Everything you need to know about Programmatic Buying
Sep 04 2018 admin
Programmatic buying uses a lot of jargon that most people are not familiar with, and when people are not familiar with something, they are not likely to adopt it. Which is a shame as companies can really benefit from it. So let’s look beyond the jargons and understand what programmatic buying is.
In simple terms, programmatic buying can be defined as a way of buying advertising space in a fast, cheap and automatic way. The official definition is “The execution of online media buying through bids or stable offers through technologies based on algorithms that define the terms of the demand and are able to execute the purchase more appropriate to the campaign objectives, defined in terms of profiles, price, value or any other parameter set and identified by the buyer and executed in real time”. The automated system allows brands to purchase individual impressions of advertising through Demand-Side Platforms that offer a global inventory that invites bids from users, businesses and platform clients.
As programmatic buying platforms look for specific audiences who are most likely to view the campaign, rather than buying a model based on buying inventory, it can yield much broader results.
Programmatic buying follows these steps:
Pick: One begins the process by choosing their required buying criteria. This is done by entering all the relevant data like the type of audience, type of companies, and the budget.
Match: Once the specifications have been entered, the system directs the buyer to the websites and platforms that match their requirements.
Trigger: Once the brand has been matched, a click on the ad or page is expected.
Track: After the campaign launches, the company starts receiving its metrics to measure its effectiveness.
What sets programmatic buying apart is:
Simplified buying process: As programmatic buying is automatic, the process becomes streamlined. As all stakeholders are unified under one channel, time and money are saved.
A wider audience range: Due to a large number of publishers, buyers can reach out to a wider demographic of customers or even customers they wouldn’t have reached out to before.
Better targeting: Unlike other buying methods, the audience is specific rather than general, thus ensuring that the message reaches out to the right people.
Easier conversion: As the buyer can advertise on more platforms, they can increase their chances of audience conversion.
Real-time metrics: Buyers receive real-time metrics helping them improve their campaign and collect information for the future.
More inventory: As the buying is automatic, the buyer doesn’t need to interact with every publisher individually thus they can acquire more inventory.
Thus, we can see that programmatic buying can help brands reach out to a wider range of audiences in a faster and relatively cheaper way.
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