Impact of Media Buying in digital Marketing in 2021 [Guide]
Digital media buying is much more than creating an appealing banner or buying ad space. A brand might design the most brilliant ad but it has to appeal to the audiences as well as should be able to generate good business.
During media buying, the target is to grab the attention of new customers and build brand value through advertising.
It is important as it executes the planned strategy to display ads. Displaying ads at the right place also makes a difference.
In this post, we are discussing the influence of media buying in carrying forward digital marketing campaigns.
What is media buying?
It is the process of purchasing media placements for advertising on digital channels (websites, radio, TV, magazines, digital signage, or publications.) Media buying is one of the common and effective ways of digital marketing. The primary goal is approaching the masses applying cost-effective advertising methods.
Media buying involves a negotiation process, and it starts after media planning. Since the banner space is for a limited time duration, media planning needs attention and expertise.
Over the last decade, the competition on the web has gone beyond expectation, and building a new brand has become challenging. It becomes necessary to have strong media planning to capture marketing expertise.
There are three components to this automated buying structure:
Demand-side platforms (DSP)
where advertisers and ad agencies set up their campaigns, bid on ad inventory. They optimize the advertisements based on the performance.
Supply-side platforms (SSP)
where publishers sell their ad inventory. It’s the publisher version of the DSP.
Real-Time Bidding (RTB)
The ad exchange marketplace where advertisers and publishers buy or sell ad inventory through real-time bidding (RTB).
Another important term to know is the programmatic direct, in which ad inventory is sold at a fixed cost per thousand impressions (CPM) with no bidding.
Also, an ad network is the association of many publishers that match the requirements of the advertisers. They serve as intermediaries such as Google Adsense and Facebook Audience Network.
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Media Buyer
This is the individual entity that is responsible for the negotiation and placement of ads on television, radio, digital, and print. The entire media buying process depends on their actions.
How Does Digital Media Buying Work?
Digital buying is defined as the process of acquiring ad placements on apps, websites, and other digital platforms. The agencies look for a profitable space and do real tie bidding (RTB) to acquire the space on the publisher’s website. Web owners can sell their ad impressions through RTB.
This new model has completely modified the process of acquiring the web advertisement space on the web.
Following are the main parties involved in RTB;
1. The publisher:
This is the website that users visit. It can be a news website, a travel blog, or a publication such as Facebook. If a publisher decides to add ad space as an income, they add it to their inventory.
2. The Supply-Side Platform (SSP):
This is designed to help publishers sell their inventory and manage them efficiently.
3. The Ad Exchange:
This is a technological platform that allows the buying and selling of available ad impressions.
4. The Demand- Side Platform (DSP):
This is the section that displays ads that the publisher would love to apply on their website.
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Best Digital Media Buying Platforms in 2021
There are a plethora of programmatic media buying platforms available on the internet. Choosing the right digital media buying platform would seem a difficult task among the various options available.
Here are the top 10 digital media buying platforms where you can do the advertising:
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Google Marketing Platform: For Big Brands
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MediaMath: For Agencies
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The Trade Desk: For digital ad buyers
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Xandr: For big Digital Marketers
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OpenX: for Advertisers
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Centro: For Self Serve
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Facebook: For Small Businesses
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LinkedIn: Best For B2B
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Index Exchange: For Better ROI
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HubSpot Marketing Hub- For digital Marketers
Media Buying Tips
Strategic Planning
The internet technologies and campaigns are governed by setting a strategy. Therefore, before doing media buying the following strategies should be set:
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What’s the goal of your campaign?
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Do you want more website traffic, brand awareness, social engagement?
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Have you set the company’s KPIs?
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Have you allocated a budget for buying?
These steps are typically completed during the media planning phase. However, in some cases, media planners are also responsible for buying ads as well.
Target Setting
The next objective will be to set a fixed target and to know the ways to achieve them You should know:
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Where should the ads be run?
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Which networks will be most appropriate to reach them?
You can also set the audience by device, location, behaviors, interests, web browser, and more.
Campaign Designing
It depends on the platform you have chosen. For a DSP, you will input your campaign details, such as campaign type, creative assets, budget, target audiences, and bidding strategies. So, once that process is complete, all there is to do is launch and wait for results to come in.
Result Tracking and Optimization
This is the final and most important step. Apart from gathering data, it is a must to know, how your ads are performing?
Based on the results, you should make quick decisions and plan to switch before any major business loss occurs.
Here the media buyer can play a vital role. He can maximize ad potential while staying within the budget. As such, if the ad isn’t delivering on expectations, adjustments can and should be made during the length of the campaign.
Forward Path
Media buying is a time-consuming business activity depending on budget planning. The success of the campaign depends vastly on the place of ad exposure. When you buy media, be clear of objectives, and choose the right marketing channel.
Media buying is gaining heights with the growing trends of doing most of the business activities online. It is likely to increase in the coming five years.
Programmatic advertising is the way to take it forward that allows you to run highly targeted campaigns and reach your target audiences. The cross channel marketing and the right ad network capturing are the key factors.
To create result-driven, smart Ads using programmatic advertising, you need to choose the right agency with thorough knowledge.
For small- and medium-sized media buyers, local and global media buyers, new brands, and agencies, choosing a growing digital marketing agency such as Brandit Marketing Solutions could prove to be a valuable decision and consider best media buying agency in New Hampshire.
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