Media buying is the process of purchasing a share of media from a TV channel, a publication, a radio spot, or an outdoor site for the purpose of advertising. What media buyers does, negotiate the price of media, discounts, additional mileage, and value for money with the media representative on behalf of an advertiser.
However, it’s important to know and have the tips to be at the back of your mind whenever you launch yourself in the field of media buying.
Since the theory is not what practice is, a lot of times people find themselves questioning how to start a media buying agency? although investment is yet the biggest part of becoming a media buyer, it’s not the nucleus of concerns.
There’s a very brief guide below on how to get going in your field.
DEVELOP THE SKILLS-BE OBSERVANT
You can be as intelligent as anyone in the game, but if you’re not prepared and experienced enough to deal with the clichés of managing accounts and client relationships, you’ll not be able to deal with the agency. The best way to come out of the inability, is that you need to actually hold down a real job for some time before you venture out on your own. Prior to mastering your marketing skills, you need to experience what it’s like to work where your clients may work. This will make you more understanding as a Media Buying Agent.
Nevertheless, you have to be able to drive results. Having the experience of work helps you deal with the pressure to deliver quality results.
THE RIGHT BUSINESS MODEL
There are a lot of different ways to set up a Media Buying Agency. The services you provide and how you bill for your work become a critical part of how efficiently your business is managed over time. Billing can be hourly, flat retainer, or commission based.
HOW YOU WANT TO SCALE?
When building a successful Media Buying Agency, it’s key to be highly skilled at what the agency does first. Managing the accounts yourself for a period of time instead of instantly hiring an accountant allows you to not only refine these skills, but it makes finding talented help a lot easier because you understand the skills- moreover, it saves your agency money which means a lot for your brand new venture!
RELATIONSHIP WITH MEDIA OUTLETS
Once you have settled the dust on departments of bills and accounts, you are now all set to actually buy your on-field projects.
Media buyers are the go between for clients and media outlets. A media buyer who has taken time to develop these relationships in order to take advantage of special programming, cross channel promotions, and other opportunities is a valuable addition to any team.
It is important to know what you’re going to spend on a particular media channel. In media negotiation, the more business volume a media agency has, the higher bargain power they can boast on the table. Another way to sweeten the deal is to offer a future business commitment to the media representative.
When you’re venturing out a media buying agency, be as defined in your niche as you can be, since you are going to need to create a unique facade when approaching new prospects. Not only does that make it easier for you to go on board to decide whether or not you shall start a business with a certain client; but it strengthens your skillset as well since a media buying agency which has just been born needs to learn the target market and the formula of effective messaging.
Managing your own business is a dramatic life event. If you make a decision but don’t believe in it, you’re going to fail. Learn to commit and follow it throughout. Good luck!