Going and attempting to buy your own media can be considered an art or science; in order to understand, strategize, negotiate and purchase media – the buyer is as good as the drive and passion for the position. As with anything, the more you are interested and involved in the job you are performing – the better the job is done. Those who are encompassed in this day in and day out; well, they have insider knowledge on what should happen here. Why not buy your own media…..
“Paid” Versus Owned and Earned
Trying to buy your own media is just that, BUYING; that does mean that you are investing your money into this action. Anything you invest your money into should be the best return – it should be the best option for the venture you are walking into. There are several types of categories in the media aspect (as far as this article goes), earned, owned and paid. Understanding that earned (reviews, referrals) is what you are out there working towards – you can have a direct impact and influence on those efforts. The same can be true for owned (website, blog, social networks); you must impact these in order for them to be beneficial. They take time, energy and understanding and add to the validity of the paid space.
Paid media is very different from the other two for several reasons and these are the reasons why not to buy your own media.
Relationships are not made over night, not good ones anyway. The same is true about relationships in business; nurturing those relationships and the negotiation dealings will be better for your purpose. Walking into a media buy for the first time; this is “why not to buy your own media”, communicating clearly to the network/exchange you are buying from can be key to diminishing any conflict or miscommunication that may arise during campaigns and ultimately cost more money than need be.
Utilizing a media buyer/planner that already has the key relationships set in place will make these situations much more fluid. The discounted rates that the media buyer has the privilege of – can then be placed towards your campaigns. Discounted rates are not the only budget relief, negotiating tactics performed by the media buyer cross platform are at peak levels as there is past insight available to them; understanding the performance patterns of the exchanges/networks will aid in proper placement for each individual client.
What’s New on the Scene
The latest and greatest tools, solutions, networks, etc. may sound like the “newest shiny object”, but there really is something to this. I am not saying we should jump at the newest thing every time something comes to the market, what I am saying is having someone who knows all of those new shiny objects and which ones can be viable for your organization can be more helpful than you can imagine. Having the leg up within your individual industry can make all the difference on whether you make the sale or you have allowed your competitor to make the sale.
As a media buyer and living within this world every day; research, inquiring and continuous knowledge within the media/marketing industry as well as rising stars in the digital world are simply a part of the job. Diving into these solutions, tools and ultimately successes for our clients; well, that is why a media buyer should buy the media for you.
With each site, exchange and/or platform the targeting metrics are different. Some of the variations are small and fairly unnoticeable, but they are still there and can make all the difference when you are attempting to hit your ideal target market. After researching and attempting to discern who your target market is; reaching them where it makes sense and is the most effective ties all of that together. Why not buy your own media here? There are so many companies probably selling the same thing as you, they are where the market is and if you do not hit the right market you are wasting money and still losing to your competitor.
Research and insights within each industry that we house marketing for is a top priority. Media buying for different purposes comes down to understanding how the proposed advertisement will play within the chosen platform as well as how well it will compete with others that have the same current purpose.
Tracking and metrics (ROI and KPI’s)
Return on investment is a buzz term that I am sure most owners and CEO’s want to yell with excitement and positivity and when the reporting lays the ROI out it is just that – exciting! Pair that with a great explanation on the specific key performance indicators (KPI’s) and you have one sweet ending to a month of great data.
Why not buy your own media is a great question to ask and another great reason to sway to you is to say that unless you work with the insights and metrics daily they can get overwhelming and a bit confusing. The ROI and the KPI’s that back that up when presented properly can be an additional gain from a campaign. Take the information gained through the reporting, the reporting that a media buyer can pull apart and lay out in such a way that the client can visualize successes as well as needed action within the campaign.
It’s a Wrap!
Now that the reasons why not to buy your own media have been laid out – wrapping it all up seems like the next step.
When we talk about paid media reach out to a professional media buyer and let them take the risk and you gain the reward from their efforts. Look to the pro that already has the relationships and knows what’s new on the scene; allow the media buyer to research and target your appropriate market and above all else get the reporting in the end. Look deep into the ROI and KPI metrics that you are given, this success will help you understand why you have not bought your own media.
Are you a media buyer and have more to add? Do you use a media buyer? Do you have more to add? Reach out on Facebook, Twitter or LinkedIn to continue this conversation.