Media buying the new word for advertising is the purchase of ad space from an ad or media company such as television station, newspaper, magazine, blog or website. It also entails the negotiation for price and placement of ads, as well as research into the best new venues for ad placement.
Stages of media buying.
Before a media buy happens, media buyers must perform research to optimize the return on investment on their client’s advertising budget. They will examine the target audience for a product or service and determine which venue or combination of venues will best serve it. For example, they may utilize demographic and geographic research related to the product or service to optimize their media buy. An advertiser’s budget also may dictate when an ad should run and where it should be placed. For example, bigger budgets can mean access to regional or national markets. Smaller budgets may mean local newspapers, radio and digital media especially social media and blogs. Once the right venue has been chosen, a media buyer will approach whoever owns the desired slot or space to negotiate a price, timing, and the rest of the deal.
Some important aspects of the media buying process includes personal relationships between media buyers (not all cases), media planners, and channel owners. Since airtime is finite, media buyers must foster relationships to get the most opportune placement and timing. Also, media buyers must keep abreast of changes in the marketplace. As the communications business changes, assumptions on what is the best venue for advertising must be challenged regularly. What was a great venue last year may no longer be the case this year, based on changes to a media publication’s reputation. Finally, media buyers should be able to create value for advertising clients by finding or creating profitable deals (not necessarily monetary profit at times as there are different objectives for every media buying which could be from awareness to engagement and so on).