Media buying implies a set of strategies that aim to find the most advantageous placement for the ads at the lowest price. It’s important for a media buyer to find the right place, time and context to deliver the most efficient advertisement that would be relevant to the targeted audience and will increase conversion rates. Media buying is time-based, which means that the buyer pays for renting all possible placements across all possible networks that must be available when it’s convenient for buyers to place the ad. Here is everything you need to know about programmatic media buying.
Step 1. What to do before buying media
It’s important to understand what you expect from your advertisement campaign and spend time and the pre-launching stage, meticulously planning and making the relevant media choices. Make sure that your chosen advertisement platforms can satisfy your advertisement objectives.
- Your first task is to identify your target audience – you should understand who your clients are, analyze their demographics, geolocation, behavior and other targeting factors. What platforms do they use? How do they buy things more often? If you plan to advertise online what will be the best channels to reach potential clients?
- Then, research your competition – do your homework and know what channels and platforms your competitors use, which means prove to be more effective for them, what is their farther audience. You can learn from their mistakes and save yourself lots of time.
- Design your media buying strategy – choose your advertisement channels and formats. Do you want to advertise online or in print media? Focus on one channel or buy from different media owners? Tailor a specific message for each platform to fit right in.
- Set pricing – compare offers from different publishers and negotiate your best pricing option.
- Set your budget -set your target ROI and determine the amount of money you are willing to spend on the advertisement campaign.
Step 2. Launch your media ad campaign
As an advertiser you need to keep track of your ads performance and constantly monitor its effectiveness:
- Ensure the ad is displayed – it appears at the right time at the right place for the right people. Track its progress and customer engagement.
- Be ready to adapt to the change of strategy – if your customers don’t respond the way you planned or your competitors launched a new campaign, you should stay sensitive to these factors and be ready to change your ad strategy.
Step 3. What to do after buying media
You need to learn on your mistakes for the success of your future campaigns – reflect on what was good and what was bad about your campaign and what can be changed in the future.
- Collect all the data and statistics about your campaign. Have you met your goals?
- Analyze collected data to see any possible trends you can use to optimize your future campaigns
- Be creative and use all the drawn insights in your future campaigns