It's no secret that just creating advertisements
does not guarantee brand success; advertisements must be properly positioned in
front of the appropriate audiences.
You're also aware that advertising isn't what it
used to be in this day and age.
There is more competition than ever before, as well
as more customers with specific interests to whom you may tailor your message
and more channels through which to reach them.
In many respects, we are living in a revolutionary
period, with tremendous opportunities to be imaginative, tactical, and dynamic;
nevertheless, in other ways, we are living in a terrifying, intimidating, and
competitive period.
Now, let's dive into the basics.
What Is Media
Planning?
It is the process of finding the best way to spread
a marketing message through different media sources. Doing research, finding,
comparing, evaluating, planning, and working with a brand's budget are all part
of the job.
What Is Media
Buying?
Media Buying is a supplementary, secondary process
in which an individual or agency uses insights gained from the media planner to
discover and negotiate the purchase of advertising space across the many media
channels that have been identified.
This may either be automated or done manually,
based on your preferences, aims, target audience, budget, and other factors,
among other things.
What Is a Media
Plan?
A Media Plan is the overall, cumulative outcome of
both of the preceding activities, as well as a final review of the campaign's
efficacy.
The Process of
Media Planning
One way to think about media planning is as the
first line of defense for a marketing campaign that is about to be launched.
The media planner is in charge of the fundamentals, which include:
Internal Market Research - Market research that is conducted within an organization. Prior to
beginning work with a company or brand, a skilled media planner would consult
with them thoroughly to understand the major objectives and goals of their
marketing campaign, and to determine who the target audience is or should be.
External Market research will be carried out as a result of this.
External Market Research – During the external research stage, a media planner will gather
and evaluate information about the market as a whole, examine industry trends,
evaluate the competition, identify target audiences, and discover where those
consumers are most engaged with advertising content. Here is where the marketer
must go deeply into the intricacies of a certain target group in order to
establish their habits, where they go for information, what items they care
about and why they care about them, and what media channels they are accessing
at various times throughout the day. From this point on, it is feasible to
identify media goals.
Defining Media Objectives– After doing a thorough study of the market and target audience, a
media planner will go deep into the media landscape to decide which channels
will be the most successful for reaching the target demographic in question.
· Are we talking about traditional media outlets such as television and
radio, print ads in magazines, billboards, or newspapers, or something else
entirely?
· Or will it be digital media such as mobile, social media, video, and
search engine marketing (SEM)?
Consumers get and interact with material in a
variety of ways, both traditional and digital, in a variety of formats. As a
result, the primary goal of a media planner is to identify the optimal media
mix for reaching their client's target demographic across all media channels.
Following the selection of channels, the media
planner will indicate interest in the inventory of suppliers by issuing
Requests for Proposals (RFPs) (requests for proposals).
Adequate Budgeting — As with any company arrangement, maintaining within budget and
optimizing the use of a given budget is account management 101. As a media
planner, it is critical that you not only assess how to best communicate a
brand's message, but also that you distribute cash in the most cost-effective
manner. Going above and above the budget isn't the only factor here, of course.
A thorough study should equip a media planner with the knowledge necessary to
determine how to allocate the money.
Will they allocate 50 percent of their budget to
social media, 25 percent to mobile commercials, 10 percent to billboards, and
the remaining 30 percent to radio advertising? What do they propose in terms of
acquiring assured inventory against RTB (real-time bidding) as the best option?
They will make the decision, but they must ensure that it is a considered
decision!
It's time to pass the ball to the media buyer.
The Process of Media Buying
In marketing, media buying is the process of
getting a plan off the paper and putting it into action in the real world. In
this sense, a media buyer may be referred to as "The Executor" [in
the best possible sense] because they are accountable for seeing the plan through
to completion.
Have you ever seen footage of a stockbroker or
trader on the floor of a financial institution? It's complete chaos! An
exhilarating blast of energy! It's exhilarating to watch, but it's infamously
difficult to live.
While media buying isn't exactly as dramatic as it
appears on the surface, it is all about negotiating. That's on top of the
connections. A media buyer is responsible for the following:
Establishing Connections - Establishing connection with others. A media buyer, like any
effective salesperson, should be well-versed in the development and maintenance
of relationships with media providers (publishers and channel owners). As
automated techniques for acquiring ad inventory become more popular, the direct
need to manage a media vendor relationship is becoming less typical. However,
it is still a valuable skill to possess.
Negotiating and Buying – As soon as the ads are ready for distribution and the RFPs have
been sent out, it is time to begin negotiating the purchase of advertising
space. There are a variety of elements that influence the price of advertising
space, the most important of which are traffic and exposure. If the media
planner has done their job well, the potential will more than compensate for
the cost. This means that the media buyer must make every effort to obtain ad
space at a price that is comparable with, or lower than, the amount of money
that has been set aside for the purchase. A media planner may advise customers
to acquire guaranteed inventory or to purchase non-guaranteed inventory [also
known as RTB] according on their specific needs.
Monitoring and Optimizing - The monitoring and optimization of the performance of ads is one
of the most important tasks. It is the media buyer's obligation to monitor the
advertising throughout their campaign cycle and guarantee that they are being
optimized once ad space has been negotiated and paid. If this is not the case,
it is necessary to rethink the media approach.
What Role Will
Media Planning Play in the Future?
If you want to ensure that your advertisement
appears on the radar of your target audience, media planning and purchase are
essential.
It is clear that the trend of automation in the
marketing sector is on the upward slope.
As programmatic buying has grown in popularity over
the last decade, there is every indication that the demand to integrate
automation across conventional, digital, owned, earned, and paid media will
only increase in the future.