Digital media buying is the process of purchasing digital advertising. This includes buying ad space or inventory from publishers or ad networks. The goal is to display ads to a specific target audience online through various digital channels such as search engines, social media platforms, streaming video providers (OTT), and websites to reach potential customers.
Digital media buying allows advertisers to target audiences based on demographic, geographic, psychographic, and behavioral factors. The goal of digital media buying is to maximize the effectiveness of advertising campaigns by reaching the right audience at the right time and place, with the right message, and at the right cost.
Digital Media Buying is Essential for Business Growth
Digital media buying provides a cost-effective and targeted way to reach potential customers, with the ability to measure and optimize campaigns. This is essential for growing businesses for several reasons, including:
Reach a Wider Audience
Digital media provides businesses with an opportunity to reach a broader audience beyond their local market. With the vast reach of the internet and social media platforms, businesses can advertise to potential customers anywhere int he world.
Target Specific Audience
One of the primary benefits of digital media is the ability to target specific audiences based on demographics, interests, and behaviors. This targeted approach ensures that businesses can reach the most relevant potential customers, which can result in higher conversion rates and better return on investment (ROI).
Digital media is generally more cost effective than traditional advertising methods such as print or TV advertising. Digital advertising platforms offer a range of budget options, from pay-per-click (PPC) to cost-per-impression (CPM), which means that businesses can choose the most suitable advertising model for their budget.
Digital media provides businesses with real-time monitoring and optimization capabilities. Advertisers can monitor the performance of their campaigns and make adjustments to optimize their campaigns’ effectiveness.
Digital media provides measurable results that can be analyzed and used to improve future campaigns. Advertisers can track impressions, clicks, and conversions to measure the effectiveness of their campaigns and make data-driven decisions.
Types of Digital Media Buying
There are several types of digital media buying, including:
This type of digital media buying involves placing banner ads or other graphical ads on websites or apps. These ad placements can be targeted to specific audiences based on demographics, interests, and behavior.
Social Media Advertising
Social media platforms like Facebook, Instagram, and TikTok provide businesses with an opportunity to advertise to their users. These platforms allow advertisers to target specific audiences based on demographic, psychographic, and behavioral factors.
A programmatic buy uses automated technology to buy and sell advertising space in real-time using a real-time bidding (RTB) process.. Advertisers can use programmatic advertising to target specific audiences and reach them at the right time and place.
Native advertising is a type of digital media buying where ads are designed to match the format and style of the content on the platform. This type of advertising is less intrusive and can be effective in engaging users.
Video advertising involves placing ads in online videos such as pre-roll ads that appear before a video starts or mid-roll ads that appear during the video. Video advertising can be an effective way to engage audiences and create brand awareness.
Influencer advertising involves partnering with social media influencers to promote a product or service to their followers. This type of advertising can be particularly effective in reaching specific niche audiences.
Digital Media Buying and Media Planning Process
Digital media buying and planning is a multi-step process that includes:
Defining Target Audience
The first step in digital media buying is to define your target audience based on demographics, psychographics, and behavior. This will help you determine which digital channels to use and which ad formats to choose.
Setting a Budget
Determine your ad spend (how much you can spend on) digital media, taking into account the cost of advertising on different platforms and the length of your advertising campaign.
Identify the Right Platforms and Channels
Choose the digital platforms and channels that are most suitable for your target audience, such as search engines, social media platforms, or websites.
Create Ad Content
Develop ad content that is engaging, informative, and relevant to your target audience. This can include text, images, or videos, depending on the ad format you choose.
Launch and Monitor Campaigns
Launch your advertising campaigns on the chosen digital platforms and channels, and monitor their performance in real-time. This can include tracking metrics such as click-through rates, impressions, and conversions.
Analyze Results and Optimize Campaigns
Analyze campaign results and use the data to optimize campaigns for better performance. This can include adjusting your target audience, ad content, landing pages, or bidding strategy.
Digital Media Buying at New Path
Digital media buying at New Path begins with the pathfinder™ model to reveal your target audience preferences and visualize their path to purchase. After a thorough review of your brand assets, internal processes, and technology resources we identify gaps that need to be addressed in order to meet your buyer’s needs.
The output of New Path’s pathfinder™ process is a thoroughly integrated digital marketing plan that includes measurable KPIs for each of your goals. New Path couples the insights and strategic focus of pathfinder™ with the latest automated technology to provide the greatest value for our clients on their path towards digital maturity.
What to Expect from a Digital Media Buyer
New Path’s integrated approach to strategy is what sets us apart from a typical media buying agency. We believe strongly in the value of investing resources towards data-driven research from the start – not only in demographics but also psychographics of your target audience.
Media buyers at New Path are not only experts in digital marketing, but also team players who can effectively communicate with your entire team, breaking down the digital world into understandable terms. We use critical problem-solving skills to react to any changes in the market that may point to a subtle change in strategy for stronger results.
New path media buyers will also be able to predict the potential cost of a successful ad campaign, help you set your budget and grow your conversion rate while decreasing your cost per conversion.
And remember, to be successful, your brand must stand out from others. Your New Path media buyer will help you understand your competitor’s presence in the digital space and what you can do to elevate the positioning of your product.
Your campaign will be tracked continuously, with up-to-date metrics available to you through a customized dashboard. We will make sure your campaign stays focused on relevant metrics, metrics that impact your bottom line, and ignore trendy metrics that may be more distracting than valuable to your business.
Contact New Path to get started on a customized digital media plan to help your business grow!
Blog Last Updated on 2 months by New Path Digital