Media planning is the process of identifying and selecting media outlets – mainly newspapers, magazines, websites, TV and radio stations, and outdoor placement – in which to place paid advertisements.
Media buying is the acquisition of media real estate for the most advantageous spaces and timeslots. Purchasable media options span from newspaper ads to prime time TV slots to online banner ads.
Media planning and buying are processes associated with the negotiating, strategizing and purchasing of ad placements, otherwise known as “inventory”. While planning which of the inventories to purchase, the planners must consider the products that are being advertised, the target audience, as well as the campaign goals. The media buyers manage the initial purchase and they are also responsible for making efforts that optimize the performance of these ads throughout the whole campaign lifecycle.
How does it help businesses grow?
Media planning forms the first step towards developing a successful media ad campaign. It helps in deciding how to develop the ad campaigns, what should be the basic targets that are to be achieved from such campaigns and how to use different media effectively to spread the intended message across. For any media planning agency, the process starts with reviewing the current trends of the industry as well as carrying out an evaluation of the current media associated with a particular industry. It helps in understanding consumer motivations and habits that may determine their response to a particular campaign. Media buying is an essential part of marketing and is associated with acquiring “paid” media space and timeslots so that the ads placed in them can be viewed by the maximum number of targeted customers.
This is vital if an ad campaign is to produce desired results. A media buying agency can obtain media space for a client firm in newspapers, magazines and other print mediums, television ads, and primetime TV slots. They can also help in promoting online banner ads. The media purchasers maintain positive and nurturing relationships with various important channel owners. While it is not important to get a large amount of airtime for a campaign to run successfully, it is necessary to know which timeslots of the day would fetch maximum exposure. The media buying agencies can also find the best distribution channels for an ad campaign and negotiate the best prices that would, in turn, offer the maximum advantage to the clients. They should also consider the needs and demands of specific ad campaigns and accordingly recommend the best media channels and sources.
How to Implement
There are numerous steps associated with the conception, strategy, creation, execution, and confirmation of a sound media plan. Each of the steps outlined below is required in the media buying and planning process:
Your marketing team must first conceive of the campaign.
You need to strategize on the distribution of the campaign message. For example, deciding on the best media channels (TV, billboards, radio, online, etc.) and outlets for people to receive your company’s message.
Once the strategy is devised, the next step is to contact myriad vendors in order to study their offerings and coordinate the various available options.
For each media outlet that you select, you must complete the following processes:
You will need to negotiate what space or spots you will receive, along with trying to secure the best available pricing for each buy.
Once the vendor negotiation is complete, you will then need to generate artwork of varying sizes and formats for the different campaign activations.
The artwork forms must be coordinated into the production of varying creatives on different substrates for the various media formats.
The artwork must then be supplied to the media vendors in a clear and concise manner with specific posting instructions to ensure on-time posting and to avoid any confusion. Digital advertising is generally easier to see through to completion, while outdoor advertising campaigns can be more complex as they involve tighter deadlines and specific operations and installation teams.
Waiting for your proofs of posting can be frustrating because they are generally delayed several weeks following a campaign’s start date.
If the media postings that you requested are not correctly done, you will need to fight for some sort of resolution with your vendors.
Trends in Media Buying & Planning
As we kick off 2018, it’s important as marketers, media buyers or media planners to be confident that we are making the right choices, spending valuable dollars in the right places and overall making the returns for those dollars that everyone is expecting. Technology has completely changed the way we do marketing today. Marketers are shifting their marketing budgets to online marketing strategies, rather than traditional marketing methods. According to a report, digital media accounts for 33% of the global media spends.
Thus, digital marketing is undoubtedly the most preferred mode of marketing today, and constant innovations are always occurring in this particular sphere. If you are considering to implement programmatic marketing strategy, and want to lock some inventories for display or video ads online, here are some digital media buying trends which you can follow:
There will be an increased buying of digital inventories through open auctions by the publishers.Today, advertisers are more reliant on their own customer data and are less dependent on publishers to provide their data. The biggest issue here that businesses face is that the process of getting massive amounts of quality inventory from different publishers independently is not a smooth process. Hence, publishers should find solutions to this problem and find the optimum way through which buyers can purchase multiple inventories without any difficulty.
With the advancement in technology, there has been a rise in automating the buying process with an increase in programmatic ad buying. However, the importance of one-to-one interaction will not disappear anytime soon. Advertisers still find it important to interact personally with the publishers they believe is the most suitable to advertise with so that they can form an opinion about which inventory would suit them and generate the maximum amount of traffic towards their website.
There is no doubt that video ads have become massively popular among businesses to convey their message to their prospective buyers in an interactive way. Hence, consequently, video ads have been the most valued and in-demand inventory among advertisers in the advertising space. Advertisers will continue to focus on creating engaging, creative and meaningful video ads since it is an appealing way to deliver the ideal message to your consumers. Taking this into consideration, publishers also need to make the purchase of mobile video inventory more accessible, affordable, and lightweight for quicker loading.
With the unprecedented rise in the mobile phone market, mobile phones have become accessible to everyone. The impact of this effect has not left marketing also, and it can be expected that more mobile ads inventory would be brought than desktop ads inventory. This shift in trend is due to the fact that more and more consumers use mobile phones to search for every little thing in their daily lives.
The rapid advancement in technology also comes with its drawbacks, with the rise in cases of fake news and click-baiting. Hence, advertisers and publishers are taking steps to protect their customers from falling prey to such untrustworthy sites. With the rise in such fraud cases, advertisers and publishers will focus on developing practices, procedures, and tools to detect such frauds and eliminate them as well.