Media buying is the process of selecting the right ad space for a marketing campaign. It involves a lot of planning and research.
Using proper media buying strategy can help brands get better results from their ads. It also helps them save money.
Analyze Your Competitors
If you want to make the most out of your media buying strategy, it’s important to analyze your competitors. This will help you understand how their strategies are performing and identify any gaps that you may be able to fill.
Competitive analysis can be an ongoing process that should be completed at least quarterly or monthly. It will also ensure that you stay on top of industry and social media trends so you can take advantage of any opportunities or threats.
Once you’ve identified your key competitors, start by performing a SWOT Analysis to learn their strengths, weaknesses, opportunities and threats. This will help you formulate a solid strategy for your business.
Know Your Target Audience
Identifying your target audience is the key to making the most out of your media buying strategy. It helps you understand your consumers’ needs and pain points, which allows you to tailor your marketing campaigns to address them.
Defining your target audience can also help you determine the best channels for delivering your marketing campaigns. This will make it easier to pinpoint the best keywords for your ads, which can improve conversions and sales.
Define your audience based on demographics and psychographics, such as age, gender, relationship status, income level and more. Then, perform additional market research to find out how this subset of people behaves when purchasing your products. This can include how they interact on social media, what trends they prefer and even what kind of humor they enjoy.
Know Your Budget
One of the most important components of a powerful media buying strategy is a well-planned budget. It will help you avoid overspending or wasting dollars on ineffective media channels, and it will also ensure that you get the most out of your paid advertising spend.
It is also necessary to have a backup plan for unexpected purchasing issues. This allows you to quickly devise a solution and give you more leverage in negotiations with your vendors.
Media buyers should be aware of how much they want to spend, and start their negotiations well below that price. This opens the floor for negotiation and may result in leftover money in your budget.
Know Your Ad Formats
One of the most important parts of a media buying strategy is knowing your ad formats. Choosing the right one for your business can make the difference between great and poor results.
You’ll need to think about your needs, means and style before making a decision on the format that will work best for your business.
Once you’ve determined your goals and the best ad format for them, you can start testing different ads to see which ones are performing the best.
This will help you make the most out of your media buying strategy and drive more effective campaign results. It also will allow you to test out new ad types and placements as they become available. This is a key skill for any media buyer to master!
Know Your Options
Media buying is a strategy that helps you procure the best media slots for your ad creatives to achieve your business goals. It’s a complex process that involves a lot of planning.
Ideally, media buyers have strong relationships with publishers and other media outlets to get their clients the best slots for their campaigns at the best prices. They also stay in touch with external events and how they might affect ad placements.
Before negotiating with a media buyer, determine how much you’re willing to spend on each type of medium and what channels will provide the best results for your budget. Then, send RFPs to the media outlets you’d like to work with.
