How do you get started with media buying? What is it? There are many marketers who have no idea where to get started with this, even though they have wide familiarity in other areas. Media buying is exactly what it sounds like it is—you’re buying media to branch out. When you purchase advertising on another website or network it helps you grow and develop. This is excellent for a company just starting up, and it costs far less than traditional advertising does. You also must look at the long-term return. Once you start getting traffic to your website you’ll start gaining recognition and slowly making money. But, you do want to have a set time for media buying, because it can get expensive. Establishing a budget is imperative to success!
Media buying could be purchasing banners for a specified time, or it could simply be a pop-up ad, or a request to have an ad on a specific page. You want to purchase media placement at a flat rate, it saves time and money. If you purchase ad space for $250 a month you want to have it in a good location. Most media buys are carried out with how many impressions are received. For example, if your banner is viewed 1000 times, a media buy at a CPM would be about $3.00 for every 1000 views.
It sounds amazing, doesn’t it? But remember this doesn’t mean your banner ad would be clicked through. While this is far less than buying traffic through AdWords, you should ask yourself if it is giving you the results you want. The site you choose to advertise on can be positive or negative too—good media buyers must consider this.
How Good Media Buyers Get Ahead of the Game
A good media buyer understands there are multiple ways to grow on line and make revenue. Setting up an identity and creating an authority presence is critical and often it takes buying some media to grow more. There are so many marketing strategies available, this is just another one, and one of the more popular ones. In fact, this is considered a sub-section in the advertising campaign, but it’s one that is often done. Now, a good media buyer understands that in order to bring in revenue the media buying should be good. They are great negotiators and understand how important placement and price are. It all impacts viewability and consumer interaction with a business.
The following below tips will help new media buyers discover why there are some in this ad marketing area that really make an abundant amount of money and continue to grow. There are many things you have to consider in this area, so let’s stop right here and start pointing out what media buyers coming onto the scene need to do to ensure they’re not wasting money BUT making money.
- Targeting the right audience when you media buy: Having an idea of the audience you want to target is important before you do any media buying. You’re not going to make any money if you’re not getting your idea, product or service circulating in the right markets. The demographics count and a good media buyer understands this.
- Create a realistic budget and stick to it: How are you going to bring in any revenue if you’re wasting every penny on media buying? Be picky. Spend money wisely. Spend it where it counts. This will allow you to choose the method that works best for you because you’ll have funding to experiment with. Never put all your eggs in one basket!
- Don’t leave creativity to the wayside: You’re not going to get the results you want if you’re not creative. Throwing money out there isn’t going to help improve your reputation or grow your business if you don’t make it engaging and give incentive to consumers to interact with your company. Plan ahead and create something that will work before just paying for media ads.
- Keep track of everything you do and every penny you spend: You must analyze all results but in order to do that you should keep track of everything. For instance, you should calculate your ROI because otherwise you’ll have no idea how your campaign is pulling people in. It takes solid proof to know if you’re putting your money where it’s working. A business will lose a great deal of money if they don’t track their advertising methods.
- Reach outside of your comfort zone: Explore your options. If you find a business that is in your market just starting out themselves then you’ll find you’ll be able to buy media spots cheaper than if you go with someone already well established. It’s a risk, but one a good media buyer is willing to take.
Planning and Media Buying Takes a Strategy to Make Money
As you’ve been reading you need a clear-cut strategy when you’re going to buy media real-estate. This involves strategizing and negotiating. Media buyers should constantly measure their success if they’re going to end up with a great return on their investment—it’s an absolute fact. Because they are responsible for the purchasing of media slots, they are also responsible for the entire process. This includes optimizing the performance of the campaign throughout the entire cycle of it. As long as the mentioned strategies are followed, those new to this process should do well and will gradually bring in great amounts of revenue, but it does take patience, determination and perseverance!
Media buying has certainly changed quite a bit through the years and today requires real time bidding and guarantees! It makes it more rewarding and maybe even more substantial than in the past. It’s a far cry different than a direct sales approach. And it certainly has become more time friendly too. Today, you have more human interaction and you’re not required to do the back and forth spreadsheets and proposals. Of course, media buyers still should do the necessary research, but everything is far more streamlined now. The necessary tools required for success are standard:
- Online advertising research tools
- Online advertising competitive intelligence tools
- Offline advertising research tools
- And a few more
Don’t forget to continuously work to grow your network so you can build a strong presence online! The key to great media buying is the exposure it brings you. New media buyers will know how well they’re doing by the results that come in. It doesn’t take a genius, but you do need to be savvy if you want to end up with sustainable income.
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