Sunday, June 5, 2016

3 Steps Involved in Media Buying

Technology innovations have changed the world of media buying. It used to be that advertisements were purchased for print, television and radio spots. Today, advertisements can be purchased for those mediums as well as social media and websites on an array of platforms. Despite the number of new advertising venues, the media buying process, for the most part, still remains the same. The difference is that media buyers have to be more focused as they attempt to make calculated decisions based on data that can be overwhelming.

If there is no person on your team whose majority purpose is to handle the media buying, the services of qualified media planning agencies are at your disposal. Whether you choose to keep the media buying in-house or to outsource the duty, here are three media buying steps to keep in mind.

Identify the Target Market

If you are purchasing advertising, there must be a audience that you are trying to target. While targeting a broad market can help individuals remember that your company still exists, it is generally a best practice to be specific. Since advertising will eat a good chunk of your budget, it should have a purpose. Identifying the ad's target market helps you tailor the ad accordingly so that the audience will be more receptive when it is presented to them.

Set Objectives

Tracking advertising results can pose a challenge and if you run simultaneous ads, it may be difficult to pinpoint the one that triggered new traffic or business. Before you roll out your campaign, therefore, it is important to set up objectives and expectations. If the goal is to create awareness in regards to a new product or service, you need to decide what you will consider a positive outcome and how you will quantify those results.

Define the Strategy

Once you have established the market you would like target and the ad's objectives, you are ready to define the strategy. While defining the strategy, heavy decisions are going to be made. The ad placement will be chosen and you will try to maximize your budget without going over. Based on your data, you should be able to choose the best media outlets and meet your objectives.

Media buying has evolved from its early days, but identifying the target market, setting objectives and defining the strategy can make the process smoother.

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