Media Buying is the crucial activity in the delivery of great media plan. As per the Agency structure, some media agencies may have different planning and buying team, while others have planners responsible for the buying as well. I believe the later one works better. Media buying focus primarily on being a good negotiator.
Below few steps that we are using during media buying:
- Create a win-win situation: To make it a win -win deal don’t treat publishers as a supplier the kind of relationship that we share with the media partners have a big role in ensuring the great buy. Media buying is all about building a good relationship with the media partners and it also helps buyers to get rescued in crisis situation. Stay connected with the media partners even if you don’t have any deal to discuss, this will help buyers to get information related to competition, new innovation & media market place.
- Buying clout: With the Larger the budget, Buyers have the bigger muscle to flex. The bigger annual budgets can significantly influence the deal. If client/agency have a bigger budget it can also benchmark rates far better than any other competition with lesser budget.
- Data Crunching: Sit on negotiation table only once you have done your homework with data. There are two types of data that buyers need to work on at their end. First one is related to kind of performance each partners are driving and is it matching with client objective/sales. Second do pull out the data which is flattering to the partner competition. These data points will help you to keep hammering the media partners with information and data.
- Use all possible media vehicle: All the big media houses provide 360 degree solution, for example, Web18 digital sales team can provide display, video, mobile, content and social and it makes a lot of sense to buy media across all the genre as standalone deal for display only will not fetch a good discount. Also you can extract the value by adding more supporting new sites like IBNKabhar, money control Hindi and so on. This is win-win situation for both the parties.
- “If it were my money”: Whether you’re buying media for your company or for an agency client, always ask yourself that question. Your boss or client must respect this approach.
- Test Test Test: Test different media houses & networks. With so many options now open to you, it’s in your best interest to see what works best for you before you spend the big bucks.
- Tie up with start up media houses: If a start-up media house is supported by an advertiser over a long period of time it always gets first time mover advantage and it result in lower rates than any of the competitors even when these niche sites become famous or start getting momentum.
- Value adds: Media buyers should closely monitor the performance of the campaign and make sure that it reaches to the desired outcome if not should ask partners for value ads in terms on fixed position, better placement of creative and so on. Overall Buys can be augmented through value adds and buyers can showcase these in pricing advantage to agency/client.
- Negotiate on all the possible levels: In this approach a junior buyer start the buying process and when he has extracted the maximum value, he rope in the senior guys in it and so on. Media partners is forced to give additional value if senior buyer comes on negation table and in the process we need up getting much better rates.
- Play with budget approach: In this approach we can give the lower budget to a media house to work on the plan and once the best deal is negotiated we increase the budget, and to get the bigger pie of the budget publisher will further willing to improve the deal with value adds or better rates.
Prashant Nandan is AVP at Denstu Agis Network (DAN). He has more than 10+ years of experience in Media planning and Strategy and has worked with agencies like Group M and Neo Ogilvy .