Media buying is different from paid media and google advertising. This recently evolving trend has gained a lot of popularity for bringing businesses maximum leads and conversions. If you want to learn about the best way to effectively strategize media buying, you are in the right place.
Digital Marketing Media Buying in a Nutshell
Companies need to approach their prospects in the right place at the right time for optimal conversions. Therefore, businesses identify and purchase ad space on different platforms and channels to reach their target audience.
In simple words, from newspapers to television and other social media platforms, businesses buy slots to run their ads. This process is called media buying.
Television, radio, and newspapers are channels for traditional marketing. With the increasing trend towards the internet and digital platforms, digital media buying is becoming more popular day by day.
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Challenges for Modern Media Buying
As digital media buying is developing over time, there are limitations as well. We discuss the current challenges of media buying below.
1. Passing up a Better Opportunity
First of all, it is essential to decide where your media ads will be most effective. You might be overlooking many opportunities while strategizing and executing marketing campaigns. Media buying depends on bidding, and your cost for such marketing can easily reach thousands of dollars per day. So no one wants to waste that kind of money for unsuccessful results.
During media buying, making use of better options is the biggest challenge. Your related traffic and potential leads may be on one side, and you might have been targeting the other. Regardless you are getting positive results from buying slots on one site; you can have more conversions on other sites. On a digital platform where there are around 6 billion sites, you need to bring the best out of your marketing efforts.
2. Performance Reports
When companies are marketing their products through different platforms, there is a single detailed performance report. Companies are unaware of where most of their customers are coming from. So these companies keep on investing in routine through different platforms with inefficient results.
Without a performance report, it is difficult to determine whether digital media buying is paying off. Most of the company’s customers may be coming from social media platforms, but companies are wasting investment on posting ads on inefficient sites.
3. Ad-Blocker Curve
Viewers are less tolerant of ads nowadays; around 26% of people use ad blockers. Therefore, it is challenging for advertisers and companies to reach their proper audience. Success of most businesses is relying on good marketing strategies. Therefore, companies must crawl their way up to get the goal.
So, even if prospects are shutting you out, you need to keep up with your efforts to achieve your goals. But the question is how to overcome such challenges? Keep reading to find the answer.
Ad-Frauds happen when a company buys ad space on a fraudulent website. Businesses can sometimes unknowingly fall into this trap of fraudulent investments. They cannot know whether or not the website is a fraud or not on their own. Such mishaps lead to financial loss as well as hesitation by others to invest in the media buying process. You can avoid situations by using AI to warn you by noticing unusual activities from such sites’ previous data.
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Evolving Media Buying Strategies with Artificial Intelligence
Using AI to improve businesses strategy today is not a new trend. The challenge is to use machine learning appropriately to make calculated decisions. This era is for the survival of the smartest.
All the challenges today in media buying can and are being catered to with the help of AI. If you incorporate AI in the media buying process, it will collect the data from your past performance.
Afterward, it will combine the analysis to inform about the most effective combination of media. By using algorithms, AI can filter out the varieties of channels most effective for media buying. There is no harm in getting experts’ help such as Lucrative.ai in overcoming common digital media buying challenges.
Artificial Intelligence can help companies in formulating a single detailed performance report. With the help of this report, companies can easily make calculated decisions.
One media buying challenge is that there is no proper inventory and data, so the correct use of AI can provide a source for data-driven marketing. For example, if you have placed an ad or banner digitally, it is better to analyze how much profit that banner is bringing to the business.
If the previous ads were not successful, then you can set machine learning models to stop bidding automatically. Businesses have access to the entire globe digitally. With AI, you can filter out the traffic by your preferred location, gender, requirements, and interest. Therefore, you will know exactly where to invest. Accurate Budgeting and ML models based on previous data and bidding strategies, can guide you in making better future decisions.
Even today, when technology is much improved, companies are scrambling to collect accurate and relevant information. Disconnected systems and lack of optimal utilization of Artificial Intelligence is weakening and compromising business growth. Researches have indicated that low data collection and artificial inefficiencies are costing companies around 35% of their annual budget.
Digital media buying is effective but highly expensive as well. As long as you are making the smart decision, it is no harm to invest. Therefore, improve your monitoring and managing bidding decisions with AI. Because at the end of the day, combining AI with business decisions is not only smart but also cost-effective.