Media buying is an essential step in marketing campaigns. During this process, marketers use digital advertising platforms to acquire “paid” media space and time slots, also known as inventory. By using a media buying platform, the marketer works to ensure that ads reach the maximum possible number of targeted viewers. Only in this case, the online advertising campaign will reach its goal and becomes a success.
When it comes to media buying, the trick is to discover the magic formula that empowers the advertiser to send the ad message most efficiently and cost-effectively at the same time. Yet not many businesses realize the benefits of media buying for their overall marketing strategy. Business owners think that media buying requires specific tools or experience that only big agencies have. No wonder they often miss the chance to use the latest advancements of advertising technology and communicate their display advertising message to the right audience at the right time.
Here are the main reasons why you should never neglect the media buying step in your advertising campaign.
Reason 1. Applying a contextual approach
The latest data says that a person views more than 1,700 display advertising banners per month, but the brain registers only half of them. By using data-powered advertising technology, marketers place ads in context when the user is in the most likely mood to make a purchase, or when they are actively searching for that exact product or service.
Reason 2. Cost-effectiveness
There’s a popular notion that media buying is expensive, and some business owners tend to write it off as a luxury only big brands can afford. But in reality, media buying helps save advertising costs because it ensures that money is spent with more focus, on the platforms that perfectly fit the overall strategy. In addition, it helps boost the much-coveted brand awareness which stimulates return purchases.
Reason 3. Staying in control
The media buying approach allows the campaigns to be fine-tuned by using real-time experimentation and highly targeted KPIs which is possible thanks to the customized machine learning. This helps to adjust the performance in a more agile way, based on the more bespoke goals of the business. The result? More efficient, successful, and cost-efficient ad campaigns.
Media buying starts with meticulous data-driven planning. At this stage, the marketer would need to identify which platforms and channels bring the most significant return on investment (ROI) and what they will be measuring to understand if they are on the right track. The next step is to define the precise customer persona which will allow creating highly personalized campaigns for every stage of the customer journey. To maximize success, it’s often necessary to go after smaller, precisely targeted segments that ensure the biggest ROI. Keep your finger on pulse of consumer trends and don’t be afraid to capitalize on hype if your product or service fits right in.
The beauty of media buying lies in this preciseness. Instead of relying solely on smart (and ever-changing) algorithms, you use the customer data and common sense to pick the perfect media outlets, up-and-coming channels, and more traditional platforms for your unique business needs. After identifying the right ingredients for your advertising recipe, go ahead, and bake the perfect campaign that will reach your ideal customer at the right time.