While exploring media buying exhaustively,i promised to write a second article on the topic, in my last publish This article is a continuation of the initial article.
Expertise required to buy media and trade campaigns.
Media buying is a core procurement based role, and requires a knack for numbers. Media buyers are tasked to efficiently spend the advertiser’s budget to achieve maximum ROI.
They also need good negotiation and communication skills. Teamwork is also essential, considering that media buyers have to work in close coordination with the media planners.
There are many media buying software and tools that help media buyers. However, such media buying software can be expensive to implement. If you are looking for specific names of some well-known media buying software, you can search for them on Google.
There are many advantages to having media buying software in place.
- It helps media buyers to organize their budgets, and streamline all processes for better delivery, tracking and reporting.
- It saves time and improves efficiency
- Finding opportunities at your fingertips because a good media buying software can connect buyers with media properties
- Better financial management brings complete audit able integration to buy & sell media, and billing support
- Data & reporting is easier and a matter of a few clicks to arrive at reach and frequency numbers
- A good media buying software will offer multi-channel, multi-network and multi-media opportunities from a single window
The buying process
A media buying strategy is based on the client’s overall advertising strategy. From a media buyer’s perspective, the overall process can distinguished as:
Pre-Launch phase- the media buyer analyses and selects relevant media channels. Ensuring that the media selection leads to achieving the advertiser’s media and advertising objectives.
Launch phase-the buyer ensures effective media delivery. They constantly monitor the campaign to ensure it is being executed as per the media plan and the deals agreed, using a monitoring tool.
Post-launch phase, the buyers report with the campaign’s delivery, value additions, etc.
Key take aways
Several media buying challenges exist, among them:
Long process of client approvals involved at times, especially approving media plans and artwork, which can cause massive delays and negatively impact campaign delivery.
Secondly,negotiations/pricing estimations need to be smart. Which means that properties need to be bought at the right price, and not more, to maintain efficiencies across the entire media plan.
Limited digital knowledge among clients, especially in African markets, which makes digital reporting a challenge, thus digital speak has to be broken down into a layman’s language.
Hope you find this useful.The writer is a Digital Media Buying Manager currently practising at Havas Group.