The evolution of media buying

New Delhi: The world of media buying has changed beyond recognition over the last 30 years. If the media of today were to look into yesteryear, they'd hardly recognise the landscape unfolding. There was a time when the four TV networks controlled much advertising space. These were giants, and ads were sold and bought on relationships instead of complex technology. Fast forward to today, and media buying is a much more high-tech, data-driven process. It's almost like going from riding a bicycle to driving a rocket ship.

In the 1990s, buying ads on TV was all about the upfront. For those who don't know what that means, the upfront is essentially an event where advertisers commit to buying ad time in advance for the upcoming year. This was the era of introducing new shows, and with a handshake, an advertiser would lock up his brand's position in the next big thing. There wasn't much flexibility then; you were locked in, and your audience was whoever happened to be watching those networks.

It was the start of something big. With technology now slowly invading the world of advertising, everything was changing. The internet came into the scene, opening up new pathways to advertisers. Websites, banner ads, and search engines began to deliver what traditional media could not offer - targeted ads. From broadcasting to people who weren't interested in their products, instead targeting people who really revolutionised the game. Social media then came and made it all upside down. With advertising, the advertiser no longer relies on his/her message reaching the right person; instead, he or she could target his audience based on their interest and location and even online behaviours.

With this rise of digital advertising, new tools like programmatic buying came into play. With real-time bidding on ad space, it made the process faster and much more efficient. No longer did advertisers need to rely on gut feelings or vague demographics. They had data, and that data gave them power. Programmatic buying turned what was once a personal relationship-driven business into an automated system where algorithms did most of the work.

But just as things were going better, things were complicated. Measurement is perhaps the biggest headache that advertisers have to bear these days. Yesterday, measurement was so easy: basically, one would measure whether it had reached the audience by the view counts. But nowadays, there are numerous platforms and ways in which a successful advertisement can be measured. Plus, one can measure with several currencies and use all those fancy words to say that. It has become very complex to try to understand the true impact of an ad. For the advertisers, it's as if trying to read the fine print on a document while juggling flaming torches-it's a tough call.

And yet, despite all the complexity, there has been a marked shift. Advertisers are focusing less on the reach of an ad and more on the outcome. It is not about how many people saw the ad; it is about how many of them took action. Did they buy something? Did they visit a website? Did they engage with the brand? It is all about results.

In addition to this new face of technology, there's also a transformation of the younger generations' position. Gen Z is stepping into the consumer market, thus making the advertisers alter their strategies to gain ground with their consumers. Those traditional media channels like the TV can't be relied on. Social media, online gaming, and streaming services constitute much of their time. As a result, the influence of influencers and digital platforms is growing. Advertisers are interested in creating real connections with these young consumers, often through influencer endorsements and interactive ad formats.

However, it's not just the young that are changing the game. As companies become more data-driven in their campaigns, the old model of buying ads upfront - once a sacred tradition - has become a punchline. Even the top executives have started making light of the procedure, recognising its flaws but seeing that the front-end-up, in its traditional sense, might not be as necessary as it once was. The fact is, though, that the industry itself has gotten more flexible. Once upon a time, this was the only way advertisers did things-they had all their budget to commit together. They want the freedom to pivot and respond to new trends, and with the rise of programmatic buying, they can do just that.

The future of media buying is only going to get more complex. With the rise of artificial intelligence, the ability to analyse content and target audiences will only become more precise. Ad inventory is abundant, and though that sounds great, it’s also created a sense of scarcity where premium ad spaces are more sought-after than ever. The key will be finding a balance between automation, personalisation, and creativity.

The fact is that the world of media buying has changed, and those in the business must catch up with the times. The days of simple TV ads and vague demographic targeting are long gone, replaced by a more flexible approach that allows advertisers to target audiences in ways they never thought possible before. As technology advances, the future promises even more opportunities and challenges for those looking to make their mark in the ever-changing world of media buying.