What Do Media Buying Agencies Do?
Many teams navigate the media campaign process flawlessly. They nail down solid marketing objectives, set tangible KPIs, and have a foolproof idea of their target market.
However, many brand teams need help to buy the optimal media space for their ads successfully. This portion of the campaign process is very complex; sometimes, teams need extra help.
Here is where media buying agencies come in. This article will discuss what a media buying agency does and why you should take advantage of this service.
Media buying is a general term for procuring and buying ad space for different media types.
According to William Lapointe, President of Pathlabs, media buying activities include researching, strategizing, negotiating, and placing a media buy.
A media buyer is vital in managing media plans and buying specific ad space to field it.
Marketers can purchase ad space in a few ways. The traditional format involves personally reaching out to ad publishers and brokering deals to run the ad for a specified timeframe/price.
Conversely, marketers may purchase ad space via programmatic platforms or ad exchange. In this format, the media buyer uses a demand-side platform to access the ad exchange and bid in real-time on ad space promoted by publishers via supply-side platforms.
Need a recap on the real-time bidding process? DSPs? SSPs? Click here.
Media buying is a highly complex process because advertisers can tap into so many media channels. Without prior media buying expertise and a good idea of the target audience, media buying can be like throwing a dart into a void. Luckily, media buying agencies exist to help with this part of the process.
Media buying agencies are outsourced teams that manage media buying activities for a business.
These agencies step in, refer to the strategic goals outlined by the client, take the creative media, and identify the best ad space based on the media strategy.
Media buying agencies handle the media buying process for clients. This includes:
Audience research
Calibrating programmatic buying software
Brokering deals with ad publishers
Translating media plan objectives into actionable steps
Providing industry insights to guide campaigns and maximize ad spend
Media buyers assist in placing media in the following ad formats:
Native
Social Media
Media buying agencies are not an all-encompassing service. Many believe the agency plans the whole campaign, buys the media, monitors the results, and optimizes the campaign. However, this is only sometimes the case.
Media buying agencies focus on buying ad space for the client. They will either set up an ad deal traditionally or programmatically to bid for the ad space in real-time. Regardless of the method, their job finishes once the ad space purchase is complete.
The job that precedes a media buyer is the media planner, who does the upfront research, media mix selection, target audience identification, and puts the actual media plan together. Once this is complete, the media planner will pass this on to the media buyer, who will use the plan as a reference and buy media accordingly.
Media buying and planning roles are often confused with the term "media execution." Media execution is strategizing at the digital tactic level, tracking, analytics, bidding techniques, audience identification, optimization, creative trafficking, tagging, pacing, and all other aspects of deploying a successful digital campaign.
Media execution is a multi-faceted and in-depth type of service. If you hire a media buying agency, know that you will get help with only media buying. If you want more support, hire a media execution partner like Pathlabs.
Media buying agencies focus on the nitty-gritty details of media buying allowing the business to focus on creative and overarching goals.
Programmatic advertising agencies will handle all the calibration and tap into their in-house resources, like publisher contacts, data on buying trends, and media extensions, to maximize the campaign's success.
A media buying agency is also more budget-friendly than a full-fledged advertising agency. The client will still have autonomy over planning and outlining the media campaign, and they can call on the MBA when they are ready to activate it and buy the media space.
The ideal media buying agency partner can look many different ways depending on the client's preferences and needs. However, some good characteristics to look for are:
Multiple years of experience in media
High level of technical expertise on s media execution platforms, DSPs, and ad exchanges
A multitude of success stories within case studies
Knowledge of different types of media
Data-based approach
Eagerness to discuss the objectives of the campaign and hone in on KPIs
Isn't scared to own their work, voice problems and concerns, and be honest when they make mistakes
Can translate between marketing, technical, and personal language.
Professional, but easy to connect and collaborate with
Has a full team of experts that can be on deck to help buy the media
Has the number one priority of reaching the client's goals
Is willing to put in extra time to ensure that the campaign is activated flawlessly.
Before the client goes about this partner search, they should spend a considerable amount of time thinking about their campaign goals and what constitutes an acceptable partner for their team – considering the characteristics above is a great start.
The more prep work, the more the client will be able to ask the potential partner targeted questions that will help them determine the viability of the future relationship.
Clients should feel free to jump and enter a partnership immediately. They should spend lots of time interviewing their partner and weighing options.
Taking the time and being meticulous when choosing the right partner will ensure the client reaps their desired results. In contrast, by rushing into a partnership with the wrong person or agency, the client will only achieve results and be put back at square one, out of thousands of dollars.
Are you ready to explore media buying and need a partner to help? Get in touch with Pathlabs to see how we can become an extension of your team.