Things You Should Know About Media Buying
Ads: They show up wherever we go. But what's more fascinating is that these ads, wherever they might be, somehow know everything we want. Take this for an example, when we search ‘best sunscreen brands’ online, and open another random website later, we often see advertisements for different sunscreen brands on that page - how does this happen?
(Source: Moonlight Creative Group)
The answer is Media Buying.
The advertiser buys an ad space online and then uses it for advertising a product/service to promote a brand. Media buying is more than just a financial transaction for an ad space. You can guarantee that your brand is visible to potential consumers at the right place and time by purchasing media, be it on billboards or social media feeds.
What is it, and how does it work?
Media buyers select the correct media channels to reach the desired target audience while optimizing the client's budget. Additionally, they match the medium with the ad's context. For example, using a website, a media buyer might place a mobile ad alongside an article on "Top Ten Mobiles under 10K." By tapping relevant customers and making it easier for them to find new goods or brands, media buying can help organisations reach and convert more customers.
Let's dig deeper into different Media Buying elements. Ad Exchange: Similar to real-life auctions, several ad spaces are auctioned due to their limitations. Ad exchanges are virtual markets where numerous companies compete for the same ad space - the company with the highest offer wins the space.
Ad Networks: When we buy vegetables from the market, we buy from the vendor and not directly from the farmers. Here the vendor is the mediator between the consumer and the producer. Similarly, the ad network acts as the vendor. It functions as a mediator for marketers and advertising agencies. Marketers may search for available advertising spots, and media platforms can publish these opportunities for prospective advertisers to view and bid on.
Demand-side Platforms (DSP): We often see options for buying ads on social media platforms - this is a type of DSP. People often purchase ad space through DSP on social media to promote their business. DSP is software that lets an advertiser purchase advertising through automation. These effective marketing automation solutions allow mobile marketers to purchase high-quality traffic hassle-free.
Supply-side Platforms (SSP): Many people buy second-hand products. Similarly, one can also purchase second-hand ad spaces through SSP. SSP enables companies to sell their advertising space to businesses in need. This form of purchasing is beneficial for smaller media organizations looking to build partnerships.
Besides these, here are some other ways media buying can help -
Targeted Reach: Media buying allows businesses to reach their target audience by selecting specific media channels popular with them. For example, social media. This helps ensure that the people most likely interested in their products or services see or hear their advertising messages.
Cost-effective: We know how much traditional ads cost. But media buying agencies can help businesses save money on advertising campaigns by negotiating favorable rates and buying in bulk. Thus, companies can reach more people for less money and get a better return on their investment.
Measurable Results: If you track the business performance of your advertising campaigns, you can adjust your brand metrics according to your requirement. Media buying softwares can analyze these data and metrics to determine which media channels drive the most engagement.
Brand Awareness: The more people talk about a brand, the more it gets highlighted. Different media channels can help companies create a strong brand presence that resonates with their target audience as also the lookalike audience (people similar to the TG).
In conclusion, media buying is a crucial component of any successful advertising campaign, helping businesses reach their target audience, achieve measurable results, and maximise their return on investment.
Albatrot understands the brand requirements in the world of advertisement and utilizes an effective media buying strategy in the overall approach to get maximum returns. Contact us if you’re looking at engaging in media buying practices for your brand.