Recently, this marketing strategy with digital media or digital marketing has become very popular along with the development of technology. One of the digital marketing strategies that companies most often use is media buying. So it is not surprising that media buying is currently a rapidly growing field.
Based on Business Wire, this sector was predicted to experience revenue growth from $54.78 billion to $59.56 billion in 2021. So, what is media buying, and how to optimize it for marketing strategies?
What is Media Buying?
Media buying is paid marketing by purchasing advertisements from media companies such as newspapers, magazines, blogs, websites, or television stations. This strategy aims to find and buy ad space on the platform relevant to the needs of a business’s target audience.
The media buying method requires negotiation to determine the price and ad placement as well as researching the best location in terms of ad placement. The media buying process can be done in digital and traditional media. Companies must simultaneously search for advertising space on radio, TV, YouTube, or other well-known sites.
When companies implement it effectively, this method can provide good exposure to increase business branding in the target audience. Branding is a collection of communication activities from the company to build and raise the brand. Because buying media directly will encourage the brand to be seen easily by the target audience.
Media buying has also been found to be effective in generating EOI numbers with positive value trends. ROI, or return on investment, is a ratio that shows the results of the total assets used in the company or a measure of management efficiency so that the company can know the level of profitability of an investment.
Types of Media Buying
This marketing strategy is further divided into two different categories. It is so companies can choose which one best suits their needs. Here are the types of media buying that you should know:
1. Direct Media Buy
The first type is direct media buy. With a direct media buy, the media buyer must develop a relationship with the publisher to negotiate the ad inventory. For example, they have to communicate with the magazine’s owner to advertise the product in the next issue.
This type of media buying is rare, especially since digital marketing was born, such as email marketing, blog marketing, or marketing through social media. But big companies still use it to expand their reach to their target market.
2. Programmatic Media Buy
The next type is programmatic media buy. By using this method, media buyers channel purchases using automated technology. This method is an integral step in buying media in programmed advertising. Companies that want to purchase ad space on various digital platforms usually prefer to use this one method.
Stages of Media Buying
Even though it has been divided into two different types, the stages of work in media buying are something that is not different. The implementation process is divided into three interrelated phases. Marketers must complete all steps of their work if they want to get optimal ad space.
What stages of work in media buying should you know? Here is the explanation.
- Pre-launching: The stage of preparation and analysis related to the best ad space that suits the needs and interests of the target audience.
- Campaign launch: Media selection and advertising publishing. Marketers must see the results obtained from these ads.
- Post-launch reflections: The final stage is where marketers analyze the advantages and disadvantages of the ads they launch.
Difference Between Media Planning and Media Buying
You may think that media planning and media buying are two different things. Even though they are different, the two are still related because they aim to create a successful advertising campaign and can increase conversions, brand awareness, sales, or other goals the company targets.
The media planner is the planner, while the media buyer is the executor. The media planner will formulate all matters relating to the target audience and budget for marketing media. After everything is developed, the media buyer will execute it in the field.
The collaboration between media planning and media buying will certainly be able to succeed in the company’s marketing campaign. So, the power of marketing does not only focus on media planning or buying but individual skills.
What are the duties of a media buyer?
-The main task of a media buyer is to find a good advertising space and media for the company. The result is that they regularly do media research and quote prices with sales agents.
What is the difference between media playing and media buying?
Media planning is more involved in formulating strategies, evaluating their effectiveness, and adapting them, while media buying is more about executing the methods that have been made.