Just like any hiring manager or prospective employer who is well versed in salary negotiations amongst job candidates, media buyers are required to be good at the negotiation process as well. Having learned a trick or two over the years about getting the best media deals possible for our clients, there are some things media buyers can do to negotiate some pretty sweet deals.
Why negotiation is important as a media buyer?
Salary negotiation is one of the hardest negotiation deals to make. Whenever a job offer is available, the candidate’s expectations often include other compensation benefits such as a higher salary, health insurance, stock options, and different roles, and responsibilities. But negotiating for a service is a completely different ball game.
At the end of the day, companies have a budget to adhere to along with marketing strategies, digital channels, and marketing goals to meet. It may be daunting and can feel confrontational, but we have some tips that can help you get a better deal.
Here are some tips on negotiating with media vendors to lock in the best deals:
1) Do Research
Media owners are extremely busy people and they don’t have a lot of time to answer tough questions. Therefore, you can always do some research beforehand to identify key things along with other factors and marketing channels that make the most sense for your brand’s campaign. When thorough research is conducted beforehand, you won’t be wasting time or anyone else’s by reaching out to a rep whose publication doesn’t cater to your particular demographic.
So, do your homework to find the right channels. Once you do, conduct even more research to understand as best you can what each publication offers and at what price. Buying media can be a bit like trying to get a new job. The more knowledge you have, the more leverage you will have to negotiate for other benefits.
2) Get the advice of a reputable media agency
No matter how much research you’ll do, you obviously won’t know the publication as well as the media rep you’re working with. Depending on how long they’ve been there, they will be able to explain details and factors that will affect you. When you find the right candidate, you can focus on communicating with the person and request whatever it is that is necessary.
For instance, your rep should be able to come up with a media strategy consisting of innovative programs and plenty of other options that will benefit your campaign. They should also be able to come up with strategies that will help you make the most of your ad spending and costs.
3) Try off-peak advertising
The advertising industry is incredibly seasonal and there are time slots that are cheaper than others. Choosing less busy months or timeslots could give you an edge in negotiating better rates and getting more eyeballs on your ad, thanks to fewer ads all around.
Budget optimization in media buying must balance smart planning with diligent negotiations. However, you have to make sure that whichever time slot or month you choose to advertise. they must meet the demand of the marketing goal.
4) Understand the media’s position
There are two methods to getting advertising.
The first is to pay for advertising often sold by sales managers with money and the second is to build relationships directly with the media consisting of journalists and content creators. In order to save money, it is good to maintain each bit of contact you make with media reps and your goal should be to maintain a long-term relationship. We knew the more common courtesy we showed them, the more we made ourselves available to them, the stronger the relationship would become and the better the deals we could get.
Understand that you’re making human connections that will help you move forward in your campaigns. Be sure to return calls and emails quickly and take the time to listen to your rep’s ideas and suggestions. If you talk to media reps only when you need something, you’ll never forge real partnerships.
Remember, the stronger your relationships, the better your buys.
5) Measure ROI
Data is probably the most important tool in your arsenal to negotiate for ad buys. As every company has its own way of negotiation, it is also common for companies to make the mistake of overspending on a media placement. Only those who track media performance can react and correct their missteps rather quickly.
When you arm yourself with data insights and measurable ROI, data-driven media buyers have a much easier time renegotiating their rates and value-adds. Better still, tracking ad performance allows media buyers to spot and seize advertising opportunities that would otherwise be dismissed as too risky or unproven.
Therefore, you should prepare your data prior to the negotiation process to get the best deals.
6) Don’t be too accepting
In any negotiation deal, you must focus and demand the best deal possible, and get some respect. You may want to jump at the very first offer they give you but play a little hardball.
They will respect you more during the discussion if you go through the back-and-forth bartering motions. So, when you negotiate, never accept the first proposal. You don’t need to have an attitude, just smile and politely say that you are super excited about working with them.
Remember that your job is on the line and it would be great to show management that you managed to save money when you report back to them. Also mention you’d hate to have to cancel the program in the future for lack of performance and tell them the price needs to come down and the value-added placements need to go up for this to work.
7) Think Future Buys
When your rep knows that you will keep coming back for more buys, he or she will naturally want to keep you very happy. This is why advanced renewals are generally offered at some pretty steep discounts. Remember that the longer you work with the same rep, the better the discounts you will get during a discussion.
Conclusion
Making great media buys can be the difference between a campaign that succeeds and one that fails. If you know what you’re doing, you can definitely make smart buys while building important relationships at the same time. Negotiating is a skill that not everyone is born with. But it is something that can be learned over time and it is a crucial skill to have to get the best prices and deals.
Becoming a successful negotiator won’t happen overnight, but the more you practice, the better you’ll get at setting rates you’re comfortable with and building great working relationships.