Posted in Marketing and Strategy Terms, Total Reads: 344
Definition: Media Buy
The buying of advertisements from different media platforms (like newspaper, magazine, television, blog, radio station and website) is called Media Buy. There is a price for Media Buy, which depends on a number of factors, each factor denoting particular specifics of the concerned advertisement campaign.
Such factors can be demonstrated using “website” as an example of media platform:
• The position of ad on the page of the website
• The size of the ad
• The number of pages on the website, where the ad would appear
• The number of days that ad need to run
• The amount of traffic received by the website
Generally, the price of Media Buy is directly proportional to the amount of exposure the advertisement is expected to receive.
Some fundamental steps involved in designing media buy for a business are:
• Identifying the target market: It is important to create a profile of customers so that the best venue to place the ads can be recognized.
• Researching the target market: After identifying the target market, primary and secondary research need to carried out. This is important because it helps in understanding the behavior of the target consumers.
• Setting the objectives: Marketing objectives need to be set for each media buy so that the effects of media buy on the concerned target segment can be measured.
• Defining and planning out the strategy: The plan for the media buy need to be established and thus budget for the same is evaluated. Furthermore, the components of the media buy are also decided.
• Executing the plan: Approach the media platforms and outlets, as decided. This step involves negotiating the rates of the media buy. The calendar and budget need to be kept in mind. Also the add-ons and bonuses should be availed as much as possible while negotiating a media buy.