What Exactly Is
Through media buying, businesses purchase space and time on different media platforms. These spaces are then used for advertising. You could choose to buy space on a particular radio station, on a television channel, or even on a billboard. Even purchasing ad space in magazines and newspapers is considered media buying. These days, you can even buy ad space in streaming platforms and podcasts as well. But what are you aiming to do through buying media spaces?
The point of media buying is to provide brands with the best opportunity to connect with potential customers. Brands can reach their target audience and deliver their messages at peak times. Say you know that a certain kind of audience listens to a particular podcast. If you know that your target audience will be listening to said podcast, then running your ad during the podcast can help you generate leads. Essentially, you’re trying to find out what your target audience is paying attention to. You can use that to get them to pay attention to your brand.
There are several ways that media buying can be done. Some methods are automated while others are manual. While media buying might sound useful, it actually needs to work alongside media planning to be truly successful. Now what is media planning?
Media Planning And Its
Connection
A media agency is trained in using media planning and media buying side by side. Media planning is the process through which advertisers decide how their ads will be scheduled. The aim is to ensure that the brand message is delivered in an engaging and effective way, and at the right time. Media agencies and brands often collaborate in order to determine what media buying strategies to opt for.
An important part of media planning is deciding what media buying strategies to implement. This helps outline how long an ad will run for, where it will run and for how long. It also helps determine who the target audience is and what the message being delivered to them is. It’s not enough to just get the right media space – that space needs to be properly utilized to ensure that the brand’s message stands out against other ads. Media planning can include more than just media buying, but media buying always goes hand in hand with media planning.
What Are The Different Kinds Of Media Buying?
There are several networks for media buying that allow you to buy media spaces. These include radio stations and television channels for example. The first step lies in determining what kind of media space would be useful for the brand. This helps ensure that the brand’s message reaches the right audience. But what are the various kinds of media buying that you can do? They include:
1. Print Media
Obtaining ad space in a popular newspaper is a marketing strategy as old as time, but it has endured because it’s so successful. When your brand appears in newspapers and magazines, you’ll be reaching the entire viewership of that newspaper. Across Australia, this number is still in the millions. Elderly people in particular are more likely to turn to print media over digital alternatives. So if they are your target market, then renting newspaper ad space can help you reach them more effectively.
Within Australia, a large number of people turn to the digital versions of printed media as well. Consider placing ads for your brand on the digital versions of the printed media of your choice. This helps you reach the working population as well. When it comes to magazines, some of the popular ones that you can consider are Australian Women’s Weekly and Empire.
Note that every state or territory will have one or more newspapers that are prevalently read through that area. Other than this, there are two primary national newspapers, ‘The Australian’ and ‘The Australian Financial Review’. Aside from buying ad spaces in these newspapers, look into what newspapers are best read in the area your want to market to. In Melbourne for example, ‘The Herald Sun’ and ‘The Age’ are popular. By doing your research into what your target market is reading – both when it comes to newspapers and magazines, you’ll be able to reach potential customers more easily. Generate and convert leads locally and nationally with the help of print media.
2. Television Ads
People across the country have televisions in their home. This makes television one of the most effective ways of building brand consciousness among a large number of viewers. This is also why so many brands opt for television media buying.
There are multiple streams associated with television advertising. You could choose to advertise your brand on free-to-air media spaces, on video-on-demand services as well as regular channels. Of these, viewership for free-to-air channels has been dropping over the years. Despite this, you can still reach a large audience through advertising on free-to-air channels.
When it comes to kinds of media viewing that have exploded, then broadcast video on demand must be mentioned. With the help of services like ABC iView, 9Now and 7Plus, people can choose when they will be watching. With people regular on the move, these kinds of platforms are expected to become more popular.
These platforms also provide new advertising opportunities for television and make Australian television advertising approachable for businesses. People may be changing how they view television, but there are no dearth of opportunities for advertisers to use television media buying to reach a large audience.
3. Radio Spaces
When it comes to a media format that has survived the test of time, the radio comes to mind. Although there are active naysayers that say radio advertising doesn’t work, this is far from the truth. If a brand wants to engage in radio media buying, they’ll need to purchase ‘spots’ these are times during the broadcast when their ads will be played live on the air. The presenter could also talk about the brand.
These spots can be as small as five seconds but can also go up to ten seconds, fifteen seconds and even thirty seconds. Radio stations like Nova and 3AW are great for broadcasting radio ads to large audiences.
Other than traditional radio, there are other options available to you as well. You can have your ads played on streaming platforms as well, such as Spotify, iHeartRadio and LiSTNR. There’s also DAB+, which stands for digital audio broadcasting. Many people listen to the radio during their daily commutes, making radio ads an effective way to reach large audiences.
4. Out Of Home Advertising
For effective out of home advertising, you’ll need to book billboard spaces, bus shelters, benches, and other spaces that attract high foot traffic. The kinds of ads that you see on buses, at airports and even on taxis are also considered out of home advertising. Of these, billboards in particular can play a big role in helping you get your brand noticed.
Billboards are placed in areas where a lot of people can easily view them from. The right media agency can help you find the best billboard, bus shelter, airport, and other outdoor ad spaces for your brand. Out of home advertising should be seen as important because it’s one of the best alternatives to digital advertising. Ads you show online can come with limitations- some people might have ad blockers on while others can choose to skip your ads. But with out of home advertising, your brand message will be front and center, in full view of people in the surrounding area.
5. Catch Up TV
Also known as BVOD, Catch Up TV has become extremely popular in Australia. Aussies watch over one million hours worth of content on Catch Up TV every week. Advertisers can market their products or services through Catch Up TV. Customers could be watching 9Now, 7Plus, 10 Play, Foxtel On Demand or SBS On Demand. No matter what they choose to watch, your brand message will reach people using Catch Up TV.
Through Catch Up TV, you won’t be sending out your ads to a general audience. Instead, Catch Up TV allows you to target the demographic your customers fall in, their general location, occupation, interests, and more. Catch Up TV allows brands to reach viewers when they are engaged in viewing. Media buying for Catch Up TV should be done keeping in mind who you want your ads to reach. With the popularity of Catch Up TV increasing by the day, now is the time to buy up ad spaces and spread your brand message to a large audience.
What Are Media Buying Agencies?
A media agency helps in securing ad spaces and times for clients such as radio spots, television times, and more. Brands can find the process of media buying overwhelming. A media agency makes this process easier by looking for ad spaces that meet the client’s marketing strategy. Media agencies also have to ensure that they help their clients build a great advertising strategy while staying within budget.
If a brand doesn’t want to hire a media agency, then they will need to opt for programmatic media buying. This is where digital technologies that are automated are used to buy ad space that’s available on various platforms. During this process, various advertisers will be bidding for the ad space that’s become available, on a budget that is predetermined. But if you want to get the best rates for your ads and also benefit from an unbiased professional perspective, then consider approaching a media agency. A media agency can help ensure that the ads of your brand are placed in the best and most premium spaces, at a good price.
What Is The Process Of Media Buying?
By now, you should have a general idea of what media buying is. At this point you may be wondering what you can do to get your brand the best ad spaces. Some brands directly purchase ad spaces from networks while others approach a media agency.
When you approach a media agency, the entire process will be managed for you from preparation to execution. But what are the steps involved in media buying?
The Preparation Phase
The first thing you’ll need to do is determine who your target audience is. Create a consumer avatar for them that contains information like their age, their location, their interests, and more. Only after you know who your target demographic is can you create a brand message that directly resonates with them.
Understand what your hopes are as well, from the ad you’ll be releasing. This will help you set actionable goals that enable you to create an effective media buying strategy. Your goals should be practical, like getting more clicks on your brand’s website, or to increase brand awareness. You could also be trying to convert leads to customers through your ads. Know what your goals are so you can create a path towards achieving them.
Create An Effective Strategy
Once you know what your goals are, you can better create a strategy that helps you reach those goals. What kind of media ad spaces you should get depend on what results you want from your advertising campaign. Think about which platforms your target audience is most likely to use. If you’re targeting Gen Z, then they spend a lot of time online. You won’t often find them reading the newspaper, so newspaper ads won’t help you reach your audience.
If your target demographic is University students, then you could try audio streaming services, which they might be listening to on their morning commute. This applies to the general workforce as well. The elderly population on the other hand, is more likely to read the newspaper and spend less time in digital spaces.
Know who your target market is and you can better determine what kind of media space you should purchase. Think about what will generate more brand awareness and bring customers to your business.
Execute The Plan
Now that you’ve created your strategy, it’s time to get down to buying your media space. After that, all you have to do is distribute your ads and wait for the results. The media spaces you opt for should be ones that are likely to be viewed by your target audience. If you’re targeting office workers on their way to work in the morning, then a billboard near their office space can help you get noticed.
For families, consider buying a television ad space for when families typically have dinner. If you’re targeting teenagers, you could place your ad on Instagram in the evening, at a time when students are poring through their social media after school.
Optimising The Process
Your work doesn’t end at releasing the ads. Now you need to compare the results you obtained through releasing your ads, to the marketing goals that you previously set for your brand. You’ll want to know whether the ads you’ve released are actually helping you reach your goals.
During this stage, you’ll be collecting data regarding how your advertising campaign worked, and whether your ads reached your target audience or not. If you were aiming for more clicks on your brand’s website – did you get that? It’s important to note however that it can take time for your advertising strategy to take effect. Keeping this in mind, set realistic goals for your ad campaign. Remember also that you’ll need to keep advertising your brand to generate continuous success.
Conclusion
If you want to learn more about media buying or want to reach out to a media agency, then
click here. With the help of a good media buying strategy, you can ensure that your brand reaches your marketing goals. Since the process of media buying can require a lot of research and be time-consuming, consider approaching a media agency to help you with the process.
Media buying is essential for businesses that want to reach larger audiences, spread their brand message and build their customer base.
