The digital media buying industry has grown at a rapid rate over the last few years, and it doesn’t look like it’ll be slowing down any time soon. In fact, the industry has brought in over $9 billion in revenue this year.
Clearly, businesses are interested in buying advertising space. There are a lot of people who feel out of the loop about this particular technique, though.
If you’re unsure of what it means to buy media or why you ought to be doing it, keep reading. Explained below is everything you need to know, along with tips on how you can get started.
What is Media Buying?
Let’s start with the basics and define media buying for anyone who’s confused about what this technique is.
In short, media buying involves the process of paying for “media real estate” in specific spaces and time slots. For example, you might pay to have your ad run in a specific area of the newspaper or have your TV commercial featured during prime time.
Many businesses are also paying extra money to have their ads featured in prime locations online. This includes banner ads, sponsored posts on social media, or social media posts shared by influencers.
In all forms, the goal behind this strategy is to get your ad in front of the right audience. Ideally, you’ll see a return on your higher investment because more of your target audience will purchase your product or service after viewing your ad.
What Are Its Benefits?
There are lots of benefits that come with including media buying in your business’s overall marketing strategy, no matter what kind of media real estate you’re hoping to buy.
The following are some of the most common benefits businesses report experiencing:
Beat Out Your Competition
Competition is fierce in the online marketing world, and it’s easy for your brand to be overshadowed by larger companies.
If you invest in additional advertising space in prime locations, though, it’ll be easier for you to get your products or services in front of the right people. This, in turn, can help you gain an advantage over your competitors and make a name for yourself.
Create Highly Targeted Ads
Buying advertising space makes it easier for you to create ads that are targeted to a very specific group of people.
As you probably know, the more specific and targeted your ads are, the more likely you are to actually make sales and get people interested in what you have to offer.
Instead of casting a wide net and hoping you bring people in, you can take a more streamlined approach and feel more confident that you’re reaching your target customer.
Measure Your Progress
Buying ad space, especially when it’s in the form of something like a sponsored post or banner ad, makes it easy for you to measure the progress of a particular marketing campaign.
As a result, this allows you to make adjustments more easily and figure out what’s working and what isn’t. Instead of playing a guessing game, you can make educated decisions that yield better long-term results for your business.
You might assume that prime online advertising space costs too much. That’s not actually true, though. Many prime advertising slots are quite affordable, especially when you consider the return you’re likely to receive on your investment.
Before you rule out a strategy because you think it’s too expensive, do some digging and think about the big picture. It might make sense for you to spend a bit more now in order to attract more business (and bring in more money) later.
Media Buying Tips
As you can see, there are many reasons why you might want to invest in advertising space and make this technique part of your marketing plan. Of course, in order to experience the benefits it has to offer, you have to take the time to plan your approach.
Here are some tips that will help you get the most out of your investment when buying advertising space:
Set Clear Goals
Start by crafting a clear vision of what you want to accomplish with these ads.
What kind of message are you trying to deliver? What do you want people to do once they see and click on these ads?
Think, too, about how you’ll measure the success of your ads. Is it the number of website visitors you get? The number of products or services you sell?
Know Your Audience
You’ll also need to get very specific about whom you’re trying to address with these ads. Know your target audience and do your research to figure out where you need to display your ads in order to reach the greatest number of people.
Prioritize the Right People
Start by prioritizing the people who are most likely to buy your product or service. Focus on the people who need very little winning over so you can enjoy higher conversion rates.
Map Out the Consumer Journey
Remember, it’s not enough just to have a great ad in a great location. You also need to think about where people are going to end up after they click on the ad. Map out the entire consumer journey and have a plan for what’s going to happen during each phase of it.
Work with Professionals
If you’re brand new to the world of buying advertising space, it’s a good idea to work with a media buying platform.
Working with professionals helps you to gain more insight into the process and ensure you’re taking steps that will boost the long-term profitability of your business. It also saves you time since an expert will handle the logistics of setting up and measuring the progress of your ads.
Try Media Buying Today
Now that you know more about media buying and all the benefits it has to offer, are you ready to give it a try?
Keep these tips in mind as you begin incorporating it into your marketing strategy. With the right approach, you’ll be able to see impressive returns once you start incorporating this technique.
Do you want to learn more about other effective marketing strategies? If so, be sure to read some of the articles in our marketing section today.