We’re guessing you’re here because, like many others before you, you fell down the endless Google search rabbit hole of “What is media buying?” and “Do I need a media buyer?” or “When do I need a media buying agency?.” You’ve come to the right place. Keep reading to have all of your media buying questions for brand marketers in large organizations and small. From media buying definitions, organizational structures, cost implications and pro tips on what kind of service to hire and how, we guarantee you’ll be a pro after this read.
Choosing between hiring an individual media buyer and a media buying agency is an important decision… and each option has its distinct benefits. Understanding them can help you make an informed choice for your agency. When executed correctly, strategic media buying ensures that your advertising dollars are spent efficiently, maximizing reach and engagement.
What is Media Buying?
So what even is media buying? Let’s start with the basics. Media buying is a crucial part of the advertising process, involving the strategic purchase of advertising space across various platforms. The media buying industry has seen significant growth in the new era of digital media, with global ad spending projected to reach $740.3 billion by 2024, driven by a 4.6% year-over-year growth rate. The media buying process involves purchasing advertising space across various platforms to ensure your ads reach a highly specific demographic. Paid media buying is about maximizing value for the media investment. So it’s critical that you reach the right customers with clever and efficient strategy.
- Maybe you’re a startup in a cluttered market needing a growth marketing agency to hit a unicorn exit?
- Maybe you’re an established brand looking to reach the next frontier with global expansion advertising?
- Maybe you’re approaching media buying from a conservative position, needing pay for performance marketing?
- Or maybe you’ve got a media buying agency structure that works, but need objective, neutral guidance on how to budget for advertising?
A media buyer uses a variety of tools such as analytics and market research software to put together a strategy that targets a specific demographic and optimizes campaign results, ultimately benefiting your business by boosting brand visibility and engagement – which is recorded and measured using media-specific metrics. The media buying process involves several key steps: strategize, thoroughly researching the target audience, identifying the best platforms and times for ad placements, negotiating rates, and tracking ad performance. And a successful media buying strategy relies heavily on data analysis and market research to make knowledgeable decisions and optimize to improve performance over time.
Media buying can bring remarkable success to campaigns, as demonstrated in Criterion Global’s work as paid media specialist for Barbie®. See how Criterion Global’s strategic media placement, market analysis, and expert negotiation resulted in a campaign that smashed every box office and brand equity metric in recent history.
Key Players in Media Buying
Media buyers are essential in negotiating rates, managing your advertising budget effectively, and ensuring your ads are placed where they’ll have the most impact. Media buyers work across a diverse plethora of media channels, including TV, radio, print, OOH, and digital platforms, to optimize ad placements and successfully reach a specific audience. Partnering with a media buying agency provides the added advantage of expert knowledge, industry connections, and access to advanced tools and analytics. To understand how partnering with a media buying agency can elevate your campaigns, explore Criterion Global’s media buying services.
Traditional vs. Digital Media:
Media buying can be broadly categorized into two types: traditional and digital.
Traditional media buying includes purchasing ad space in newspapers, magazines, radio, and television. For example, ads that run during the Super Bowl like the Budweiser Super Bowl commercials are a classic case of traditional media buying, where the brand secures prime-time TV spots at a high price to reach millions of viewers at once. The Super Bowl is a prime example of a channel that is considered media buying gold.
“In some ways, [the Super Bowl spot is] works best for well known brands that have a firm foundation in the consumer consciousness or when used to leverage a broader campaign.”
David Halperin, Criterion Global Cofounder, in Fast Company
Digital media buying, on the other hand, encompasses a broad array of online platforms such as social media, search engines, websites, and streaming services. A notable example of digital media buying is Coca-Cola’s #ShareACoke campaign back in 2011, which used Facebook ads to engage with users by encouraging them to share personalized Coke bottles on social media. The campaign seamlessly blended names, experiences, and emotions, significantly boosting engagement and sales. 1.25 million more teens were reported to have tried a Coke during the following summer and sales of participating Coca-Cola packages rose by a whopping 11% in the US.
Each type of media buying has its unique advantages and challenges, and a well-rounded media buying strategy often includes a mix of both to reach a diverse audience effectively.
Signs That You Should Hire Media Buying Services
So how do I know it’s time to seek out media buying services? There are several things we suggest looking out for that indicate it might be time to seek out some help. In-house teams often hit roadblocks due to limitations in analytical tools, rapidly changing media landscapes, and the need for a macro perspective on media efficiencies beyond Google and Meta. Additionally, although AI has been a significant help to creative agencies, AI’s impact on media buying has not been as beneficial, since media buying still remains a largely manual process that demands specialized skills and human touch. Media buying services offer numerous benefits, including access to advanced tools such as research software and analytics tools, expert insights, and more efficient media spend.
If your business is facing any of these roadblocks and your problems require a third-party perspective, it might be time to consider media buying services.
So now you’ve decided your business is in need of media buying services, you may find yourself at a crossroads – should you hire a media buyer or a media buying agency? And if so, how?
When to Hire a Media Buyer vs. a Media Buying Agency
When to Hire a Media Buyer: If your business requires a dedicated professional to focus solely on your media buying needs, hiring a singular media buyer in-house might be the best option for your business. This individual will provide personalized attention, tailor strategies to your specific needs, and offer direct control over your media planning and execution.
When to Hire a Media Buying Agency: For businesses looking for a broader range of expertise, hiring a media buying agency might be more advantageous. Agencies offer diverse skill sets, extensive industry experience, and advanced tools that may not be available in-house. They can manage larger campaigns, provide comprehensive reporting, and leverage relationships with media outlets to secure better deals.
Before hiring, it’s crucial to clearly define your advertising goals and budget. Assess your current advertising efforts and determine the level of expertise and resources your business requires. For smaller campaigns or specific media needs, a dedicated media buyer might suffice. If your campaigns are complex and require a broad range of services, a media buying agency could be more beneficial. Understanding your specific needs will guide you in making the right choice.
Seeking a tailored approach and expert guidance? Contact us today to elevate your advertising strategy.
So now you know which option suits your business, but how do you hire services? Finding the right media buyer or agency to hire involves a few key steps.
Traditional Cost Breakdown: The Old Way
When hiring media buyers internally, costs can quickly add up. Here’s a breakdown of typical monthly expenses when hiring media buying services:
Value Proposition: The Criterion Global Advantage
We have a different outlook. Our flat cost structure is not tied to media investment. It includes all of the above, but with a much lower outlay depending on the level of service required.
When you hire Criterion Global, you gain access to several additional advantages that make a significant impact on your campaigns:
- Expert Knowledge and Industry Connections: Our team brings extensive experience and strong relationships with media outlets, securing better rates and premium placements that might be out of reach for in-house teams.
- Advanced Tools and Analytics: We use cutting-edge tools and sophisticated analytics to optimize your media spend, track performance, and adjust strategies in real-time for maximum impact.
- Comprehensive Services: Beyond media buying, Criterion Global offers a range of services including strategic planning, creative development, and performance optimization. Our Budgeting Blueprint℠ ensures every dollar is maximized for the best return on investment.
- Scalability and Flexibility: Whether you need a one-time project or ongoing support, we provide the scalability to meet your business needs without the long-term commitment of full-time hires.
- Cost Efficiency: Save on overhead costs associated with salaries, benefits, and training. Our streamlined approach delivers all the expertise you need at a fraction of the cost.
Contact us to see how we stack up.
How to Hire a Media Buyer or Agency
When evaluating potential media buyers or agencies, consider several key criteria:
- Review their experience and track record in your industry.
- Look for case studies or testimonials that demonstrate ability to achieve desired outcomes.
- Check references and speak to past clients about their experiences.
- For agencies, assess their range of services and the expertise of their team members. Ensure they have a proven process for strategic planning, execution, and optimization.
Finalizing your choice involves careful consideration of how well the media buyer or agency aligns with your business goals and values. Conduct interviews to gauge their understanding of your needs and their approach to media buying. Clear and consistent communication is vital, so choose a partner who is responsive and proactive. Additionally, ensure there is a mutual understanding of expectations and success metrics. By selecting a media buyer or agency that fits well with your objectives and working style, you set the foundation for a successful partnership… and functional relationship!
When NOT to Hire a Media Buyer or Agency
While hiring a media buyer or media buying agency can greatly benefit many businesses, there are certain situations where it might NOT be the best decision.
Budget Too Small: If your advertising budget is limited, hiring a media buyer or agency might not be cost-effective. In such cases, you may not get a good return on investment due to the costs associated with hiring professionals. It’s often more feasible to manage media buying internally until your budget grows.
Only Running on a Single Platform: If your advertising efforts are focused on a single platform, like Facebook or Google, hiring a media buyer or agency might be unnecessary. You may be better served by a single-platform subject-matter expert. Additionally, most platforms have user-friendly interfaces and offer support tools that can help you manage your campaigns effectively on your own. When you reach a point of needing expert advise, seek an agency like Criterion Global that offers strategic planning and consulting – in addition to traditional paid media agency services – for a la carte perspective on your strategies and opportunities for growth.
Ad Hoc Resources from an Agency: If you only need occasional help or specific expertise, it might be more efficient to use ad hoc resources from an agency. Many agencies offer media buying consulting services or one-time projects that can provide the assistance you need without the commitment of a full-time media buyer or an ongoing agency partnership.
Understanding when NOT to hire a media buyer or agency is just as important as knowing when to hire one.
Now That You’re a Pro
Now you know! Deciding between hiring a media buyer or a media buying agency involves evaluating your specific needs, goals, and budget. Remember – an individual media buyer offers personalized service and direct control, while a media buying agency brings a wide range of expertise and resources. Now that you’re informed, make the right choice for your media buying needs. For a streamlined, cost-effective solution that combines personalized service with a wide range of expertise and resources, contact Criterion Global.
FAQs
1. What does a media buyer do? A media buyer negotiates and purchases ad space across various platforms to maximize ad impact and manage your advertising budget effectively.
2. What are the benefits of hiring a media buying agency? Agencies provide expert knowledge, industry connections, access to advanced tools, and can handle larger, more complex campaigns.
3. How do I choose between an individual media buyer and a media buying agency? Evaluate your business needs, campaign complexity, and budget. An individual offers personalized attention, while an agency offers a broader range of expertise and resources.
Further Reading
To better understand how media buying can benefit your business, explore some of Criterion Global’s successful case studies. These examples highlight our strategic approach to media buying and the tangible results we’ve achieved for our clients:
- Barbie® Paid Media Specialist: How Criterion Global managed the paid media campaign for Barbie®, optimizing ad placements and negotiating rates to significantly boost brand engagement and drive sales.
- Increasing Revenue Through Site-Direct Bookings: Learn how Criterion Global helped a hospitality client increase their revenue by enhancing their site-direct bookings through targeted media buying strategies and precise audience targeting.
- Paid Media Consultants for Virgin Voyages PortMiami: See how Criterion Global supported Virgin Voyages with paid media consulting services at PortMiami, driving significant brand awareness and engagement through strategic media placements.