The basics of media buying have remained intact over the last few decades, but the format and medium that modern buyers have to be familiar with are cutting-edge, to say the least. Laptops, smartphones, and other gadgets have paved the digital way for media buyers to transition into the virtual world – but the road isn’t smooth for everyone.
Today, media buyers need to do more than have good connections in the right places. Modern brokers need to be savvy and have a deep understanding of the audience they are targeting in order to get the right clientele.
With all of the above in mind, learning how to become an ace at media buying is not an easy task, even if you already have a few years of experience under the belt. To make your quest a bit less challenging, we’ve put together a quick guide laying out the blueprint to become a successful media buyer.
Why Should You Focus on Buying the Right Media?
Many argue that media buying follows the classic 80/20 principle, but in reality, this delicate art form is a finesse game. Media buyers that carefully select the spots they purchase and platforms they do business with tend to rake in higher profits without having to invest as much money as volume brokers.
Not only this, but learning about the media buying landscape will allow you to set up a sustainable ecosystem where you’ll be protected even if one of your important purchases doesn’t live up to its potential.
How to Improve Your Chances of Becoming a Successful Media Buyer
While media buying success may look different depending on the buyer, the main goal is usually to set up a steady source of income that allows you to profit – but also gives you the opportunity to reinvest and expand your empire.
Here are some pro tips to help you make the right purchases from the get-go.
Study Your Target Audience
It may sound like a tip that’s usually applicable to regular campaigns, but learning about the different audiences you can potentially attract will help you get the most bang for your buck. For instance, if you want to buy spots for the health or nutra vertical, you can make projections based on the performance of the industry in order to predict your potential income.
Choose Suitable offers
One of the skills you’ll need to develop as a successful media buyer is the ability to research and identify the best offers from a financial standpoint. There’s always a chance one or more of your choices will underperform, but you should be able to make up for it as long as you find offers that offer good value for money.
Traffic Sources aka Fuel for Media Buyers
Traffic can come from an array of sources, but you need to keep a close eye on the quality of your incoming visitors. All sources are different, so take the time to research the alternative before choosing the best ones and constantly verify their quality.
Select the Right Ad Formats and Positions
The ad formats and positions you opt for will directly influence the performance of your campaign. Seasoned media buyers can battle it out for the spots that have the most volume. If you’re taking your first steps, it’s always best to play it safe and go for formats that attract less volume.
Target Settings and Blacklists
Targeting and blacklists are different sides of the same coin. On the targeting side, you’ll want to narrow your campaign (but not too much!) to relevant users. On the blacklist side, you should add the sites that are producing low-quality traffic that’s costing money without generating any.
Bidding and Frequency Capping
Bidding is always a tricky one to master for cautious buyers. The key is: always bid higher than the suggested average amount. Most platforms will give you information on the minimum, average, and (maybe) the top bids, so always use this information to your advantage.
As for frequency capping, start with a humble 24 hour limit on each user so that your ad doesn’t get shown over and over again to the same person.
Stay Tuned to Pick Up More Tips on Media Buying!
Media buying campaigns may be tricky to get a hold of, but they can become extremely profitable if you take the time to piece the puzzle together. The tips above should help you become a successful media buyer and set up a sustainable revenue stream.
Want to find out more? Contact ActiveRevenue and our team will be glad to help.