• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Submissions
  • About Us
  • Contact Us
  • Jun 1, 2023
  • Startup
    • Creating a Plan
    • Funding a Startup
    • Franchise Center
    • Getting Your Office Ready
    • Making Your Business Official
    • Marketing Your New Business
    • Personal Readiness
  • Run & Grow
    • Customer Service
    • Human Resources
    • Innovation
    • Legal
    • Operations
    • Risk Management
  • Leadership
    • Best Practices
    • Communication
    • Green Initiatives
    • Open Culture
    • Strategic Planning
    • People Skills
  • Sales & Marketing
    • Advertising and Lead Generation
    • Marketing Innovations
    • Marketing Plans
    • Online Marketing
    • Relationships
    • Sales Activities
  • Finance
    • Budgeting and Personal Finance
    • Payments and Collections
    • Tax and Accounting
    • Pricing Strategy
    • Working with Investors
    • Working with Lenders
  • Tech
    • eCommerce
    • Hardware
    • Software
    • Security
    • Tech Reviews
    • Telecom
  • Shop

SmallBizClub

Helping You Succeed

taxbandits banner
Home / Sales and Marketing / Advertising and Lead Generation / How to Plan a Successful Media Buying Strategy
How to Plan a Successful Media Buying Strategy

How to Plan a Successful Media Buying Strategy

1770 Views

Jul 26, 2016 By SmallBizClub

In order for your media buying strategy to be successful, you need to identify your target demographic, and then place the right ad in the right place at the right time. Seems simple on paper, right? In practice, it’s not that straightforward. Of course, what works for one company isn’t always ideal for another, so some specific, nuanced planning should be undertaken. Here is a basic outline to help you plan a successful media buying strategy.

1. Identify Your Target Market

Before a media buying company can buy appropriate media, it must know who it’s shopping for. Some products and services have universal appeal, but many are made for a very specific niche. In order to provide effective ads, it’s critical that you identify the people you want to convert into an audience. Here are some questions to ask that can help you to prioritize your marketing needs:

  • What is the age and gender of the consumer?
  • What is the average income?
  • Where does the consumer live?
  • What are the consumers’ other interests and hobbies?
  • What is the typical consumer’s home situation like (married, family, etc.)

Forbes recommends using data to help you to answer these questions. You can gather survey data and use existing studies to determine who is most likely to respond positively to your product or service. Your goal is to make it easy for your consumers to connect the dots between their needs and wants and whatever you offer.

2. Determine Your Goals

It may seem obvious—your goal is to increase your company’s ROI. However, there are steps you need to take in-between to get you there. Is this advertising campaign going to be used to drive and solidify brand awareness, or are you trying to grow your audience? Are you trying to convert views into immediate sales, or are you just hoping got long-term leads? When you pinpoint exactly what you hope to accomplish, it becomes much easier to find the right steps to get there.

3. Plan the Media Purchase

Now you’re confident that you’ve identified who you need to reach and what you hope to accomplish. The next step is to find the media that will link the two together. If you don’t have any media outlets already in mind, you’re going to need to spend some time shopping around. You may want to watch your competitor’s ads for inspiration, but make sure you keep your approach original.

4. Put Your Plan to Work

Your budget is going to play a major role in your media purchasing, but don’t let it control your approach entirely. Some negotiation can go a long way in keeping rates affordable. You may also be able to keep costs down by using a media advertising agency that offers a risk-sharing program. Call (don’t email) the agencies you’re most interested in. Make sure you ask about bonuses, add-ons, and other specials. After this initial research, write down all of your options, pros, and cons.

5. Make the Right Choice

Eventually, you’re going to need to make a definitive choice. This will involve crunching some numbers and weighing some advantages and disadvantages. Spend some time researching the past campaigns of potential agencies. Some metrics that Forbes uses to determine the success of a media buying strategy include social media, ROI, and movement of product. While that information isn’t always immediately available, you may be able to gauge the general success of a campaign based on some online research.

Don’t Rush Your Decision

Your advertising defines your brand. If you’re not completely confident in your decision, keep looking. Spend some time doing some homework and watching an agency’s past productions. There are no guarantees in marketing, but there are definitely ways to improve your chances of success. Cast a wide net and then spend some time picking through your options. In the long run, the time and effort are going to be well worth it.

Author: Frankie Little is a marketing consultant at TVA Media Group, a media advertising agency based in Los Angeles, CA. He is passionate about helping companies of all sizes to succeed. When he’s not writing or consulting, Frankie enjoys bicycling, traveling, and art.

Filed Under: Advertising and Lead Generation Tagged With: Advertising, Media, Planning

SmallBizClub

SmallBizClub

SmallBizClub.com is dedicated to providing small businesses and entrepreneurs the information and resources they need to start, run, and grow their businesses. The publication was founded by successful entrepreneur and NFL Hall of Fame QB Fran Tarkenton. We bring you the most insightful thinking from industry leaders, veteran business owners, and fellow entrepreneurs. That means guides to the complex worlds of financing and technology. It means business owners sharing their personal stories—both successes and failures— through articles, video, and most important, answers to your small business questions. Follow us on Facebook, Twitter, and LinkedIn

Related Posts

  • Moving Your Business: 5 Things to Examine
  • 5 Crucial Things To Know About Paid Advertising
  • Advertise Your Freelance Business With These 6 Tips

Primary Sidebar

Random

15 Reasons No One Cares About Your Small Business Right Now

May 31, 2023 By Jeremy Bowler

4 Things to Keep In Mind When Choosing Your Next Vehicle

May 30, 2023 By Becky Wilson

How to Compare Guaranteed Investment Certificates

May 30, 2023 By Paul Williams Short

Why Is It Important To Tell A Story In Your Marketing?

May 26, 2023 By Dan Alvin

The Power of Collaboration: Why It’s Essential for Small Businesses

May 25, 2023 By SmallBizClub

Footer

About Us

Small Biz Club is the premier destination for small business owners and entrepreneurs. To succeed in business, you have to constantly learn about new things, evaluate what you’re doing, and look for ways to improve—that’s what we’re here to help you do.

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Copyright © 2023 by Tarkenton Institute, Inc. All Rights Reserved | Terms | Privacy