Newspaper and magazine advertising group Mediabids.com, has launched a new auction product that allows advertisers to efficiently group and compare the cost of advertising across numerous titles, the group announced in a press release Monday.
"Auction by Size" invites print publications to tender prices for placing advertisements based on the requirements of the advertisers campaign. The publications may then "bid" on the pricing offer that suits their advertising needs. The advertiser is free to purchase as many of the bids, or place as many ads, as required.
"If you've ever planned a large-scale print campaign (or even gathered rates from a few publications), you know that it can be time consuming. Putting together circulation information, run dates, ad specifications and negotiating the final ad rates can take weeks if not months. That's why we created this new type of auction. Newspaper and magazine advertising is talked about as being outdated, but the way advertisers purchase it doesn't have to be," Jedd Gould, president of Mediabids.com said in the press release, posted by Ajax World Magazine.