Have you just launched a new product or service for your business? If so, congratulations! Now, you’re probably wondering how you’re going to market this new offering. One beneficial way is through media buying.
Like search engine marketing, media buying is very much a formula. There is a whole process behind media buying. As such, for today’s blog post we’re going to be covering all the steps for a successful media buy. Before we begin, let’s dive into what media buying is.
Never heard of the term before? Media buying is the procurement of media space and time to display ads. Media buying falls into the paid media category and includes print ads, radio advertising, commercials, and even digital ads. Because it is so diverse, it can be a very beneficial avenue for businesses to help them achieve their marketing goals.
Before you launch a campaign, you need to first determine who your target audience is. What is the age, gender, social status, marital status, location, and hobbies of your ideal customer? Paint a picture of who they are. These insights will help you not only with your messaging, but it’ll help you choose where you display your ads.
Once you’ve identified your target audience, it’s time to do research on your audience. Businesses need to know where their ideal customers and clients spend their time and what leads to their purchases. As we blogged about earlier this year, not every generation buys the same way. Read our blog post, How to Market to Different Generations, to learn more about the four different generations- baby boomers, gen X, millennials, and gen Z. Older generations are more likely to respond to traditional forms of media like print, radio, and TV whereas younger generations prefer social media, blogs, and YouTube.
To be successful, you also need to factor in the right place, time, and messaging.
These days timing is everything when it comes to advertising. Knowing where you audience is at a given time is the difference between a strong ROI and thousands of dollars just wasted. This article from Centro shows daily, weekly, and seasonal consumer trends.
Equally important is messaging. Powerful messaging will express the value of your brand and it’ll help your ideal customers and clients resonate with you. To write compelling copy, think about what differentiates your business from others like it. Use imagery to tell your story and don’t forget to keep the copy simple. Don’t be too wordy.
Knowing what your competitor is doing is always critical. You should ask yourself, do they have a media buying strategy? What are their marketing strategies? What is their key messaging? Knowing this information can help you save time and money.
Next, you have to select which media you want to go with. Your ad could be displayed in a newspaper, travel guide, magazine or on a commercial, billboard, or the radio. When choosing your media, be sure to think about your audience. Baby boomers are more likely to pick up a print publication. The ways Generation X likes to be marketed can be comparable to Baby Boomers and/or Millenials. Millenials like engaging with creative, interactive forms of media.
Ah, budgets. While they can be annoying and anxiety-inducing, they are always important when money is concerned.
Whether you select a radio station or newspaper publisher, it’s important to negotiate beforehand, not after. Look for deals and ask for discounts. Be sure to compare offers before you make a final decision.
If you’d like the extra help with media buying, let us know. At Sperling Interactive, we have done media buying campaigns for various businesses.