The following is a guest post by Jenna Bruce.
Valentine’s Day is quickly approaching, which means it’s time to buy that box of chocolates and flowers and make a dinner reservation at the fanciest restaurant in town so the “one you love” knows you love them. Or, if you’re like my ex, it means it’s time to completely forget Valentine’s Day and make plans to watch the game with your friends instead. But I digress...
The point here is it’s that time of year to tell your loved ones, “I heart you.” Your list of loved ones should include your media buyer because he or she, no doubt, does more for you than most of your friends and family. Certainly more than your cousin Vanessa who gets a card every year.
If you aren’t currently working with a media buyer, here are three reasons why you should be:
Effective Media Buying is an Art Form
Unless you absolutely knew what you were doing, you wouldn’t attempt to fix your car’s emergency brake or build that second floor addition you’ve always wanted. And yet many advertisers don’t think twice about taking on the responsibility of buying media.
Successful media campaigns require a strategic understanding of both the cost and efficacy of all placement options available. What media buyers bring to the table is a vast reservoir of quantitative data that can help guide buying decisions. Great media buyers not only bring the data but also mine it strategically to identify every hidden opportunity within. This is a complex process and, if done right, can mean a reduction in media costs which will increase your ROI. Effective media buying is really an art form that is grounded in an evidence-based science.
Media Buyers Optimize Your Advertising Budget
Have you ever been the person chosen to put together an office party? If so, my condolences. Here’s the typical scenario: There are 113 people who work in the office and you are given a budget of $68. How do you spend it? Do you get a few pizzas and two liters of Pepsi? Or maybe have the local deli make up a cold cut platter? What about decorations? If it’s someone’s retirement party or baby shower, you’ll need a gift as well. You’d have to be some kind of genius to pull off a not-crappy party on a $68 budget.
Media buyers do extensive research to determine how to best spend the allotted budget, no matter the size. This research focuses on who the target audience is and what type of media will reach them most effectively.
In order to optimize a client’s budget and make the right buying decisions, a media provider evaluates several factors including pricing rates, station formats, demographics, geographics and psychographics relating to the advertiser’s particular product or service objectives. Media buyers must also optimize what they buy, and that is dependent on the budget, medium, quality of those channels and how much time and space is required.
The Right Placement at the Right Time
We all know being in the right place at the right time can have extraordinary results. Similarly, placing your ad in the right location at the right time can have extraordinary results on your bottom line. Every individual advertising medium offers a unique opportunity to connect with and make an impact on your target audience, driving results through increased leads and sales or brand awareness.
Regardless of the media channel, understanding the nuances of timing and ad placement within your campaigns can help increase effectiveness. A media buyer takes into consideration what time of day consumers might be most receptive to your message and in what medium. They know what day of the week offers the best saturation and how much competition there is for your ad space. This competition can come not only from your local competitors, but also from upcoming holidays, events, political campaigns, etc. Once a media buyer determines which dates are best, he will then drill down further to uncover the best placements for your ads.
Hopefully you are now aware of the impact media buyers can have on your business. If you are not currently working with a media buyer, contact Mediaspace Solutions and we’ll share the love.