Media buying is one of the most important aspects of advertising that companies all around the world practice religiously. With the process, advertisers secure and buy media assets to increase their advertisement inventory and roadmap.
Media buying also takes into account the fact that willing companies have to negotiate prices with advert marketplaces to obtain the best possible deal for an asset.
However, what are the factors that affect the intensity and the level of media buying?
Surely, a company cannot buy media placements and slots without any plan or strategy. Remember; even when you have extra resources to play with, you’d still spend in a specific way to maximize return and for optimum utilization.
So, let us check out and see how media buying should happen so that advertisers can make the most of their purchase.
1. Budget of your media and advertising strategy
As mentioned above, even if you have a very generous ad budget to get things done, you’d still have to settle on a proper estimate and forecast before you start making your media plans. Most entities, however, always work on tight finances. Hence, it is utmost important for them to spend as per what they have in mind.
Buying several media assets—like billboards on multiple locations, advertisement spots at several newspapers, or airtime on radio channels—together can cost you a lot. So, it is evident that your media buying intensity and level will depend upon the budget that you have in hand.
Remember, you have to maximize the plan on whatever you spend, so it is vital that you must not overspend.
2. Nature of business
As they say, you do not see television or radio advertisements of Rolls-Royce, Ferrari, and Lamborghini cars. Most people believe that it is because the possible buyers of these automotive marvels do not have the time to watch television! However, the most logical explanation here would be that these companies know their business and they accept that their products are not made for masses at all. In fact, they also agree to the fact that they only produce a limited number of models and cars every single year.
Taking a leaf from here, even your business should first understand its target market and audience and make media buying decisions accordingly. For instance, if you are into selling luxury products, then a billboard or two at specific locations like airport premises, commercial area, business districts, and at upscale residential areas will work out for you. On the other hand, if you sell something that is affordable to everyone, then you will try to advertise that at newspapers and radios channels.
Apart from that, you might also buy media assets on niche mediums as per what your company makes or provides. For instance, if you produce crockery and kitchen utensils, then an advert placement at a women-centric magazine will work wonders for your brand.
Finally, you also have to be accountable that there are some legal—and social— restrictions on advertising on few products. For instance, entities cannot promote alcohol on all or any ad mediums in few countries, as it is one of the most strictly regulated marketing forms in the world.
3. The availability of the media assets
You can only buy what is available in the market to purchase. So, at first you have to be sure about what’s on the table and from there on you can start selecting your media assets. Advertisement buying is a very tedious process, as you have to stay on top of the game at every single step of the way.
And, to have the information about what media asset is available to buy is one of the most daunting challenges that you can ever face. Here, you can take help of online advertisement marketplaces where they buy and sell media assets for everyone’s convenience. These media buying and selling companies can become the aggregators that you can rely on when you want to secure advertisement spaces and spots. They basically connect advertisers to media assets sellers.
Most of these websites have a large number of media assets and inventory to sell and from them, you can find the best spots and places as per your requirements.
But, one thing is for sure, your media buying spree will depend on the amount of media assets available in the market. With online ad marketplaces, you definitely get that best help and support to find the right mediums or channels.
4. Your media mix strategy
Media mix basically is the mixture and the combination of using several advertising mediums and channels to promote or showcase a product or a brand. Ideally, you will always look to procure the best possible combination of advertisement spots and places to maximize the reach to your audience.
If you want to make an impact, then you will have to select the proper media mix plan, and this will completely influence your media buying. For instance, if you are more inclined towards purchasing ad spaces on newspapers and magazines, then you preferably tone down your spending on billboards or any other form of outdoor media—or vice versa.
Similarly, if you wish to promote yourself more with the outdoor advertisement option, then you will naturally lower your radio and print media adverts. Thus, once you and your team decide the obvious, then likewise you will start purchasing—or ignoring—media assets. The media mix plan will absolutely affect how you buy your media.
5. The level of audience you want to capture
When you want to introduce a new product or a novelty in the market, then you have to worry about how many people you want to target. For instance, by buying space at a particular niche magazine or a radio show, then you will only reach a finite number of people.
However, if you put up your brand on a billboard or at multiple pole kiosks on a busy stretch of road, then you will most probably gain maximum exposure.
Of course, your budget and nature of brand will determine whether you can apply this theory or not, but if you want to be popular with thousands of people at one go, then you have to do the needful. Your media-buying plan will hugely get influenced by how many people you want to serve!
We believe in the ideal environment media buying depends on these above factors. Companies should always be clear about the aforementioned pointers before they start purchasing media assets for their promotional and marketing activities.