What Is Media Buying in Digital Marketing?

Before buying advertising space, a media buyer will research which venues suit the advertiser’s target audience. This research may include demographic and geographic data. The best placement for an ad may also depend on the advertiser’s budget. Larger budgets may provide access to larger regional markets, while smaller budgets may target local markets.

Purchasing Advertising Space From a Media Company

When purchasing advertising space from a media company for digital marketing, you should make a few different considerations. First, you should consider the ad’s Return on Investment (ROI), which is calculated by dividing the revenue from the ads by the total cost. While ROI usually refers to money, it also can be measured in other ways. For instance, the number of click-through rates on digital ads or engagements on social media ads can be a good indicator of ROI.

Second, you should never forget many different ways to purchase advertising space. Buying directly from a media company is traditional, but you can also utilize programmatic media buying. Using this method, you can make purchasing more efficient by cutting out the intermediaries and optimizing your budget.

Another important consideration is the question of how to place the advertisement. A well-placed ad can significantly impact the success of a digital marketing campaign. Creating a media plan and negotiating with publishers on the most effective way to utilize advertising space accomplishes the goal.

Auditing the Competition

The first step in competitive auditing is to identify your most important competitors. You can do this through research on Google or social media platforms like Instagram. Simply type in a relevant keyword and get a results list. You can narrow the list to the five core competitors and include aspirational brands.

Studies have shown that businesses that conduct competitive analysis grow revenue twice as much as those that do not, which means that you could miss out on significant revenue opportunities. While competitor audits are time-consuming, they will provide new insight into your industry, customer base, and marketing strategy. This information will provide a solid foundation for your marketing strategy.

In researching your competition, you should also consider how they have used digital marketing and, therefore, will allow you to find areas where you can improve your strategies. For example, if you want to attract more SEO traffic, optimization of your website is recommended.

Negotiating the Price of Ad Placements

The most crucial tool in negotiating the price of ad placements is data. You can recognize advertising opportunities and quickly respond to issues by tracking ad performance. In addition, tracking data makes identifying value-adds and rates easier. Hence, data-driven media buyers are more likely to make intelligent decisions.

Before approaching a media buyer for advertising, clarify your long-term and short-term goals and objectives. Brainstorm about the types of media you’ll need and understand the basic ad placement technology. For example, you should know the difference between header bidding and ad tags, which are the pieces of code that ad servers insert on web pages.

Media buyers have many options for buying and placing ads, so you’ll need to know which channels are most effective for your campaign goals. By following these tips, you can maximize your ROI. Additionally, you can use programmatic bidding to automate the entire process. And remember to monitor your budgets and bids closely. That way, you can adjust your bids accordingly.

Tracking Customer Engagement After a Media Buy

When you buy media, you should know how much engagement your campaign drives. The more engaged your customers are, the higher your contact with them, positive or negative. One way to measure engagement is to count the number of people signed up for your email newsletter or loyalty program. A study by Hubspot found that personalizing the messages sent to customers was the most effective tactic for improving engagement.

To track customer engagement, setting specific goals is essential. Additionally, it is necessary to make sure your goals are actionable. For example, if you’re launching a new feature, your goal may be to generate 200 product demonstrations using digital channels.

While one metric is easy to track, it may not provide the complete picture of customer engagement. You should consider combining several metrics to determine which strategy will deliver the highest results. For example, a post that generates high likes and views may fail to rate enough engagement if it lacks a call to action. Likewise, a poor-performing caption could affect the overall performance of a post.

Tanna Friday is a content editor, artist, author, designer and writer with over 15 years of experience in journalism and marketing.