Buying media spots and schedules is not a new practice. But thanks to the ever-growing popularity of internet-capable devices, the media buying industry is becoming much more complex than in previous decades.
In this article, we’ll discuss some essential skills that can help you succeed as a media buyer.
Defining Media Buying
In simple terms, media buyers purchase, manage, and resell ad spaces on different channels. These individuals or companies aim to find spots at the cheapest possible price and sell it to their clients at a profit, while still providing a reasonable alternative.
Online media buyers do the same, but for the different types of online advertising platforms available today. And, succeeding in this vertical requires a lot of hard work and certain professional skills that help identify the best opportunities.
Buying media may sound simple, but a deep understanding of the complex ecosystem in which these ad spots exist is a requirement to thrive as a new buyer.
Self-Confidence and a Positive Mindset
The first thing you need to do is have a positive mindset and be self-confident. Remember that becoming a successful media buyer doesn’t happen overnight, so you’ll need to put in the effort and learn about the industry. Always be humble, but keep a positive mindset and learn as much as you can to boost your self-confidence as well.
Knowledge About the Media Buying Industry
There are many elements that affect the cost of the spots you’re buying and their resale value. The more you know about these elements and how they influence the media you’re purchasing, the easier it will be to make the best decisions. So, read relevant news, attend events, and speak with experienced buyers to learn as much as you can.
Creativity and Innovation
Like most parts of the ever-changing marketing industry, media buying is constantly evolving along with consumer interests. A good buyer should be creative and adapt to innovative breakthroughs that impact the industry in one way or another.
There are hundreds of thousands of ad spaces available and choosing the best ones will help determine the success of your endeavor. Having good researching skills will help you identify the best deals and promotions that are at your disposal.
Ability to Set Realistic Objectives
Setting realistic objectives will help you manage your budget properly and allow you to build a successful model. On the contrary, being unrealistic about your goals can set you up for failure and create a bad impression with your clients.
Negotiation and Interpersonal Communication
It’s a largely known fact that media buyers need to negotiate with sellers in order to get the best prices. Moreover, a good buyer will create a network of connections that offer promotions, bulk discounts, and other savings that can significantly reduce costs.
Working Under Pressure
Because of the sheer nature of the industry, not all purchases will end up being profitable, so you’ll have to learn to perform under pressure and make the right changes in order to deliver the best results for your clients. At the same time, all clients and sellers are different, so a great buyer will rely on proven strategies and make the necessary refinements.
Capacity to Process Large Quantities of Information
Becoming a media buyer means embarking in a learning experience that never really ends. For this reason, it’s critical to be able to process and understand large quantities of information. From legal requirements to projections and market fluctuations, buyers handle a huge amount of information, all of which will impact the different decisions they take.
Optimizing and Analytical Capabilities
In the days prior to online advertising, optimization was done to prepare the next campaign. Modern buyers have to understand the concept behind real-time optimization and have the tools that allow them to monitor and adjust their strategy accordingly.
While it may seem cliche, having strong organizational skills is an essential part of the puzzle. As a media buyer, you’ll have to build a network of connections and leads, not to mention an inventory of all the possible ad spaces that meet your requirements. Maintaining an organized approach will allow you to stay profitable and build a sound model from the very beginning.
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Becoming a media buyer is not an easy task, but those that succeed in this industry will find that it’s both profitable and surprisingly engaging. The tips above can help you on your quest to find the best ad spaces and succeed in the media buying industry.
Want to learn more? Get in touch with our team of media buying gurus and we’ll be glad to help.