What is media buying and selling? It is simply the allocation of space to advertise a product or service. The space is sold by the owner of the space to an advertiser or an agency which advertises for its clients. Space can come in many forms: Newspaper, magazines, radio, television, websites, advertising websites, social websites such as Facebook and search engines such as Google.
For most advertisers, media buying is part trial and error and part research if it is their first time. But over time, as media buying turns into a profitable game and spends are increased, it becomes a science.
A lot of specifics need to be kept in mind while media buying takes place. Not only the spend, but targeting details such as age, location, sex, interests, device used and usage etc. Marketeers have a plethora of targeting capabilities at their disposal which allows them to target the the right target audience for their product and service advertising.
But, compiling this data, targeting the right audience, creating customized adverts for the right audience is a tumultuous task. It not only requires a skilled individual to envisage the right targeting metrics but also a lot of time, patience and resources to do so. Also, at the end of the day, a human interface always has a chance of error. How does one solve this problem?
The simple answer, programmatic media buying: The future of media advertising. Make no mistake, even though this is the future, it is already here. In a survey, it was found that 40% of companies already use programmatic buying. It’s an easy fool proof process of advertising to your target audience.
But what is Programmatic buying? It can be defined as the automated purchase of media space by feeding in the required targeting metrics and budget. Thousands of calculations are made in real time and the dashboard which provides programmatic buying gives an output of an approximate outcome. The outcome depends on the goal and can vary from awareness, lead capture, engagement etc.
Spaces such as Facebook and Google work on such models where a budget along with the required targeting, ad dates and various other details are fed and the ads run by themselves in an optimized manner to achieve the marketeers goal.
Research shows that by the year 2020, most companies in the United States would have shifted to a programmatic media buying process.
As compared to the manual media buying process, programmatic media buying is the future as it is:
- Efficient in terms of time as most of the manual research is avoided
- Cost effective as no wastage is created in reaching out to the wrong target audience
- Reliable as it is an automated interface where there is no loss of time
- Error free as the Artificial Intelligence Interface will not make any errors as long as the marketeer feeds in the right data
- Transparency not only in reporting but also in terms of budget spent
- Highly targeted advertising down to the level of a particular website and the options of the various space the website provides
- Retargeting or remarketing which essentially means that advertising your product or service to an individual one or more times in the future if they have showed interest even once in your product or service offering
- RTB or real time bidding for ad space creates competition but also allow marketers a chance to ensure they do not overpay for ad space and pay just the right amount enough to overthrow the competition in the bid for ad space
To put it simply, programmatic buying is the way to go. In case it is not something you are already working with, it is definitely something you should consider for your business!
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