Media buying is an incredibly important component of a strategic, integrated marketing campaign. It helps businesses introduce new products, services, sales and personnel. It helps nonprofit organizations boost event attendance, attract volunteers and generate donations.
What is media buying? It’s the process of purchasing media placements on mediums such as print, television, radio, billboards and digital media. The goal for any media buy is to identify the optimal place, time and context to deliver a brand’s message to its target audience, all within a specified budget.
Priority Marketing has a full-service Media Buying Department that researches, negotiates, plans and places media buys. The team coordinates schedules, monitors campaigns and audits media campaigns to ensure they meet a client’s goals.
Understanding media buying is important for any business owner or nonprofit executive seeking to reach the next level.
Types of Media
There are three primary components of a marketing mix: paid, owned and earned media. Here is the difference:
- Paid media means paying for space on a platform that is not your own. Examples include TV commercials, newspaper and magazine advertisements, radio spots, billboards and online display ads. Paid advertising guarantees your message is delivered when you want it, where you want it and exactly the way you want.
- Owned media refers to content you create and control. Examples include websites, blog articles, social media pages, corporate brochures and direct mail.
- Earned media is publicity that your business or organization earns through public platforms. Examples include news stories, editorial coverage, online customer reviews and social media posts produced by influencers.
Much like an investment portfolio, businesses and organizations should have a diversified marketing portfolio. That means a combination of paid, owned and earned media. Within each of those media types, however, you also need diversification.
Finding the proper mix helps reach target audiences across multiple platforms. Analyzing that media spend helps determine whether you are spending advertising dollars wisely. An analysis looks at the reach, or number of individuals who will see an ad at least once, and the frequency, which is the average number of times an individual will see an ad over a set period. At the end of a campaign, analyzing the numbers will determine its level of success.
Media Buying Landscape
Prior to creating a media buying plan, Priority Marketing conducts initial research and asks clients the following questions:
- What is the purpose or goal?
- What is your core customer’s demographic?
- Is there a time period for the spend?
- Is there a geographic area to focus on?
From there, the firm drafts a plan based on a client’s available resources, goals and objectives. No two plans are the same because no two clients are the same.
There are five primary areas where businesses and organizations spend their advertising dollars:
- Print: It’s a trusted method to convey complicated information. Print has a longer lead time, but also a longer shelf life. This includes newspapers, magazines, journals and trade publications.
- Television: TV creates a powerful combination of sight, sound, motion and emotion to connect with target audiences. TV advertising is broken into three buckets: broadcast, cable and over-the-top, which delivers the spots via the internet and streaming apps.
- Radio: A platform that reaches people on the go, radio has a quick production turnaround time and high spot frequency. Radio ads have a large geographic reach, yet still offer cost efficiency.
- Billboards: Outdoor advertising features brief, memorable messaging that builds awareness for a brand. Billboards can be fixed or mobile, and are often used to promote products, services, specials or events.
- Digital: Visible on desktop or mobile devices, online advertising uses the internet to reach target audiences. Digital ads are found on websites, apps and social media platforms, and advertisers can often pick and choose who they want to see those ads.
Are you looking to build awareness or strengthen connections with target audiences through advertising? Please give our Media Buying experts a call today at 239-267-2638 or send an email to LetsTalk@PriorityMarketing.com.