Category: General Advertising
Estimated time: 60 minutes
OVERVIEW & PURPOSE
Advertising agencies today recognize the demand for digital media buying and as a result, feature scores of digital media advertising opportunities on their platforms. The phenomenon of media buying also continues with online platforms such as Gainbuzz. Online Media buying is the process of buying up ad space online with many available platforms, in order to drive traffic to your site and secure a conversion form the target customer. This module will help you learn the ins and outs of optimizing your marketing campaigns using online media buying platforms.
OBJECTIVES & RATIONALE
As the online media buying continues account for more and more of digital spending undertaken by big and small companies, it is important to consider the benefits of online media buying platforms for media planning purposes. Buying the media spots you need at the right prices from the right platform can mean that you enjoy better ROI on your campaigns and maybe even enjoy better pre and post campaign support. By the end of this module, you will be able to:
- Understand what goes into an effective marketing campaign
- Understand the process of buying media online
- Understand the advantages of buying media online
- Creating effective marketing campaigns
- Advantages of online media buying
- Buying media spots online
LEARNING OBJECTIVE 1
Understand the innovation that goes into an effective marketing campaign
KEY TEACHING POINTS:
There are many ways to market a product, and with continually evolving technology, new channels for selling your services or products tend to crop up regularly. However, no company is gifted with unlimited marketing funds to reach their audience. In order to maximize your budget, you may be tempted to repeat successful efforts for fear of wasting money on experimentation that may or may not yield results.
There’s a way to experiment without ruining your budget. By taking a prescriptive approach to balancing your marketing mix, you will be able to leverage your best strategies to get maximum results while experimenting with fresh ideas and cutting edge technology to find new avenues of marketing success.
Set a Solid Foundation
The underpinnings of marketing success haven’t changed regardless of what’s shifted in the last ten years in terms of delivery. Your efforts need to be driven by three distinct levels of definition: objectives, strategies and tactics. Here are some of our top strategies to create innovative campaigns without breaking the bank.
Make Failure an Option
In order to continually hone your marketing success, it’s imperative that the leadership in your organization embraces the reality of failure. If your objectives are defined and measurable, marketing failures can offer valuable, quantified insights into your personas, the market and your own effectiveness – creating a stepping stone to future success
Bake Experimentation into Your Roadmap
The most effective way to make sure your marketing team feels free to experiment, and your management team understands both the potential risks and rewards of experimentation, is to bake the concept directly into your marketing roadmap in a conservative, yet effective manner.
Choose Budget-Friendly Experiments:
When searching for experimental strategies, it’s important to keep the following in mind:
All strategies should align with your objectives.
All strategies should be measurable and produce quantifiable analytics
Campaign analysis should be applied to both your proven and experimental efforts.
Experimental strategies should generally fit within 20% of your budget—including the resources and manpower it will take to both execute campaigns and analyze results.
List 3 ways in which you can incorporate innovative strategies for experimentation into your own marketing campaigns. If you do not have your own business or are not working on any marketing campaign, you can also use a fictional product or service.
LEARNING OBJECTIVE 2
Understand the process of buying media online
KEY TEACHING POINTS
The cost of a media buy varies depending on the specific media property on which the buyer wants to advertise like the size of the ad space, the specific times at which the advertisements are to be displayed – including geotagging and other specific features of the advertising campaign. You may already know that media buyers are the individuals responsible for purchasing time and advertising space for the purpose of advertising.
Media Buy Types
Direct Site Buy – This is when a single site is bought for serving the ads.
Network Buy – A network of sites is bought on-board where the ads will throw impressions for the buying customer, e.g. companies like tribal fusion or value click, etc. does this kind of display advertising.
Self-serve Network Buy – This media buying provides you with the means to manage your own account and allow you to come and go as you please – just like Gainbuzz.
Process of media buying
Media buying is not a complication process, but it takes years to build good relationships with publishers. As a business owner or marketer, you do not have that kind of time. This is where platforms like Gainbuzz step in to use our expertise and connections to benefit your business. With experts by your side, the media buying process is simple:
STEP 1 : Identify your target
STEP 2 : Understand your target
STEP 3 : Choose Impactful Objectives
STEP 4 : Campaign Planning and Strategy
STEP 5 : Execution and Delivery
Any online media buying platform worth its salt will have trained professionals on its roster to answer any queries you may have throughout the entire media buying process.
What are the different types of media buying options and which one will fit your professional style the most?
LEARNING OBJECTIVE 3
Understand the advantages of buying media online
KEY TEACHING POINTS
The major benefit of online media buying through Gainbuzz is that you get fair pricing. Since there is no middleman, any money saved during negotiatinos goes into your pocket alone. Generally online media buying costs less on a CPM basis than traditional display. With such platforms, there are lot of metrics that ensure that your bid price for a click is within your defined value range. The ability to control budget parameters also allows you to control spend, even in real-time. Also,The Cost Per Impression is significantly lower than if you were to purchase premium inventory directly from the publisher. This is because platforms like ours have long-standing relationships with publishers and over the years, such insider relationships afford us the luxury of cheaper rates. As our customers, you are the first to enjoy these perks.
Real Time Measurement
Online media buying functions by using automated technology, which improves the efficiency and performance of your campaigns. This helps you to gather data and analyze more data and draw on your insights to improve campaign performance. Unlike traditional advertising, you do not have to wait for the end of campaign to view the results. Advertisers can exactly measure how their creative campaign and overall targeting is running as soon as it is launched.
Pinpointing Target Audience
In contrast to traditional channels of advertising, where you could not make an accurate prediction of whom your ad is shown to, digital media buying enables enormously scalable potential with just a few campaign details put in place. The software allows you to select specific audience attributes and set a budget through which brands can spread their reach across thousands of sites. Through online advertising, marketers and advertisers can target these ideal customers through IP targeting, geolocation targeting or category and site targeting.
Another advantage is that the advertisers can track to the exact numbers such as: how many times an ad is viewed, clicked or even led to a conversion. Advertisers can more effectively get an overview of where an ad is shown, what level of engagement it receives and use this budget to invest in right areas. As online media platforms possess effective and accurate tracking abilities you can allocate a smaller portion of budget and still get valuable analytics and insights. It also helps with competitor analysis as you see exactly what sites your competitors are reaching and the type of customers looking at their ad.
The process of purchasing ad space in online media to reach your customers is a speedy process for both the buyers as well as sellers. Advertisers do not have to waste their time till the campaign launches. The automated nature of online media buying platforms allows audiences and advertisers to connect across any device, at any time, in any place. All this process takes no longer time as the actions taken are quickly implemented and are launched faster across all devices.
Optimized & Personalized Advertising
Due to the automated technology, the marketers and advertisers can deliver more customized and personalized messages to audience based on real time data. It allows you to buy directly from the source instead of going through agencies that makes the entire media buying process streamlined. This saves the times and money for advertisers looking to avoid the process of negotiating the right price point. The audience can receive a customized message that is relevant and leads them to visit your site immediately.
Cross Device Advertising
The constantly changing online platform has resulted in improved attribution models where you can track cross platform metrics across multiple channels in a more cost efficient manner. Advertisers are finding ways to follow and reach on-the-go customers.
One of the major benefits of buying online is the greater reach that an advertiser has as compared to traditional medium. It also provides the advertiser with more transparency on the inventory they are purchasing, which gives them peace of mind knowing that their brand image is intact. Online media buying improves the overall efficiency of digital advertising.
List down key strategies to optimize your existing marketing campaigns using online media buying platforms.