As of 2022, the global media buying market was valued at $69B. Media buying remains competitive by evolving with the times. Namely, advancing as advertising agencies perfect how they market brands and products.
Media buying was once reliant on relationships, building meaningful connections with media partners. Now, media buying relies heavily on programmatic advertising, focusing on AI for its media buys, especially with channels such as Google and Facebook.
But how did digital transform the advertising landscape and how did media buyers pivot to align with new marketing demands? To understand the answer to this question, you first have to understand media buying at its core.
What Is Media Buying?
Media buying is a crucial part of advertising. A media buying agency works to secure the best placements, locations, and times to run ads. This works to ensure that paid advertising reaches its target audience at the best time and location.
Media buying works to purchase ad placements on the channels that best represent a brand and are the most relevant, connecting with the appropriate audience. The ad would then run at a time when it’s most likely to be seen by target consumers.
Media buying includes (but isn’t limited to):
- Television
- Radio
- Websites
- Digital channels
- Apps
- Streaming services
Since media buying incorporates both traditional and digital marketing strategies, it has the greatest opportunity to reach the maximum number of consumers.
How Does Media Buying Work?
Media buyers look to match an ad’s context with a specific medium, or location. This might be on a website that focuses on similar products or on a tailored Amazon channel. When properly executed, media buys help brands secure the most reach possible with their target audience while educating consumers about their products or services.
It’s worth noting that media buyers work in tandem with media planners when determining advertising concepts. Media planners create the overall media plan that states the specific objectives and goals of any given campaign.
The media buyers then work to negotiate with advertising channels and media outlets, securing the best time and frequency for an ad to run. Since media buying agencies have a set budget to work within, they have to adhere to these guidelines as well.
What Is Digital Marketing?
To understand how digital transformed the advertising agency landscape, it’s important to understand what constitutes digital marketing.
Digital marketing encompasses any Internet-based marketing effort. This might be the use of search engines, social media, websites, email, and more — it just has to be a platform that connects businesses with existing and prospective customers.
Sounds simple enough, right? This is where things get tricky. If a business has the best product on the market but can’t connect with its target audience, it doesn’t stand to make many sales. And it’s up to media buyers to understand the best way to reach these audiences.
Digital marketing can connect companies and prospective customers, provided the content is tailored for a target audience — the same audience looking for the product or service offered by a company. Once media buyers understand a target audience, they can determine the best way of advertising a product, service, or brand.
How Has Digital Changed Media Buying?
Digital marketing changed the way media buying works. Previously, advertising commonly consisted of newspaper advertising. Media buyers mainly needed to create plans and buy depending on an ad’s size.
From there, they could locate the best newspapers to place these ads, taking into consideration how frequently they should run the ad and what the client was looking to spend.
Now that social media and digital marketing exist, there’s a shift in how media buying works. Digital strategies must be incorporated into every single advertising campaign. This has become the rule and not the exception.
Advertising in newspapers simply isn’t enough, especially if businesses are looking to outpace the competition — who is most likely using social media to connect with prospective customers.
No matter what ad a media buyer is looking to place, it has to reach consumers across a multitude of platforms. The expectation needs to be that shoppers will overlook traditional media placements, relying solely on digital ads for all their consumer-related needs.
Digital Marketing Channels
As digital marketing evolves, so do its marketing channels. Banner Ads were once seen as one of the most innovative digital marketing techniques available, capturing the attention of countless users. They also worked to promote a variety of products and services and became a go-to for many businesses.
But Banner Ads are no longer the hot ticket item they once were. They’ve been steadily declining with businesses due to low Click-Through Rates (CTR).
Ad blockers have also put a damper on Banner Ads, especially with free services such as AdBlock. The other issue with Banner Ads comes down to trust. Since these ads appear intrusive, they’re often associated with high bounce rates and users looking negatively at brands that support them.
Banner Ads also inadequately targeted customers and ultimately contributed to ad saturation on a website.
Although not completely obsolete, Banner Ads have taken a major backseat to other forms of marketing. When competing with Google Ads, landing pages, and social media marketing, Banner Ads alone simply can’t compete.
Take social media marketing, for example. According to data from Sprout Social, it’s reported that 2024 alone will show a 6.1% spend growth.
Digital channels are growing in popularity, demonstrating the necessity to expand advertising strategies to include social media.
When researching digital channels, there are four to be mindful of:
- Paid media
- Earned media
- Shared media
- Owned media
Paid media includes social media marketing, influencers, and pay-per-click, for example.
Some examples of earned media include influencer endorsements, online reviews, and social media mentions.
For shared media, focus on social media blogs, email marketing, and online forums.
Owned media refers to websites, LinkedIn, newsletters, and more.
There’s also been a large push towards video and mobile advertising. Since banner ads lacked the ability to target specific audiences, it is more common for advanced advertising solutions to enter the chat, focusing on specific demographics and targeted audiences.
As technology advances, so does the ability to create data-driven marketing strategies that offer a personalized approach to connecting with consumers. And media buyers take all this into consideration.
Marketing Communications
Online content means that more brands are digitally aware of what consumers want and how they shop. This makes the need for online platforms and social media that much more important.
As demand shifts from one digital platform to the next, it’s up to marketing agencies and media buyers to meet these demands. Otherwise, it’s easier for competitors with a strong social media presence to secure customers.
Virtual communication and events also affected the way marketing agencies help brands connect with consumers. Virtual events are more popular than ever, and offer consumers an opportunity to interact with brands from the comfort and convenience of their home or office.
Some types of virtual events include:
- Webinars
- Feedback surveys
- Live polling
- Live presentations
- Virtual trade shows
- Virtual job fairs
- Virtual exhibitions
- Live streams
Without having to be physically present, more consumers are finding themselves looking for virtual events to attend. COVID-19 demanded more virtual events, and the trend stuck, shifting the landscape for marketing agencies.
When businesses host virtual events, they can connect with their consumers and engage in meaningful conversations about their products, offering opportunities for a Q&A. Even better, there’s no overhead or need to find a meeting space, keeping events cost-effective.
The Best Market for Your Product
According to data from SellersCommerce, the eCommerce industry is worth $6 trillion. By 2027, it’s expected to reach $8 trillion. Since this industry is on the rise, marketing agencies have to follow this digital trend, working to showcase brands through various online selling platforms.
Yes, a large number of people still prefer shopping in brick-and-mortar stores. The solution is to incorporate customized ads to satisfy the targeted customer base. Businesses need to:
- Determine a budget
- Identify their target audience
- Create a goal
- Work with a professional marketing agency to create and launch a digital campaign
- Analyze campaign data to boost future sales
Current Advertising Options Available
Facebook advertising was considered one of the best means of advertising a brand or business. But digital marketing has advanced in leaps and bounds and Facebook is no longer the only option. Since digital marketing is like an investment portfolio, it’s important to be as diversified as possible.
Businesses are encouraged to market their brands on YouTube, LinkedIn, TikTok, Pinterest, and Google. Reddit, Quora, and TikTok are also popular channels used to showcase products and services.
Marketing agencies and media buyers are adept at trying out different avenues and seeing how each performs. From there, they can curate additional ads designed to reach a specific audience.
Shifts in digital marketing have also forced marketing agencies and media buyers to think towards the future. What possible trends are on the horizon and how can they keep abreast of them?
Data and Marketing
A digital media buying agency should focus on data, analyzing current research and content to better understand what consumers want. From there, they can glean valuable insight into a consumer’s position and make marketing adjustments accordingly. This ultimately helps media buyers when placing ads.
Take Microsoft Advertising, for example. This online advertising platform reportedly has 500 million users (Invoca). Microsoft Advertising works to figure out how consumers interact with advertising, including digital channels, radio, TV, and print in their marketing tactics.
When marketing agencies use Microsoft Advertising, they can create ads that appear when users type in specific keywords or phrases. These ads include video, text, and image-based advertisements.
Marketing agencies need to first determine a business’s goals, develop ads that drive traffic to their website, showcase their brand to consumers, create awareness, and curate lead generation.
Defining Goals in a Digital World
Since media buying shifted to digital, marketing agencies need to define specific goals when creating ads. Since there is no shortage of channels to focus on, an online media buying agency is tasked with selecting the channels that best align with a business’s goals.
This means that campaigns may very well differ, especially if the company’s goals shift. After a definitive goal is established, marketing agencies can determine which channel has the best overall reach.
For traditional media buying, this might be selecting the best newspapers, TV shows, or radio stations to market a product. Since digital marketing changed the landscape of connecting with consumers, online channels have to be incorporated into the mix, and ad agency media buying factors this into each campaign.
It’s important to ask if a business’s goals are to increase brand awareness, turn leads into sales, or focus on deeper brand recognition, educating consumers on what the brand has to offer and its core values.
Media Buying and Google
Google Ads allows media buyers to bid for ad placement. These ads are located within Google properties or on partner websites within Google’s Display Network. This network allows media buyers and businesses to reach consumers as they search and browse any number of Google apps, websites, or other properties.
To be more precise, Google’s Display Network has over 2 million websites, apps, and videos.
When using Google’s Display Network, businesses are looking to reach as many consumers as possible. The issue is that these ads might not reach the intended audience, making professional marketing agencies an absolute must. In general, Google’s Display Network is optimal for businesses looking to increase brand awareness without breaking the bank.
The Role of Meta
Facebook media buyers are tasked with finding the best (and more relevant) customers for their clients. This takes into consideration the client’s products, services, and brand. The tricky part is doing this within a specific budget, outlined by their client. Skilled Facebook media buyers know how to create profitable campaigns while analyzing each campaign’s results to improve them moving forward.
Once a Facebook media buyer locates their client’s target audience, they create ads that draw in the attention of those looking to purchase said products or services. They can then run the appropriate ads and use Google Analytics, for example, to determine the ad’s efficacy, making adjustments accordingly. These ads should engage with consumers and drive sales for the media buyer’s clients.
Media Buying in the Digital Age
Although media buying has shifted in the digital age, it still plays a significant role in advertising. Newspapers were once considered the best way for businesses to run ads, but social media, websites, and numerous video-sharing platforms have necessitated the need to use both traditional and digital methods of media buying.
Understanding the best way to market your business can feel daunting, but professional marketing agencies exist for this very reason: to help you determine the best way to connect with your target audience, relying on traditional and digital methods.
Let’s B Media infuses the best of both worlds, working with your company to outline specific goals and the best ways to see them through to fruition. From web design to email marketing and everything in between, Let’s B Media is a full-service marketing agency — and the only one your company needs.
Contact us today to get started.