Media Buy
A media buy is the purchase of advertising space in a media venue. Print ads in newspapers, 30 second spots on prime time network and cable television, 60 second advertisements on radio, banner ads on websites. Each can be considered a media buy. Selecting your media buy should be an occasion for you to do some serious introspection on what it is you are selling, who you think your target customers are, and where you are likely to reach them for the lowest cost.
If you are a major player with a huge advertising budget, your media buy of first choice will likely be television. The next step is finding the television shows that appeal to the same demographic as your product or product line, having your ad agency develop commercials that appeal to that demographic, and purchasing your time. Smaller businesses make their media buy in the local newspaper or regional magazines, or perhaps on their local television and radio stations.
Other businesses may consider the purchase of time on radio stations and networks. The power of having a famous radio personality like Howard Stern or Rush Limbaugh read your commercial live on the air or terrestrial or satellite radio can drastically increase the visibility of the product to the audience and depending on the loyalty the listener has with the host, can increase sales and revenue streams.
The newest form of media buy is the purchasing of banners, towers and text ads on popular websites. Media buys on websites are usually priced by thousands of impressions, or appearances, with a number of different advertisers rotating through the same space.
The art of media buy is in a state of flux as alternate media grows and changes. Try small purchases in a variety of advertising venues to determine which media buy alternative is the most effective for you.
Media Buyer
A media buyer is responsible for purchasing media space or advertising time in radio, television, newspapers, magazine and online media as well as developing the advertising campaign and researching how it will be most effective for the advertising client. Their mission is to find a combination of media that will enable the marketer to communicate the message in the most effective manner possible at the minimum cost. Typical requirements for a starting media buyer is to have a Bachelors Degree from an accredited university with 2 to 4 years of field experience.
When planning what to buy, Media Buyers must evaluate factors based on but not limited to radio station formats, pricing rates, overall demographics, geographic, and psychographics relating to the advertisers particular product or service objectives. The Media Buyer needs to optimize what is bought and that is dependent on budget, type of medium, quality of the medium which includes the target audience, time of day for broadcast and more, and how much time and space is wanted. Media Buyers can purchase spots, regionally or nationally.
There is an apparent distinction between General Marketing Media Buyers and Direct Response Media Buyers. General Market Media Buyers enact or actualize media plans drawn up by media planners. They negotiate rates and create media schedules based on a media plan constructed by a Media Planner.
An experienced Direct Response Media Buyer knows what radio stations generate a specific quantity of response and knows within reason, the break even point of the expenditure versus the return. With that information, the Direct Response Media Buyer is efficient in negotiating a functional rate and in purchasing media from the appropriate stations.
Common traits of a Media Buyer include the ability buy cheap with the most bang for the buck. They must possess negotiating skills, work well under pressure, and have fantastic money management skills.
