In the present day, our lives depend so much on the media. Brands and advertising play a huge role in our lives. We do not go to the store and buy something; we buy only those things that we have seen the advertisements of. However, we fail to understand that a lot goes into the making of these advertisements. Media planning and buying is a major factor for a good advertisement. So here is an article that will help you know about media buying.
Digital Media Buying
Let us first understand what digital media buying exactly is. Media buying, be it any media, is the process of buying and purchasing advertising time and space on various platforms like television, radio, and other online websites like YouTube. The media buyers negotiate with the publishers regarding the budget, inventory, and other factors about the ads to improve the performance of the campaign. The media buyers are one of the most important people as they are responsible for the negotiation and settling of the deal. They talk to the publications and get the best deal possible.
Ways Of Media Buying
In the present day, there are two main ways by which the digital media buying process works. They are:
- Direct Buying: The direct Buying process means that the media buyers establish some kind of relationship with the publishers via talking and interacting. This is done so that they can negotiate the advertising inventory and budget.
- Programmatic Buying: This is the easier and faster way of media buying. In this, the media buyers do not have to establish any relationship with the publishers, instead, the entire work is done on the basis of an automated technology.
Working Of Automated Digital Media Buying
The main reason for using automated digital media buying is that automated digital media buying is a lot faster and efficient. In case of the direct media buying, the media buyer has to establish a relationship on the basis of interaction and gain their trust only then the negotiation is possible. On the other hand, automated technology does not require anything like that and it does the work even faster. Here are the three main components of automated media buying.
- Demand Side Platform: Also known as the DSP the Demand Side Platform is where the potential advertising agencies and advertisers set up various campaigns, optimize the advertisement formed on performance and also offer their inventories.
- Supply Side Platform: The supply side Platform or commonly known as the SSP is a publisher’s version of the Demand Side Platform. This means the publishers can sell their advertising inventory here and can also put forward their demands and negotiations.
- Advertisement Exchange: The advertisement Exchange also known as the RTB or Real Time Bidding is like a marketplace where both the publishers and advertisers can sell and buy advertisement inventory by real time bidding. However, there are a lot more ways to buy or sell advertisement inventory like private marketplaces, but those generally have limits of purchase.