Using a Media Buying Service
Media buying services, referred to as media services, came into the world of advertising in the 1960s. Their role is to plan, negotiate and buy primarily radio and television ad space, and may be used to represent the interests of national accounts.
Small advertising agencies may employ the use of media buying services to supplement their staff, and provide information to the ad agency for a percentage of the total commission from the client. Media buyers may have more contacts and knowledge of special rates or discounts unknown to the ad agency, and it can be more cost-efficient to bring in their expertise so the agency can focus on other areas of the business, or what they do best.
Negotiating for time and getting the best rates requires a lot of patience, and a lot of meetings with television and radio account executives (salespeople). Too often, business owners don’t have the kind of time or staff, or the expertise, to assign this task and expect it to be fulfilled correctly. Using a media buyer or buying service can be much more cost-effective and take a lot less time than most business owners have to devote to this task, which in the long run can be a savings to the business person, and free their time to focus on other aspects of the business that require their attention.
The media buyer’s job is simple: planning, scheduling, negotiating and verifying the buy. The media buyer monitors results, and makes adjustments to the media buy along the way, as necessary. A full-service advertising agency may have one or more professionals assigned to the media department to be media buyers. In-house advertising agencies may perform these tasks themselves, or utilize the services of a media buyer, to help. Either way, the person who does media buying has to have an astute knowledge and understanding of the options available to the advertiser, the budget, the buyers of the products or services and how to best reach them.
The audience of every television program or radio station format, and how closely they resemble the ideal buyer, are determining factors in the media buy. The cost of spots and number of ads required to reach the largest segment of the potential buying audience are also important factors to consider. What is the cost to reach each buyer? This can vary dramatically, depending on the advertising medium chosen.
Media buying takes into account the “cost per point”, which means the cost to reach a percentage of the total available market. Good media buyers know how to crunch the numbers, and make them work in the advertiser’s favor. Simply put, the media buying process starts with the advertiser’s budget and goals, and determines how to best spend the available advertising dollars to get the best response for the advertiser.
