The ultimate guide to Digital Media Buying: how to make every dollar count
When considering media like television, radio, or the internet, there is more to digital advertising than just creating a creative or commercial and hoping that people will see or hear it.
To have the greatest chance of success, advertisers carefully select the specific media outlets where they want to place their ads, a process known as media buying.
Nevertheless, this is not all.
Media buying has several facets that can impact an advertising campaign. Here is a guide explaining everything one should know about media buying.
What is digital media buying?
Digital media buying refers to purchasing ad placements restricted to digital or online footprints on websites, mobile apps, or any other digital platform.
It is acquiring targeted ads and content through online channels using search engine marketing (SEM), display advertising and paid social media campaigns.
Unlike traditional media buying, digital media buying is more complex as it involves several factors, such as data targeting, ad fraud, and cookies. Moreover, media buyers operating digital ads use programmatic media buying tools and software to streamline the process of online ad placements.
Who is a digital media buyer?
A digital media buyer is a professional from the media planning team who purchases advertising space in print, online, or broadcast media on behalf of the brand.
They usually work in advertising or media-buying agencies and are responsible for planning, negotiating, and executing an advertising campaign to reach the client brand’s target audience. However, numerous big corporations have in-house media buying teams as well.
Media buyers work closely with the media planning team to analyse various advertising options, such as cost, demographics, and target audience, to identify the most influential media outlets for their brand or client’s offering.
The media buyer then negotiates with the chosen outlet on behalf of their brand or client to finalise an advertising deal.
Why use digital media buying?
Digital media buying is a critical component of any successful advertising campaign. It determines where and how a brand’s ads will be placed and can significantly impact its results.
For instance, if a brand wants to target young adults, advertising on a channel that mainly attracts an older audience would be a waste of money. Similarly, if a brand is looking to generate brand awareness, placing ads on a channel with high viewership would be more effective than one with low viewership.
When done correctly, media buying can help a brand reach its target audience and achieve its advertising objectives effectively and efficiently.
Objectives of digital media buying
Digital media buying aims to identify the most efficient and effective media channels to deliver a brand’s advertising message to its target audience. The main objectives of media buying are:
To reach the target audience: Media buying is about getting to the right people with the right message at the right time. This means identifying the target audience and placing ads on channels they will most likely be exposed to.
To achieve the desired advertising objectives: Whether it is awareness, brand recall, sales, or any other objective, media buying aims to help a brand achieve its advertising goals by buying ad space on the proper channels.
To optimise spending: Media buyers ensure that a brand’s advertising budget is spent most efficiently. This means getting the most bang for the buck by identifying the most effective channels and allocating a more significant portion of the budget to these channels.
Creating a digital media buying strategy
A digital media buying strategy is the overall game plan that will be used to achieve a brand’s advertising objectives. Advertisers develop it by keeping the following factors in mind.
The target audience
The desired metrics
The budget
The channels
This strategy forms the premise upon which all subsequent decisions regarding media buying are made.
It also includes several important decisions like calculating and allocating individual budgets for each channel, choosing the right time to buy ad placements and deciding which networks or websites to buy from.
The digital media buying process
The digital media buying process is entirely different from the traditional process. It can be categorised into two types –
Direct media buying
Programmatic media buying
Direct media buying
Direct media buying is when an advertiser directly contacts the website or media owner to buy ad space. The advertiser and website owner negotiate the terms and conditions, and a contract is signed between the two parties.
The advantage of direct media buying is that it allows for better control over where the ads are placed.
The publisher is paid based on the agreed-upon CPM (cost per thousand impressions) or CPC (cost-per-click).
The only disadvantage of direct media buying is that tracking performance without proper tools can be time-consuming and difficult.
Programmatic Media Buying
The programmatic media buying process automates the entire process of ad placement. Besides the advertiser and the publisher, three more parties are involved in a programmatic media buy:
Advertiser: The party that wants to place the ad.
Publisher: The party that owns the ad space.
Ad Exchange or Ad network: The marketplace where the ads are bought and sold.
DSP (Demand-side platform): An automated ad-buying platform where advertisers can buy or bid for ad space in real time.
SSP (Supply side platform): A publisher-side platform lets publishers offer their ad inventory to multiple ad exchanges or networks.
The programmatic media buying process starts with the advertiser. The advertiser creates a campaign on the DSP with specific targeting criteria. The DSP then uses that information to find matching inventory on the SSPs. Once the DSP finds a match, it will buy the ad space in real time through an auction on the ad network. The winning bid is then displayed on the publisher’s site.
Factors impacting media buying
Identifying and selecting the best media outlet depends on several factors. Here are some key factors that play an essential role in media buying:
The target audience: The audience a brand wants to target plays a significant role in digital media buying decisions. For instance, a company targeting young adults would not buy media space in a retirement magazine.
Product type: The type of the offering also affects media buying decisions. For example, a company selling hearing aids would not buy space on a television channel that mostly runs cartoon shows for kids.
Geography: The media buyer carefully selects the medium with the most extensive reach in the target geography.
Demographics: Different demographics prefer different types of media. For example, people in the age group 18-30 years prefer Snapchat and TikTok, whereas people above the age of 30 years prefer Facebook and Instagram.
Budget: Media buyers must ensure they do not overspend or underspend on the campaign. Hence, they select high-reach and low-cost media channels that work best for the campaign.
Competition: A buyer often plans to be at a similar frequency as the competition. This helps them maintain mindshare in the target audience’s conscious and subconscious minds.
Media buyer’s expertise: A good media buyer will understand all the available media options and their strengths and weaknesses. However, a not-so-good media buyer might only have a shallow understanding of some available options, which could result in poor decisions.
Media availability: Not all media is available all the time. Some time slots must be booked in advance, and some can only be bought closer to the date.
Final thoughts
Digital media buying is an essential aspect of any advertising campaign. It can make or break a campaign.
A brand should consider its objectives, target audience and the message it wants to communicate before all else. Once these critical factors have been decided upon, a buyer can start looking at the media options available and determine which ones will be the most effective for the campaign.
