The Various Angles Of Media Buying
Media Buying refers to all those activities which are involved in the purchase of
the best possible advertising space (known as spots in advertising parlance) from a media company at the most effective rate. The media could be a television channel, radio station, magazine, newspaper, blog page, website or some form of out of home media such as billboards or kiosks.
The main objective of Media Buying is to ensure that the advertiser is able to deliver the message about a product or service to the largest number of targeted customers at the lowest possible cost. The following factors need to be considered for effective media buying:
1.Knowledge of the target markets their demographics, psychographics and general behavior when it comes to opting for a particular product or service.
2.Knowledge of the strengths and weaknesses of each media property.
3.The various criteria used to measure the reach of the print or electronic media or the number of clicks per website.
The knowledge of these factors would help determine what type of media combination would reach the largest number of customers in the most effective manner. Apart from the factors mentioned above, hard-core negotiations play a pivotal role in Media Buying.
Having understood what Media Buying is all about, let us now understand the function of a Media Buying Agency. It is a specialized agency which focuses on the Media Buying aspect of the industry. A
Media Buying Agency plays the role of a middleman by buying advertising time or space from media companies and then selling them to the advertisers. The differential in the rates at which the Media Buying Agency buys the spots and then sells them to the advertisers is the agencys revenue. In modern times, the Media Buying Agencies have expanded their roles from being mere role players in the advertising process to providing full-fledged media planning and execution services to advertisers. Media Buying Agencies have frequently been denounced as a cause for increased advertising costs for advertisers and reduced revenues for media companies. However, a Media Buying Agency does have its advantages in terms of:
1.Connecting media companies with smaller advertisers.
2.Helping advertisers, especially the smaller ones, negotiate better advertising rates and greater visibility.
3.Thanks to their expertise and extensive knowledge of the various media, the agency is in a better position to give advice on the right media placement within the available budget of the advertiser.
4.They often provide a guarantee of the sale of an advertising spot to the media company, thus assuring them of minimum fixed revenue.
5.It expedites the media buying process for both the advertiser and the media company.
The services of a Media Buying Agency are mainly used by the smaller and mid-sized advertisers who cannot afford to deal directly with multiple media companies. However, the larger businesses prefer to have an in-house department responsible for Media Buying activities in order to be more cost-effective.
A
Media Buyer is an individual who is responsible for the negotiating and purchasing of advertising time and space from media companies on behalf of their clients. A Media Buyer may work in-house for an advertiser or may be employed by an agency offering Media Buying services.
A Media Buyer needs to have to a good understanding of the product or service that is being pitched by the advertiser along with the market being targeted. She also needs to have an excellent idea about the various media and the rates that they charge for their spots. Bringing all this together, the Media Buyer has to work out the optimal campaign strategy using various media within the given budget.
by: Nicoln George
Ways To Manage Your Finances Watch the 2010 Football World Cup Online Where Do You Buy Semi-conductors? Islands Offer Romantic Setting For Destination Weddings Aarkstore Enterprise --- Rpt Resources Ltd. (rpt) - Financial And Strategic Analysis Review One24 Review - Making a Lot of Money in One24 Fix Your Financial Mistakes Gynexin alpha formula reviewed How Can Kids Make Money To Supplement Their Allowance by:Derrick Janson Egypt Leading Global Markets In 2012 Latest Trends In Wedding Or Bridal Gowns & Dresses Should You Participate In Online Commercial Property Auctions? Buying The Best Australian Wine For Your Wedding