Media buying involves getting an ideal location for the placement and running of ads to reach targeted audiences. It includes buying local media, such as radio, television, social media (Youtube, Instagram, Facebook, and so on), apps, prints, and streaming services.
Importance
- It helps ads to reach the right audience. This means that proper media buying can influence the success of a campaign.
- The most impression of an ad is driven at a low cost. That is greater reach with less cost.
- Firms can influence costs and added value if they have strong buying power.
There must be proper media planning before buying media can take place. The media buyer must match the context of the ad with the medium through which the ad will be placed. That is, ads must be placed in the right locations, at the right time so that they can reach or be seen by the targeted audience. The processes involved in media buying are :
- The percentage of the total budget to be spent on the ad must be determined.
- Requests of proposals are sent to different media outlets.
- Finalizing the order by creating an insertion order (IO).
- Sizing each ad appropriately for its placement.
- Launching the campaign.
- Monitoring metrics from media outlets.
- Reconciling costs for any under-delivered ad.
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