If all business owners have one thing in common, it would be their constantly busy schedules. When you own a business, there is always something to do. Whether handling financials, day-to-day operations, pitching new clients, or hiring more people, there always seems to be something more pressing than media buying; yet, that is precisely why media-buying agencies exist: to make the process hands-free and stress-free for you.
What is Media Buying?
When you think of media buying within a marketing agency, there is probably a lot of different terminology coming up in your research. Terms like digital marketing, search engine optimization, social media marketing, and pay per click ads are probably circling your mind, or at least your Google search history.
Let us make it easy for you: none of those terms have to do with traditional media buying. While all types of advertising interact and impact each other, there is a clear difference between digital and traditional media buys.
Traditional media includes the myriad of mediums that emerged before Google and social media took over the world as the Millenial and Gen Z generations emerged into adulthood. Radio, newspapers, magazines, billboards, and prime-time TV ads are the five main categories in which media buys also occur.
Why is media buying effective? To summarize, traditional media has a mass audience reach that digital may not. Therefore, buying ad space in conventional media increases your business’s reach, which will ideally bring you increased leads for your services.
Why Use a Media Buying Agency?
Many people think that media buying is something quick they can pick up to grow their business exponentially. Still, to many business owners’ dismay, media buying is no easy feat. As Tom Hanks said, “If it were easy, everyone would be doing it.”
According to Marketing Charts, over 45% of companies outsource media buying to experts. In addition, as of 2020, 46% of companies have outsourced both programmatic media and creative development services. Here are seven reasons why nearly half of US businesses outsource to media buying agencies.
1) It Saves You Time
Simply put: time is money. This arguably overused common phrase can not ring more true in this scenario. Time spent learning about media strategies and figuring out how to properly buy media in an effective way is time away from doing what you do best: making money.
Whether it’s signing new clients, closing deals, or networking with potential new clients and business partners, there is a variety of other things you could be doing that will make you and your business money much faster than trying to become a media buying expert will.
2) It Saves You Money
Like any other skill, media buying does not just consist of buying ads and ad space. Instead, there is a lot of research, production, and creativity that goes into media planning and buying.
Furthermore, this takes a lot of time, meaning if you wanted to keep your marketing and advertising in-house, you would have to hire an entire team to do it well. As the business owner, you would incur the costs of finding the team and the cost of the team member’s individual salaries and benefits, which is generally much more expensive than a media buying agency’s monthly fee.
3) Specialized Knowledge
When hiring an agency with media planners, you hire someone who understands the big picture of marketing and advertising. In marketing, it is more about the holistic nature of its pieces rather than the individual elements themselves.
Media strategies, programmatic advertising, and video production all play a role in media buying. Many strategies involving ad placements and media outlets are needed to ensure the media buying process is effective and beneficial to your company. Ad agencies will have that specialized knowledge of each of those individual items and how they work interconnectedly.
4) Attention to Small Details
In all forms of media buying, small details such as timing and placement are crucial and have significant effects on the success of a media buy. These are details that most advertisers would overlook, yet they are vital in catching your target audience. The most important part of a media buy is for your ad to be in the right place at the right time; that is how you catch your target audience.
A good media buyer knows how to be in the right place at the right time. With extensive media research and years of experience, your buyer will know which traditional media outlet, gross rating points, and placement will help your ideal client notice your business.
5) You Receive Measurable Results
One of the primary jobs of a media buying agency is to show you how your ads and campaigns are performing. They will give you all the analytics and break down their analysis of what is working and what is not. In addition, your agency or discuss their ideas with you on improving the buy’s media mix to increase your leads.
The best part about hiring a media buying agency is that you can be as involved as much or as little as you want. For example, if you want to learn all the analytics from the media buys, that is great. Your agency will happily show you what they did to achieve the analytics they received. On the other hand, if you want to be more hands-free, that is also an option. Your agency involvement is entirely up to you.
6) A New Perspective
As a business owner, nobody knows your business better than you. However, your perspective of your business is from the inside out. Your agency’s job is to view your business from the outside so they have a similar view to your customers.
An agency gives its clients a brand new perspective as they can not only identify your target audience and what that audience is looking for, but they can also better connect to the target audience since they are outside the every day throws of your business.
It is always good to have a different perspective on marketing and media buying because it is an industry that is constantly changing. There is something new every day, and your agency is responsible for keeping up with the ever-changing scope of marketing and advertising.
Yet another perk of hiring an agency is that they are consistently researching new digital advertising and marketing strategy. Finally, by hiring an agency with media buyers, you will never have to worry about keeping up with the media buying and marketing world because it is their job to keep you updated and in the loop.
7) Leave the Negotiation to the Pros
Even if you are one of the best salespeople around, you cannot hold a candle to the negotiation sharks of media outlets. Media buying is a type of negotiation like no other simply because media channels have two things you don’t: an enormous audience and limited competition.
When going into a media buying negotiation, you are immediately up against an abundance of current and potential clients vying for the same ad spots you are. In these case scenarios, it is best to leave the negotiation process to experienced marketing professionals because they know how media outlets work and what makes them tick. The bottom line is that when it comes to media buying, agencies who understand media buying strategy will get you the best bang for your buck.
At first glance, partnering with a media buying agency is a considerable leap. However, once you dive into everything that your agency will provide you, you will realize that investing in and outsourcing an agency is one of the most financially sound decisions you make for your business. Furthermore, by hiring an agency, you are using your money to make more money by creating more widespread knowledge of your business and generating more leads. So, set yourself up for success and partner with a media-buying agency today!