The Art of Using Data Driven Insights in Media Buying and Advertising
By understanding the relevance of media buying and advertising value, businesses can create effective marketing strategies that can lead to increased revenue, brand awareness, and customer loyalty.
In today’s highly competitive business environment, companies are required to create effective marketing strategies that help them stand out from their competitors. The science and art of media-buying and advertising are dynamic in the sense that both are interconnected and are essential in today’s business environment.
Speaking at the Uganda Advertising Association KANVAS dialogue on The Past, Present, and future of media buying, several stakeholders identified and highlighted the importance of acquiring strategic slots in the media to achieve a business’ desired goal with the aid of advertising.
Joshua Kamugabirwe, the Regional manager for TROI Media explained the science of media buying and how companies can get the most from their advertising spend.
“Media buying is both a science and an art, one needs to engage people that have been in the trade for a while to get a basis before they can reap from it.” He added that “Advertising can give businesses a competitive advantage, especially with the technique and style used in marketing a product or service.”
Lois Kwikiriza the Head of Marketing, at MultiChoice Uganda, spoke on the relationship between Ad spend and product value and how advertising directly affects products, “Media buying is an essential part of any business’s marketing strategy. It allows businesses to reach their target audience through various media channels such as TV, radio, print, and digital platforms. By purchasing media space or time, businesses can create brand awareness, increase their customer base, and generate revenue.”
Kwikiriza added that timing is vital when it comes to advertising. “By using data to inform media buying decisions, companies can identify the optimal timing for their advertising campaigns. For example, by using data to identify the times of day when an organization’s target audience is most active online, companies can ensure that their advertising campaigns are seen by their target audience at the right time.”
Susan Nsibirwa the MD of Ayiya Consulting Solutions expounded on the relevance of giving data through media buying and the direct relationship between advertising spend and product value.
“Data-driven media buying can help companies to achieve cost efficiency. By analyzing customer data such as conversion rates, click-through rates, and cost-per-click, companies can identify the most cost-effective media channels and ad formats. This can help companies to optimize their advertising budgets and maximize their return on investment,” she explained adding, “It would be difficult to maintain a hold on customers if we stopped advertising.”
Media buying and advertising value are essential in today’s business environment, allowing businesses to reach their target audience through various media channels, while advertising value allows businesses to measure the benefits of their advertising efforts. By understanding the relevance of media buying and advertising value, businesses can create effective marketing strategies that can lead to increased revenue, brand awareness, and customer loyalty.
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