad spending.
Now that we've covered the key basics let's explore the strategic steps for optimized media buying.
The Strategic Media Buying Process
If you want your ad dollars to pay off, you've got to put in the work to buy media strategically. It's more complex than just snatching up any available ad space.
Step 1: Set Your Campaign Goals
Before shopping for media, clearly understand what you want your ads to achieve. Do you want more brand awareness? Website traffic? New email subscribers? Be specific with the numbers and metrics you're aiming for.
Nailing down quantitative goals and KPIs upfront helps inform where to allocate your budgets later.
Step 2: Determine your target Audience
Next, get clear on who exactly you're trying to reach. Get into their heads. Details like age, location, interests, and income level will determine where they consume media.
For example, are you targeting suburban dads who like sports? Working moms on a budget? Teen gamers? Dig into your target customer personas.
Step 3: Set Your Media Budget
A general guideline is to dedicate 5-15% of projected revenue towards media spend. But focus on the budget level needed to achieve your goals reasonably.
Factor in things like:
- Competitor spending in your space
- Typical ad rates to reach your Audience
- Seasonal supply and demand impacting costs
- Sales you hope to drive
- Crunch the numbers to land on a budget minimum. You can always increase it later if the returns look good.
Step 4: Research Media and Inventory Options
It's time for the fun part - exploring potential media buys! Compare all the options across channels like:
- Audience size and demographics
- Ad rankings and visibility
- Content relevance for your brand
- Historical performance and response rates
- Costs to reach 1,000 people (CPM rates)
- Look for spots aligning closest with your goals and Audience at the best value.
Step 5: Purchase Ad Inventory
Once you've identified promising media, it's time to negotiate and purchase. The sales process involves:
- Rate discussions
- Checking inventory availability for your timing
- Value-add perks like sponsorships
- Finalizing terms and fine print
- Feel free to push for discounts or added perks if the inventory owner needs buyers. Use your budget size as leverage.
Step 6: Launch Ads with Compelling Creative
You've got the media sports, and now comes the fun, creative work! Design stand-out ads tailored to each specific channel and Audience. Video, audio, images - make 'em shine!
Step 7: Optimize Campaigns Based on Performance
The real media buying pros constantly optimize based on performance data. Identify high-potential placements and shift dollars accordingly.
With the strategic process covered, let's explore specific media channels.
Types of Media You Can Buy
Here's a more conversational overview of the main media types brands can buy ads on:
When it comes to getting your marketing message out there, you've got many options. Here's a quick look at the major media categories and channels brands should consider:
Television
Television still has vast audiences tuning in, especially for premium content like sports and awards shows. Options include:
- National broadcast networks - Get in front of millions, but it's pricey!
- Cable channels - Better targeting by interests like sports, news, or cooking shows.
- Local TV - Geo-target regional audiences.
- Streaming apps - Reach younger viewers ditching cable.
TV has high production value but gets your visuals and branding in front of a huge, engaged audience.
Radio
Radio is great for reaching people in transit or at home. Look at:
- AM/FM stations - Especially for commuters.
- Satellite radio - Target specific music genres and passions.
- Internet radio - Super precise audience targeting.
- Podcasts - Sponsor niche shows with loyal fans.
Radio sparks listeners' imaginations with an audio-only format.
Out-of-Home
(OOH) like billboards capture audiences on the move. Options include:
- Roadside billboards - Target routes and geography.
- Airport/transit ads - Captive high-value eyeballs.
- Street furniture - Bus shelters, kiosks, benches.
- Malls, gas stations - Micro-target by location.
OOH media stands out and drives action with bold visuals.
Magazines and newspapers engage focused readers. Choices include:
- Local and national papers - Varying reader demographics.
- Magazines - Narrow Audience by special interests.
- Directories - Target geographically.
- Local flyers - Hyper local distribution.
Print allows creative storytelling with visuals and tactical user experience.
Digital options
- Display ads - Website and mobile app banners. Context targeting.
- Video - Streaming platforms and social video ads.
- Native posts - Sponsored content blending into feeds.
- Social media ads - Highly targeted audiences.
- Search ads - Capture intent by keyword.
- Mobile - In-app and messaging ads. Location and app targeting.
The options can be overwhelming, but each format has its unique benefits. Start by considering your audience and campaign goals to narrow down the best channels and placements.
Key Factors in Evaluating Media Buying Opportunities
Not all ad space is created equal. You've gotta be picky when evaluating media options to find inventory that aligns with reaching your goals. Here are some key factors to consider:
Audience Demographics
You'll want media reaching your target customer profiles. Analyze age, gender, location, income level, interests, and more.
Find media hitting both scale and laser-focused traits of your buyers. Even big-name publications and shows attract specific niche audiences. Do your research.
Reach and Circulation
Prioritize media that will put your ad in front of the most eyeballs. Evaluate things like:
- Print circulation
- TV viewership
- Website Visitors
- Outdoor ad impressions
- But also look at unique reach to avoid wasted spend from hitting the same people repeatedly.
Ad Placements
Premium ad spots justify higher costs. Compare:
- High-visibility magazine positions
- Above-the-fold websites
- Audio mentions and radio song rotations
- Strategic TV spots like pods before primetime
- Large outdoor ads in heavy-traffic areas
- CPM Rates
- Benchmark the cost efficiency to reach 1,000 people across media types. Calculate based on your specific conversion value - not just impressions.
Audience Attention
Assess engagement levels. Examples:
- Short social videos vs. long YouTube watches
- Background TV vs. immersed podcast listeners
- Glancing news feed scrolls vs. dedicated print readers
- Media commanding active attention performs better.
Competitive Landscape
See where competitors are advertising and assess if you can cost-effectively stand out. Avoid attempting to outbid brands with bigger budgets.
Evaluating factors like these will reveal the true ROI potential of any media buy. Now, let's talk about quantifying impact.
Measuring Performance of Media Buys
Alright, you bought some well-targeted media, but now comes the critical part - analyzing how it performs! You'll want to monitor several key metrics:
Brand Awareness
The survey exposed audiences on metrics like:
- Brand recall and top-of-mind presence
- Category association with your products
- Positive lifts indicate your media made an impact.
Website Traffic
Review your analytics to connect media exposure to website visits and engagement. Watch for:
- Traffic surges during and after campaigns
- Quality of traffic by source
- On-site behaviours like downloads
- It shows you which media drives action.
Search Volume
Measure monthly search volumes for your brand and keywords, especially in targeted regions. Media success can lift organic search through greater awareness.
Social Engagement
Monitor brand mentions, tags and campaign hashtags. Analyze sentiment and engagement levels. Social buzz extends your media impact.
Lead Generation
Track leads from media referrals, like form fills or coupon claims. Calculate cost per quality lead by media source.
Sales Revenue
Ultimately, media ROI comes down to sales. Attribute revenue to media campaigns through promo codes, surveys and geographic or time correlations.
Return on Ad Spend (ROAS)
Add it all up - which media placements give you the best return on dollars spent? High ROAS equals profitability to double down on.
Monitoring across these areas provides a 360-view to optimize future media buys and creativity.
Common Media Buying Mistakes to Avoid
A few common media buying mistakes can sink your ad budget, so beware of:
Mismatched KPIs
If your media buy goals don't align with the actual media platforms, it's just wasted spend. Make sure lead gen goals match with email opt-in ads, etc.
No Conversion Tracking
Make sure to leave insights on the table. Implement tracking pixels and listen to connect media exposure to website visits, purchases and other conversions.
Overspending on Low-Performing Placements
Pay attention to the return different media placements give you. Only pour a heavy budget into spots that consistently underperform if you see a solid turnaround plan.
Under Budgeting Without Effective Reach
Getting your message in front of people just once or twice is often insufficient. Work with your media agency to determine budget minimums based on reaching your goals.
Not Continuously Optimizing
One-and-done media campaigns need to capitalize on performance data. Adopt an optimization mindset across your team. Keep refining strategy, targeting, creativity, and budgets to double down on what works.
It's easy to slip into common traps, especially when stretched thin. Avoid rookie mistakes by learning from other brands' lessons. But you'll still have questions pop up.
Conclusion
When done right, media buying gives brands an awesome opportunity to reach new audiences and hit key goals. But seeing a solid return from your ad spending takes careful planning and non-stop optimization.
Avoid just throwing money at vanity metrics or set-it-and-forget-it campaigns.
This guide just scratches the surface of mastering modern media buying. To take it to the next level, tap into the expertise of a specialist agency. Their insider knowledge can be invaluable.
A few closing tips:
Don't treat media buying as an afterthought. Integrate it into your wider marketing and growth strategies. Invest in a sufficient budget to hit your goals. And never stop striving to improve performance.
Follow these steps to execute media buys that captivate qualified audiences while getting the most bang for your buck. Paid media unlocks enormous opportunities to get your brand's story in front of new customers. You have to use it strategically.
Author Bio:
Vaishali Surve works in makmyad. She likes to write about topics related to media buying and related topics. She is a content writer with more than three years of experience in this field.