What Is the Media Buying Process?
The media buying process is designed to ensure that your target market actually sees your ad. It involves purchasing desirable spaces and time slots so that you can reach your target market and various media outlets. These outlets can include newspapers, television slots, magazines, radio, and online banner ads.
Media buying is considered a paid aspect of your marketing plan as you are required to purchase space.If you are trying to attract customers to your business, you may consider the media planning and buying process. This process can help you reach your target market and have an impact on them through various outlets. How does this process work? Here’s what you need to know about the process and some media buying basics to help you get started.
Essential Steps in the Media Buying Process
Identify the Target Audience
The first step before you start the media buying process is to know who you are trying to reach. Who is your target market? A good way to start is to create a profile that reflects the kind of customer that you want to attract. Think about their ideal age, gender, income, and demographic. By answering these questions you will be able to identify the best venues in which to place your media.
Research the Market
Once you have identified your target audience, you should do some research about the market. Where does your target market live? Will you be able to find them online? Do they watch television? Do they read magazines? Which method is the best way to place your advertisements so that your target audience will see them? Understanding the consumer behavior of your target market will help you place a media buy that is effective and achieves your identified objectives. Make sure you do your research because it can provide you information on how your competitors are attracting these customers and where they are going to reach their audience.
Set Objectives
By setting objectives, you can begin to create a plan, so make sure you don’t miss a single step. Ask yourself questions such as, what do you want to achieve with your media buys? Are you trying to create awareness? Are you trying to achieve a sign-up or sales? By identifying your objectives, you can measure whether or not they are being achieved. You can also share these objectives with the agency you want to buy media from, and find out if their outlet will be compatible with your goals.
Planning
With set objectives you can now begin to plan your strategy. Your plan should contain information as to where you will buy your media, which specific outlets you plan to utilize, what your budget is, and what components your media plan should contain.
Negotiating
Once you have done all of your research, objective creating, and planning, it’s time to approach a media buying agency. At this point you can negotiate for advertising time or space, trying to get the most favorable buys that work for you. You can talk about what your goals are and find out from them which outlets may be the most effective to reach your target audience.
Launch
The launch stage may be the most exciting stage, because your wonderful ad or commercial is placed. However, the work is not complete. A good media buying agency will monitor your placement to ensure that it is aired or was distributed according to your standards, and that it bring in the results you are looking for.
Measure Results
How did your ad do? Did it achieve the goals that you set out in your plan? This is another good time to speak with and follow up with your media buying agency. If things are working as you planned, you can consider boosting your campaign with more ad placements, but if things are not working out, now is a good opportunity to assess the flaws and find new solutions.
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