Beyond Price: 3 More Things to Look at with Media Buys
When beginning the media buying process, price is usually the first factor to consider. You may ask yourself, “Does this ad placement fit in my budget?” or “Does the price reflect the expected return on investment?”
Although analyzing price is important with media buys, there are a few more things you should look at before purchasing advertising. To achieve your desired results, you must also consider market research, media objectives and budget allocation. Explore the factors below to help optimize your media campaign.
1. Market Research
Before moving forward with media buys, your media planner must conduct market research to best support your key campaign goals and objectives. With comprehensive research, you can learn how to effectively reach and engage your target market with relevant ads.
The market research process often begins with the identification of your target audience and their purchase behaviors and preferences. Your media planner must also assess your competition and research industry trends to gain understanding about the type of ads that will work best for your campaigns. These experts also analyze market insights and apply them to your key campaign objectives to create an effective marketing plan.
2. Media Objectives
Next, you’ll want to review the key media objectives that will help you reach your broader marketing goals. For instance, you may want to drive 10,000 downloads of your latest eBook each month. Using the information from the market research stage, media planners can select the best traditional and digital channels to help you achieve these objectives. At Hubbard, for example, we offer a range of media solutions, including:
- Digital advertising
- Social media
- Video Display
To be effective, you’ll need to use media channels that can help you reach and engage your ideal customer base. A knowledgeable media planner will create the perfect media mix of traditional and digital solutions to reach your target audience and drive action across all media channels.
3. Budget Allocation
When buying media, it’s equally important for media planners to allocate the budget to properly manage and optimize your spend. By analyzing your budget, they can determine how to best distribute your marketing dollars to build an effective media strategy. For example, depending on your objectives, your media planner may decide it’s best to put 50% toward radio, 25% in digital ads and 10% in social media, with the rest allocated for test marketing campaigns. This ensures that you’re investing the right amount in each channel to produce the best results.
Confidently Navigating the Media Buying Process
While price is paramount when considering media buys, the other three factors above can also have a significant impact on your marketing campaign. With a close look at market research, media objectives and budget allocation, your media planner can effectively support your annual marketing goals. To get started, contact a talented media partner such as Hubbard Chicago that can create an effective media plan that delivers clear results every time.