In today's digital world, a successful marketing campaign is about more than just a catchy slogan. To truly drive results, boost ROI, and increase sales, you need a message that resonates with your audience at the right time and place.
This is where media buying comes in. It's the process of purchasing media space to gain exposure for your brand or product. Essentially, media buying helps make your paid marketing efforts stand out and reach the right audience.
Media Buying Models
Before diving into the specifics of media buying, it’s important to understand the different models available. Whether you’re new to marketing or an experienced pro, knowing the basics can help you make informed decisions.
Here are six media buying models you may encounter:
1. CPI (Cost Per Install)
In mobile app marketing, CPI refers to paying for every app installation. This model is popular because it quickly drives app installs. However, the quality of installs can vary depending on the vendor. Some vendors work hard to attract genuine users who will engage with the app, while others use incentives (like free in-game rewards) to encourage installs, which can lead to lower-quality users. There are also less reputable vendors who use bots to generate installs.
In the U.S., media buying agencies are expected to generate approximately $7.16 billion in revenue by 2024.
2. CPM (Cost Per Thousand Impressions)
CPM stands for "cost per thousand impressions" (the "M" is the Roman numeral for 1,000). In this model, you pay for every time your ad appears, whether the user actually sees it or not. For example, if an ad has a CPM of $12, the cost per impression would be $0.12. While this is a straightforward way to buy media, it’s becoming less popular due to concerns about ads being seen by the right audience.
3. CPC (Cost Per Click)
With CPC, you pay only when someone clicks on your ad. Many advertisers prefer this model because they feel it’s more cost-effective – you’re only paying for actual engagement. However, there’s a risk of fraud, as some people may use bots or other techniques to generate clicks that aren't made by real users.
4. CPL (Cost Per Lead)
CPL refers to paying when a user submits a lead form, typically used in B2B marketing. This is a great option if you're not expecting immediate sales, but it can be vulnerable to fraud if bots are used to submit fake leads.
5. CPA & CPS (Cost Per Acquisition & Cost Per Sale)
In the CPA and CPS models, you only pay when a user makes a purchase. This is a low-risk model for advertisers because you're paying for actual sales, but not all media companies are willing to sell this way because they assume all the risk. If no one buys, they make no money.
How Media Buying Helps Your Marketing Efforts
So, why should you care about media buying? Simply put, it can help you maximize your ROI. The key is choosing the right model based on your goals and target audience.
Which Media Buying Model is Best?
The answer to this question isn’t as simple as picking one model over another. The best model for you depends on your campaign objectives, target audience, and the willingness of your media partners.
For example, if you're an app owner, CPI might be the most effective model for driving installs. On the other hand, if you're in the education or recruitment sectors, CPL might be a better fit. The key is finding a model that attracts high-quality users who engage with your brand, acquire new customers, and help retain existing ones.
Conclusion
Media buying and planning have become essential components of successful paid marketing strategies. The goal is to identify and purchase ad space on channels that are relevant to your target audience and reach them at the optimal time, all while minimizing costs. And, of course, tracking the success of your campaigns is just as important.
When done right, media buying can help you achieve maximum exposure in your target market. To keep track of campaign performance, tools like Trackier Performance Marketing Software can help you access reports and conversion data, so you can monitor your KPIs and ensure your campaigns are driving results.
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