Media Buying: 101
Media buying is a culmination of a process that starts long before the purchase of space is made. As with all solid advertising and marketing plans, the client’s needs, circumstances and budget are key factors to creating the media plan, and determining which media to purchase. The media buy is the result of the identification of the advertiser’s problem, and the purchase of space or air time required to solve the problem. The media buyer’s job is to work with print, broadcast or outdoor media reps to negotiate terms and rates to get the best prices on the advertising media chosen for the client.
In the United States, the purchase of ad space by media buyers goes back to the 1840s, when Volney B. Palmer of Philadelphia became the first advertising sales agent to work on a commission basis by negotiating with publishers to deliver clients for a percentage of the sale. At the time, established advertising rates (or rate cards) didn’t exist in all newspapers, and the price of space was often negotiable. Palmer was soon joined by others who saw an opportunity to make commissions by offering to purchase space for advertising clients at discounted rates, getting them a better deal for their investment.
A good media buyer knows how to target the right audience for their client, and monitor and track results. Most media buyers for large ad agencies are experts and specialists in a specific media area. Some may specialize in space buying for print and outdoor, while others are specialists in the purchase of time for television and radio. It’s important that the media buyer have the expertise to understand the medium’s ability to deliver results, and be able to negotiate and close the deal with media representatives.
In a large advertising agency, the media buyer is a part of the media department. This is an experienced professional, capable of strategic, analytical thinking, possessing great negotiating skills and patience, since they will meet and work with media representatives on behalf of the advertiser. They must be able to discern the ability to meet the clients’ needs and work within their budget and timelines, and deliver the advertising media purchase in accordance with these factors.
In a small advertising agency, media buying may be a function of the account executive assigned to the advertiser, who must be an expert in all forms of media, as well as creative and effective advertising processes. The account executive, acting as media buyer, may essentially be the director of the entire advertising process, including media direction, planning and the purchase of space or time. This person must also be a solid negotiator with a clear understanding of the ability of the medium to meet the client’s needs.
Small advertising agencies, who may not have this expertise on hand, may decide to outsource to a media buying company who take over the responsibility of media planning and buying. The advertiser may also take it upon themselves, through an in-house advertising agent, to work with a media buying company for the purchase of space or time rather than working with an ad agency directly.
Media representatives work as sales agents to sell ad space and time. They provide formal presentations to the media buyer, market research on audiences and effectiveness and structure and have the ability to negotiate ad rates, which are not always set in stone. A well-versed media rep has an extensive knowledge of the market they serve and their medium, and can save the buyer time and research by sharing this information with the media buyer.
