With mobile now accounting for an increasing share of the digital ad market, the next revolution in digital media is already underway. Businesses and organizations are increasingly flocking from more traditional advertising methods for better value for money and a stronger return on investment. Greater tracking and insights in online and mobile marketing allow for advertising spend to be applied in only the most effective ways. For businesses that are alive to these new forms of advertising, the results can be compelling.
While the benefits of digital media are becoming increasingly recognized, that comes only partially at the expense of more traditional advertising outlets. Businesses still continue to advertise locally and nationally in physical media. And for those with enough leverage, extra favorable rates can be negotiated to offer much cheaper exposure across more traditional channels.
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So why use a media buying agency? Some businesses choose to work with media buying agencies in order to apportion their advertising spend. Media buying agencies buy ad space on behalf of their clients, and manage budgets to extract maximum value from advertising spend. For some organizations, a media buying agency will provide the ideal solution in complement to their in-house marketing team. This can help maximize the efficiency of advertising spend and get the maximum possible exposure from every dollar spent.
Of course, media buying agencies don’t work for free, and businesses need to justify this cost if they are to decide to run with a media buying agency managing their campaigns. But is it worth hiring a media buyer, or is this a task that can be adequately (and more cost-effectively) managed in-house?
The Value Of Media Buying
Media buying agencies specialize in buying ad space across different media. From the traditional to the digital, these agencies handle substantial budgets on behalf of their clients. Through individual ads and promotions to wider campaigns, a media buying agency will apply your budget in the most effective ways to gain the most overall exposure and the best results for your business.
There is naturally some variation in the quality and scale of results you will see across the industry. Some agencies will deliver a better service than others, just as some will be more expensive than others. But as a rule, media buying has advantages it can offer to organizations that help them earn their fee.
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Advertising is one of the most negotiation-heavy industries there is, and buying agencies are almost always in a stronger negotiating position than your business. When someone is preparing to spend a share of 10 or 20 corporate marketing budgets with an advertiser, chances are they are likely to be more accommodating to price negotiations. This translates into giving media buyers a competitive edge on the amount of advertising they can buy within their client’s budget. The bottom line for you is access to cheaper advertising rates for comparable exposure.
In terms of the service itself, media buyers are professionals with better insights into the industry than the average business owner. Their knowledge and expertise means that they will be more effective in finding suitable placements for your message, both online and off.
Statistics and analytics in marketing have become a more prominent feature of the profession in the last decade or so. It is now possible for conversion rates, click-throughs, and a range of other metrics to be tracked, modified and tested against other formats to establish the most effective marketing channels. A command over this kind of data and how to influence it gives ad buyers a competitive edge over you or your marketing team in achieving results.
Modifications to your campaign can be made in just a few clicks, yet with the right information and guidance these can have a significant impact on the effectiveness of your advertising. This is the kind of benefit ad buying agencies deliver over your own staff, regardless of individual experience.
Is A Media Buying Agency Worth It?
For organizations that have a budget to spend on advertising, a media buying agency may prove a worthwhile option. Agencies usually manage your ad spend for a percentage fee, based on the total amount of money being spent. As the person responsible for your business marketing results, only you can make the final judgment as to whether media buying is a worthwhile area of expenditure. But for more efficient ad rates, optimized advertising strategy and the benefit of a greater diversity of placement, media buying can be a more effective route than managing your spend in-house.