Posted in Marketing and Strategy Terms, Total Reads: 418
Definition: Media Buyer
Media buying is a function of advertising department within a company wherein the company vies for media space in the media real estate at a reasonable price. The main job of media buying is to ensure that the company gets ample media space at an affordable price so that the company can extract the maximum value of it. A person or a group who are responsible and facilitate the job within the company are known as media buyer.
A media buyer has to work with all departments within the company to know the optimum price the company is will to pay for their media space. Also, the buyer needs to carry out a forecasting of what his/her efforts are going to bring to the company i.e. the amount of revenue it will eventually generate. The media buyer also needs to choose among the various media available to buy the space for the company which would translate into revenue. For e.g. the buyer may choose to buy huge amount of spaces in print media as they are relatively cheaper as compared to other media or he/she may choose an expensive media depending on the effectiveness.
The company may choose to outsource the work of media buyer to an external company or agency as they are in contact with several media houses and publishing agencies. The company by outsourcing the job is saving on the media buyer salary and also their maintenance. If a company wants media space frequently it is advisable for the company to hire and keep a media buyer within a company. If the company does not advertise frequently it is advisable to outsource the media buyer position to an external company.