Media buying process
The media buying process may vary at different media agencies but this is the most common media buying process.
A media strategy is derived from overall strategy of the client. This strategy is divided into 3 major parts.
1. Pre-launch: In this stage media buyer analyses and selects media vehicles to communicate to the target audience. Here the campaign is planned keeping business objectives in mind. at this stage negotiation is done once the planner has selected the appropriate mediums.
2. Launch: This is a very crucial stage, at this stage media planner, has to keep monitoring whether the campaign is being executed or not as per the media plan and the contract with the media buyers.
3. Post-launch: In this stage, the buyer has to report back with the campaign results to the company.
Media buying negotiation strategies
1. Set a base
Before getting into negotiation it is important to know the base rate, this includes the minimum and maximum you are ready to spend on a particular media channel. also, the minimum expectation in terms of discounts and value additions should be kept first in place.
2. Media clout
Volume is important when negotiating, the more business volume media agency has, the higher is the bargain power.
3. Prepare
Information is crucial for negotiation. Research the history, past problems or any sensitive points of the other party. The more knowledge you have about the situation of the other party, the better position you’ll be in to negotiate. The most important part of preparation is Practice! The study of negotiation is like golf or karate. You have to practice to execute well.
4. Media commitment
Future business commitments to media representatives is very effective when it comes to negotiation. This media commitment may be in form of media spends on particular media channels.
5. Value additions
Keep in mind negotiation just not only means discounted prices in this case it may be also in form of extra airtime, program sponsorship's etc. You may get more value for the same amount you had planned to spend.
6. The negotiating process is continual, not an individual event
Good negotiating outcomes are a result of good relationships and relationships must be developed over time. Because of that, good negotiators are constantly looking for opportunities to enhance the relationship and strengthen their position. In some cases, the result of the negotiation is determined even before the individuals meet for discussion.
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