Auctioned Advertising is Going Going Going!
Online auctioned advertising is the latest opportunity for small to medium sized enterprises (SMEs) to save money in the esoteric world of media buying. Online is also the place for media outlets to deal directly with advertisers and cut out the middlemen costs. Of course it requires both sellers and buyers to know exactly what they are offering and looking for. Take the example of a local radio station in the Scottish Highlands and Islands that put airtime up as auctioned advertising space on eBay.
The radio station that is operated on a volunteer basis made a number of airtime slots available via auction to the highest bidder. It was an experiment and they were looking for a buyer who has a product or service supplied in the area that the station broadcasts to and who may have thought that radio advertising was beyond their means or somehow inappropriate for their business.
It is a completely new way of doing direct business for the radio station and could be the seed of whole new selling category on the auction site.
There is another website that is specifically designed for the auctioning of all kinds of media spots which may also be a good starting point for SMEs that think media buying is something other larger companies do. At adsbay.co.uk media shoppers can take part in “Dutch auctions”. This is where the site has lots of units; say commercial radio sponsorships, for sale. The would be advertisers put in their top bid and how many units they want to buy. Of course the highest bidder goes away with their full number of units but the next highest bidders get any units that are still available. Advertisers can bid several times on the same unit.
This online media market is developing rapidly and properly with the five star feedback and comments available to both sides in all deals. The hardest thing for an entrepreneur, with no specialist knowledge on media buying, is working out the true value of any particular media unit. Online auctioned advertising solves this problem with the ‘watch this item’ facility. If they spot an item of interest and it’s going for a reasonable price they step in at the last minute with winning bid. They can even be notified of items of interest with an ‘auction watch’ facility. Enter a string of text, say “Tyne Tees TV” and if that string pops up in any sellers offering the interested buyer will be invited to take a closer look.
Online media auction sites are closed communities in the sense that you cannot participate without registering first. Once registered however the ‘members area’ allows you to track all aspects of your media buying status. This means bids that you are involved or interested in and the status and history of each individual auction.
So if you are an SME advertiser or would be advertiser take a close look at auctioned advertising and remember you are the expert one the crucial field, the field of your own needs and requirements and available resources.
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