What is the purpose of producing an original advertisement if no one is there to see or hear it? The media buying process is a vital factor for your campaigns because as a marketer you want to use the most appropriate media for your target audience. To grow the visibility of your ads you have to choose the media on which you will publish them. Publishing an advertisement on a media has a cost independent of the creation of the advertisement as such. This is called the media buying share.
How does it work? In this article, you will learn how to estimate/take into account media buying in your marketing spending for a better budget optimization.
In order to increase your advertising’s effectiveness, you have to make sure that your ad is visible at the right time and for the right demographics by defining the appropriate media spaces and time slots. By doing so, you will further increase the chances of conversion of your marketing campaign. These media can take the form of newspapers, TV spots, magazines, radio spots, online banners, etc.
Here are the different steps of the media buying process:
1. Identify Your Target Market
The first objective that every advertiser needs to set before reaching the media buying process is to know who is he trying to communicate with. Who is his target? A good way to start is to execute a profile that will enable you to reflect the personality of your potential customers. You have to ask yourself: how old are they? What gender are you aiming at? What is their average income? By answering these questions, you will be able to identify the best media to place your ad.
2. Study The Target
Once you have identified your target, it is time to engage in a strategic market research. This step will allow you to better understand your relationship with your audience and its behavior as well. Will you reach your target on the internet? Does your target audience watch television? Do they read magazines? Which channels are most cost-effective to maximize customer reach with your advertising campaign?
Understanding the consumer will help you place your ads in the right place to effectively reach your target segment and thus achieve your goals. Research helps you in this process and also gives you information about what your competitors are doing and which channels would be recommended to use in order to reach your target.
3. Set Your Goals
When you set the marketing goals you want to achieve, you can start by creating a plan. It is very important not to skip any steps. Ask yourself the right questions. What do you want to achieve by targeting these media? Are you looking for awareness? Are you trying to increase customer retention or sales?
By identifying your objectives, you can more easily measure whether or not they have been achieved. You can also share them with the agency from which you buy the media space, in order to define if this channel is compatible with your objectives.
4. Plan Your Strategy
Now that your goals are set, you can begin establishing a strategy. Your plan should contain information about the channel where you want to buy your media space, but also about the media that will be used, the budget you have and everything you need to know to make your plan work.
The details are very important. A good media buyer needs to spend time researching and negotiating like a pro. Be sure to choose the media you will use. This will help you create a strategy that contains all the necessary details and enough information to perform a clean media campaign planning. Keep this information in a safe place to help you create a media buying history that you can continually refer to, which will save you search time for future media purchases. These documents will also help guide you in executing your media strategy and plan throughout the year.
5. Putting Your Plan Into Practice
Now that your plan is detailed, it must be implemented. Your first step is to start contacting the media you have identified and negotiate your buying rates. Keep a schedule and the budget in front of you during negotiations.
Make sure you have the best rates and ask for bonuses or additions they are willing to give you if you choose to go with them. Again, keep an eye on your budget, your schedule and most importantly, don’t forget important deadlines. As your media purchases are executed, be sure to track the results and evaluate how your plan and strategy are working for you. If you find that you are not achieving your goals, don’t be afraid to adjust your plan if necessary.
6. Preparing The Launch
This step is perhaps the most exciting because it is during the launch that your ad is placed. However, the work is not finished. A good media buying agency will monitor your placement to ensure that it is being disseminated or has been distributed according to your standards and that it delivers the results you are looking for.
7. Measuring The Results
How is your advertising broadcast? Did it achieve the objectives you defined in your plan? Now is a good time to talk and follow up with your media planning agency. If things work as expected, you can consider optimizing your campaign with more ad placements, but if things don’t work, it’s now a good opportunity to assess gaps and find new solutions.