This article explains the media buying process and presents 3 major benefits of media buying platforms and why you should choose a media buying company for your brand advertising campaign.
Ever wonder who’s responsible for those banner ads you see on sites you most frequently visit? This is all down to the work of media buyers. Once a brand has established its marketing budget, a portion of it goes to paid advertising. That’s when they either choose traditional media buying or opt to turn to online media buying platforms, such as BidMind by Fiksu, to facilitate the undertaking.
Media buying involves purchasing online or offline time and territory to run advertisements and monitoring their performance. The role of a media buyer also involves managing budgets, purchasing advertising inventory from publishers and optimizing adverts for campaign effectiveness.
There are 3 key approaches to media buying.
Manual Bids: A method that lets you set your own maximum CPC (cost-per-click) on your ads when bidding on advertising space and directly manage bids via advertising platforms, such as Bing.
Direct Buying: Media buyers focus on building relationships with publishers on websites to negotiate the placement of adverts. Brands oftentimes choose this form of media buying due to the ability to customize. Negotiating directly with publishers can sometimes result in more bold, striking ad placeholders that can garner big revenue in exchange for a big payout.
Programmatic Buying: Using technology to automate the entire process and do almost all of the media buying legwork.
This is where media buying platforms come into play.
In essence, a media buying platform is a tool that facilitates transactions between advertisers and publishers across the web when purchasing desired ad space. Programmatic buying on these platforms is supported by intuitive algorithms and artificial intelligence-enabled bidding on advertising space in real-time, which is then paired with consumer profiles.
1. Hyper-targeting advertisements: Using platforms like BidMind, brands have the ability to launch hyper-targeted ads that consider context, location, and more. BidMind is an omnichannel programmatic advertising platform founded by Fiksu. With Fiksu, app and brand marketers can reach their intended audiences using their mobile and connected TV (CTV) marketing tools.
BidMind offers premium inventory across audio, connected TV, desktop, and mobile, allowing media buyers to effectively target specific target audiences based on where they spend the most time. This results in higher quality leads.
2. Maximum control: Media buying platforms give users complete control of their client’s advertising spend. Buyers are able to take part in bidding in real-time through auctions in which placement prices are also determined in real-time. The traditional media buying practice of bulk advertising limits advertisers’ ability to control inventory and placement. All programmatic advertising platforms, such as BidMind, run on a self-service basis and give full control and autonomy to buyers.
3. Simplification: Traditional media purchases are time-consuming and inefficient since they involve numerous requests for proposals (RFPs), human negotiations, and manual orders (IOs).
With the adaptive technology used by media buying companies, the software automatically updates when the ad inventory is acquired. This allows the buyer to instantly see what other ad space they can purchase for their client using the remaining advertising budget. This makes it easier for media buyers to plan campaigns more efficiently.
Programmatic advertising is widely used today, and it is easy to understand why. You need to stay ahead of the curve to make sure your advertising budget is being placed in the right hands, whether you opt for the more traditional approach or smart, adaptive technology used by a media buying company.