As we get deeper into the digital era, online advertising is becoming more and more competitive. Due to this reason, the traditional marketing methods that once worked like a charm may no longer cut it in the modern space. A good example is newspaper ads – they are no longer as effective as they were a decade ago.
In order to stay on top, modern entrepreneurs are adopting a smarter way, which is primarily precision-focused media buying. In today’s post, we will discuss what modern digital advertising looks like and why it is the best option for a business in this era.
Challenges of Traditional Media Buying
To fully understand how modern media buying is transforming digital advertising, it is essential to recognise the challenges of the traditional methods we are leaving behind.
So, What Does Traditional Media Buying Entail?
The traditional methods of media buying are characterised by inefficiency, both time and financial-wise. For example, every process is done manually, from requesting audience info (to decide where to place your Ad) to reaching out to publishers to negotiate Ad rates. That can be very time-consuming and very inconvenient for people who have busy schedules.
Once you finish the manual process, you also have to pay for the Ad upfront. It doesn’t matter whether or not you think it will work – just pay the required amount and hope it reaches the intended target. With little to no real-time feedback, tracking your Ad performance is also next to impossible.
This traditional approach culminates in the following disadvantages:
- Poor targeting precision – Ads reach uninterested or irrelevant audiences. It is like advertising snow boots in the Sahara – no one will buy them.
- Limited performance tracking – with traditional media buying, there is a heavy reliance on vague metrics that only estimate the success of the Ad. That makes it very hard to calculate ROI in real time.
- Cost-inefficiency – you are required to pay upfront. Whether the Ad is a success or not, the money is gone. Also, there is limited flexibility once the contract is signed and the Ad is running.
The Modern Way Top Entrepreneurs are Buying Media
Modern media buying is primarily an automated, platform-based approach. For example, instead of doing everything manually, you use a platform that automates the processes. Similarly, instead of guessing who might see your Ad, you let the platform do the leg work and target the right audience on your behalf. Click here to see how it works in practice!
Key Characteristics of Smart Media Buying
1. Real-time Optimisation
This modern approach provides a system that monitors the performance of your Ad campaign in real time. It also adjusts things like the timing of Ad placement based on the acquired data. There are no manual tweaks needed to optimize Ad performance in this system.
2. Behavioural & Intent-based targeting
In addition to real-time optimisation, this approach shows Ads to users based on their online behaviour. For example, if you sell tables, a user searching ‘best tables for dining’ is more likely to see your Ad than a user searching ‘houses for sale.’ Targeting is based on behaviour rather than just age, gender and location.
3. Dynamic Budgeting
This is probably the best characteristic of the modern media buying approach. Your budget is not fixed on any particular channel. Instead, it shifts automatically to whichever platform, Ad or audience that is performing best at the given moment. For example, if your tables’ Ad is doing better on Facebook than on Instagram (assuming you are using both), the system will automatically shift most of your budget to Facebook.
4. Multi-platform Reach through One System
In addition to dynamic budgeting, the system also allows you to manage and run Ads across multiple platforms from a single dashboard. If you have Ads on numerous platforms, e.g., Google, Facebook and Instagram, having a centralized spot to manage everything makes it highly convenient and time-saving.
5. Transparent, Measurable Results
Last but not least, you get clear, measurable results that show exactly how your campaign is performing. You get to see things like impressions, clicks and conversions – these are essential when you want to decide on matters like budgeting for the Ads campaign.
How Smart Media Buying is Reshaping Digital Advertising?
1. Improved Return on Investment (ROI)
The primary way that smart media buying is reshaping digital advertising is through improving return on investment. With the traditional approach, ROI isn’t really a huge consideration, especially with the limited feedback on how your Ads are performing.
As mentioned, this modern approach also channels your resources towards Ads and platforms that are performing best. That means your budget is allocated more smartly, increasing the chances of a positive outcome for every coin spent on the Ads.
2. Increased Efficiency and Speed
Another way that this new approach is bringing change to the digital marketing space is by increasing the speed and efficiency of setting up Ad campaigns. The setup process is way quicker than the traditional approach because everything is automated and available in a single platform.
In addition, Ad optimisation is a lot more straightforward because the results (performance monitoring) come faster.
3. Improved Audience Targeting
The smart approach to media buying also enhances the quality of the audience that gets your Ads. This is possible in various ways, including choosing targets based on online behaviour and intent rather than traditional demographics.
Improved audience targeting means that there is a high chance your marketing message resonates every time it is received. As a result, you will start noticing higher conversion rates from your Ads campaign.
4. Improved Decision-Making
Smart media buying also takes away the guesswork from the decisions you make for your Ad campaigns. Unlike the traditional method, this approach offers transparent and measurable results, providing essential insights for proper decision-making.
The top media buying platforms in the market today provide various analytic tools for tracking performance. That makes it easier to identify what is working and what isn’t, facilitating quicker and better decision-making.
Conclusion
Smart media buying addresses the challenges of the traditional approach while adding a layer of convenience to the whole process. If you are still doing everything the old way, there is a high risk of being left behind by your competition. Switch to modern media buying and enjoy better ROI, improved targeting and time efficiency. It not only saves you money, it increases your sales and ensures you stand out in today’s very competitive market.
