The landscape of media planning and buying has evolved immensely over the past few decades. Aggressive competition and the adoption of digital media have changed the way advertising has been working. From newspapers, radio, and television, media management suppliers are now making their way into digital platforms as well. The only thing that hasn’t changed over the decades is the goal of the media planning and buying market, which is helping buyers to reach their target audience in an efficient and economical manner.
Procurement specialists at Technavio believe that the growth of industries in developing markets like India, China, and Mexico is sure to boost the media planning and buying market. Even though this market is highly fragmented in nature, procurement managers predict that it will grow at a CAGR of around 5% by 2021. Some of the major suppliers of media planning and buying services, as identified by analysts at Technavio, include Mediashare, Starcom Mediavest Group, and OMD.
Factors influencing the media planning and buying market
New technologies that enable better service for buyers is the major influential factor in the media planning and buying market. Real-time bidding (RTB), online and programmatic media buying are the latest technological innovations that have changed the face of the industry.
Real-time bidding
Extensively used by Havas and ZenithOptimedia, RTB helps buyers access inventories in an organised manner. This technology focuses specifically on media slots favorable for buyers and sellers. Facilitated by supply-side platforms, the RTB process includes parameters like price and network reach.
Online media buying
One of the most popular technological innovations, online media buying involves the purchase of online space for the promotion of one’s products and services. It allows buyers to reach out to their target audience in a better manner, primarily on social media networking platforms such as Facebook, LinkedIn, YouTube, and Twitter. The advertisement by Farmer’s Insurance through social gaming platform FarmVille is one of the best examples of the use of this medium.
Programmatic media buying
An automated method of acquiring media slots in digital media, programmatic media buying allows access to media slot inventories through direct connect technology. Through programmatic media, buyers can run specific advertisements for specific audiences, thereby ensuring increased effectiveness. The technology involves both RTB as well as non-RTB methods.
High adoption of content marketing
With changes in consumer behavior, buyers are adopting content marketing techniques to create and distribute valuable and relevant information on online media platforms. Suppliers are improvising on ways in which the content can improve so as to catch the attention of the target audience and boost ROI for buyers.
In the next five years, category managers expect increased use of analytical tools and preference for media slots on online radio.
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