When it comes to marketing, you’ll hear a lot about strategy and planning: identifying your demographic, finding your “voice,” and reaching potential customers. You may not have heard much about media buying, however, which is linked closely with strategy but is its own distinct initiative.
What the heck is media buying?
Television and radio spots, website ads, and sponsored magazine content are a few examples of media buying. Media can be bought directly (for example, placing an ad in a newspaper), or through automated technology (such as Google AdSense). Buying media is approached from a standpoint of ROI – Return on Investment, or the best results for your budget. So, there’s no “one size fits all” approach.
Media Buying 101
Once you have your ads or other content developed, it’s time to reach your audience. Here are the basics of media buying:
Find your strategy. What’s your ideal end result? If you haven’t already done this, identify your target market, budget, and goals (and the associated steps to get there).
Do your research. This can get complicated; you may choose to work with a dedicated media buyer to make the most of your investment. Network with some pros to find the buyer that’s right for you.
Know your audience. Who are you looking to reach? What are they watching, reading, or listening to? Form partnerships with platforms if you’re going the direct route, or you can identify them by things like age, location, device, etc. if you’re setting up a media buy using automated technology. Automation is especially important for local media buying, as you want to make sure your ad is relevant to your audience.
Work out the details. With a direct buy, you or your buyer will be talking personally with your platform’s team. When automating, you’ll be able to enter things like budget, campaign type, and the creative (e.g. ads).
Launch, track, and adjust. Once your campaign’s out there, make sure your marketing budget is being used effectively! Tracking is especially easy with automated media buying, since you can see your campaign’s performance in real time. Is one ad not performing as well as others? Adjust your lineup, or your target audience; for example, for your best ROI in Galveston, you would want to hone in on the city itself rather than a broad surrounding area.
Local vs. National Media Buying
Depending upon your desired audience and budget, choosing national or local marketing can make a big difference in your media-buying ROI.
If you have the ability and desire to serve a national audience, and have researched a wide demographic, you may be ready to go big. You’ll want to focus on raising awareness of your brand, and unless you have a pretty large budget, buying online media is likely to serve you better than national print and television.
Local media buying can greatly benefit small businesses. Many people want to support their local economy! You’re likely to find your best ROI in the Galveston and Houston area. We’re in the middle of a diverse and exciting demographic, including a huge metropolis along with smaller cities and towns like Clear Lake, La Marque, Texas City, Friendswood, Hitchcock, and others. You’ll also have a wider range of platforms for your budget, like local television and newspapers. Which leads us to…
Benefits of Buying Traditional Media
Digital is not your only option! Traditional media is often worth incorporating into your media-buying plan.
1. Radio still works. Many people still listen to broadcast or satellite radio, especially in their cars. Traffic isn’t going anywhere anytime soon, and neither is your audience!
2. Television advertising works too. People are watching plenty of broadcast and streaming television. Unlike noisy social media, television lets people relax and enjoy a program (or several). Why not add your message to the mix?
3. Traditional media is ideal for local media buying. In southeastern Texas, people have different needs and interests than in the Pacific Northwest or New England. For the best ROI in Galveston and Houston – or nearby locations like La Marque, Clear Lake, Friendswood, Texas City, and Hitchcock – you’ll need to speak specifically to this corner of the world.
Tracking Your ROI
The basic formula for calculating ROI is net income divided by total cost of investment, multiplied by 100 to calculate a percentage. If you invest $1000 directly into buying media, with no other costs, and make $3000, your net profit is $2000. Divide that by your investment (2000/1000=2), then multiply it for an ROI of 200%. In the real world, however, you may incur other costs, including hiring a media buyer, which can cost money upfront but produce a better ROI.
Confused? Don’t give up!
If this seems like a lot more work than expected, JanMar Agency can help you with your media-buying strategy and needs. As a local agency specializing in local marketing, we know Houston and Galveston as well as Clear Lake, La Marque, Friendswood, Hitchcock, and Texas City, but we also have wide-ranging experience. Call us at (409) 502-8221 for a free one-hour consultation or book online.
Comments