Media buying refers to the procurement and purchasing of multi-platform ad space while also finding the most advantageous placement at the lowest price for the period. Let’s say you create an excellent advertising campaign for your business, where will you place this ad? Which media platform will you place this on? What media forms are you planning to focus on? These are all questions to ask when figuring out your media buying strategy. Choosing an effective media buying strategy also helps cater your ads specifically to your target audience. This in turn helps gain more exposure and some leads in the process. Here are 4 stages we feel are important to keep in mind when creating your media buying strategy.
Before creating your media buying strategy, it is important to do enough background research in all areas. Identifying your target audience and deciding which mediums to advertise on are top priorities. Creating a clear picture of your ideal audience will help you decide which medium best suits them. You can distribute your audience into segments such as: demographics (age, gender, marital status), geolocation (area, city, countries), and behavior (interests, hobbies). Researching your particular target audience will help you reach that particular niche in the market.
Another important part of your research will be investigating potential competitors. Finding out what their media buying strategy is will help you get a better feel of where to advertise. It will also help you learn from their mistakes and choose the better road. Learning from their failures will save you time and money which will allow you to create a smarter advertising campaign from the start.
Design Media Buying Strategy
Now that you have researched your target audience and your competitors, you need to choose the particular forms of advertising you want to focus on. Print ads in newspapers/magazines; video commercials on TV/Online; radio advertising, or a sole focus on online ads.
Media buying decisions vary based on the budget and the goal. Some media buyers focus solely on one channel and media channel, while others choose a variety of different media channels simultaneously. Creating various ads on different channels can be difficult since you would have to tailor each ad to that specific media channel.
Negotiate The Price
This is a crucial part of the media buying process. You want to be firm in the amount of budget you want to allocate on this particular media channel. Look for the best deals and ask for discounts or bonuses that media vendors ready to give. Compare offers from multiple media channels and choose the best one. Don’t be afraid to negotiate the price, this is your time and money. Setting a target return on your investment will give you a goal to review afterwards to see how your investment performed.
Once your advertisement campaigns have ended on the media channels, it is important to measure how you did. Collect all the data that you can. The number of calls and views of your ad will help you get a better picture of how your ads performed. Also look for the major or minor trends such as the times when people were most/least active with your content. Inviting your whole team to view the data will help you get different perspectives on what you need to improve on or move away from.
How Can Viamark Delaware Help?
The Wilmington, Delaware office of Viamark Advertising delivers award winning advertising campaigns with a strong marketing backbone. Our vast national resources and unique business model allows local and regional businesses in Delaware to utilize the same quality advertising services that a national advertiser would expect from an ad agency. We will uncover your secret weapon to craft a unique message that will generate response across all media. We have years of proven media buying experience and local media relationships in the Wilmington market. Contact Us Today!