The Essentials Of An Effective Digital Media Buying Policy
Digital Media Buying has become a common practice amongst ambitious companies to keep up their game in the already challenging course of a business’s online accomplishments. An effective selection of Digital Media platforms is undoubtedly crucial for your company. The question is, How to devise a potent Digital Media Mix, in light of the high costs involved?
The First Step!
Your first step could be a careful assessment of your financial resources and your Digital Media requirements. Once, you have finalised your side of the story, others things can be worked upon.
For the Love of Money!
Before finalising any deal, you could carry out a detailed comparison and analysis of the various alternatives at hand. Such analysis could be helpful, not only from the cost perspective, but other perspectives as well. The quality of audience you want to target also plays a major role in your buying decision. Consideration of factors such as web traffic segments, including visits by region, unique visits by region, monthly unique visitors, etc., and other factors like business segment as well as geographic location of your audience will be helpful for a better decision making. Your Digital Media Costs can fall in any of the three types :
- Cost per thousand impression (CPM)
For example, for a CPM of $4, you pay the same per 1000 views the ad gets.
- Cost per click (CPC)
For example, for a CPC Of $ 4, you pay the same every time your ad is clicked.
- Cost per action (CPA)
For example, for a CPA of $5 for a customer signing up for your newsletter, you pay the
same every time the action is established.
It is equally important to understand the value of Cost Per Lead. For more productive results, you could concentrate on a highly-targeted plan that essentially delivers your media buying requirements.
Get what you Paid for!
A CPM plan might not be for you, incase you are not looking to target sales lead generation. In such cases, you could select the more suitable alternatives of CPC or CPA. Since CPCs and CPAs are more audience action oriented than just visibility, the chances of you making the most of your greens is guaranteed.
Make the Most Out of a Sticky Situation!
Keep your eyes and ears open for any opportunities of discounts or lower rates. Digital Media buying is an expensive exercise. It would certainly do you good to save a few dollars for your other business purposes. You do not have to be the best negotiator in town to work out the most profitable deal. There are some basic rules, which when kept in mind, could help you get a better deal :
You could start by making a calculated inquiry regarding any possibilities of discounted rates.
Enquire regarding any such possibilities, if you could fulfil any of their requirements.
Most agencies offer discounted rates if a specific budget level is met.
The higher your budget, the more are your chances at getting a lower rates card.
Many agencies appreciate a set of different types and styles of creatives, as it helps them minimize duplication of their operations.
All things Free are much Appreciated!
In the world of Digital Media buying, there is always a possibility of bonus offering(s). Although, it is highly unlikely for you to enjoy something free out of the blue, a more purposeful and well thought of proposal might push your rep to consider some discounts for you.
Finally, engaging in some forceful negotiations is a good choice until you start beating up your rep too much. You could always engage in some thoughtful good faith bargaining, which will not only help you seal the deal, but also create goodwill and future possibilities of a successful business partnership.
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