The days of purchasing a magazine or billboard ad and trying to increase brand exposure are over. With digital media procurement, marketers may gain a precise understanding of the revenue generated by their media spending. Digital media buying also enables marketers to target their consumers with pinpoint accuracy, a significant improvement over traditional media buying in which marketers would release a broad message and hope their target audience received it. However, if not executed properly, many marketers may discover that their paid media spending is about as effective as an old-fashioned print advertisement. Today’s marketers must construct a digital purchasing strategy that is personalised to their target audience and built to track results by picking the appropriate channels, establishing strategic objectives, and employing precise analytics.
CPM vs. CPC
You will most likely purchase an ad on one of the five most frequented websites in the world: Google, YouTube, Facebook, Instagram, or Twitter, when looking to purchase digital media. When you purchase an ad on one of these five websites, you have the choice of purchasing by impressions or by clicks. Cost-per-thousand impressions, or CPM (cost-per-mille), is the metric used by marketers to purchase impressions. This is utilised most frequently for social, display, and video transactions. Marketers purchase clicks according to CPC (cost-per-click). This is the most frequent form of media acquisition in search channels.
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Defining Your Goals
There are numerous viewpoints among marketers regarding which channel will yield the highest return on investment. Realistically, you can achieve a great return on investment from each channel provided it corresponds with your business objectives. This can vary from campaign to campaign, so it is crucial, when creating a new marketing project, to identify the main business objective you hope to achieve with this endeavour. Rather than selecting a channel first, you should analyse how you can best leverage advertising channels to achieve your objective after establishing your objective.
The objectives of your digital media strategy will fall into one of three categories: awareness, conversion, or branding. With each of these three categories of objectives, there are distinct approaches to gauge achievement.
Awareness Goals –
Objectives whose purpose is to increase new users’ awareness of your business, product, or service offerings. To evaluate the performance of your campaign at raising awareness, you should consider:
- CTR (click-through-rate) – Measuring the number of clicks advertisers receive on their ads per number of impressions.
- Branded Search Queries – Awareness can be tricky to measure. This method typically has the least immediate impact on your business, yet can be extremely effective over time when done right. One way you can measure awareness-based goals is by looking at the branded search volume. We believe that when awareness is properly executed, more people should be searching for your brand terms.
Conversion Goals: Goals where the objective is to generate new purchases or leads for your business by creating conversion events on your website such as cart completions or form submissions. To measure how successful your campaign is at creating conversions you should look at:
- Cost per Conversion
- Conversion Rate
- ROAS (Return on Ad Spend)
Branding Goals: Goals where the object is to stay top of mind for your current customers and educate them what your brand is all about. (For more information on crafting a branding strategy check out our recent article “Three Keys to Creating Brand Loyalty”.) To measure how successful your campaign is at spreading brand awareness you should look at:
- Social Engagement
- Branded Search Queries
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Selecting a Campaign Type & Channel
Now that you’ve identified your objectives and measurement methods. It is time to determine which type of advertising and on which channel you will run. Search, social, display, and video are the four basic forms of campaigns.
– Search- Search is all about displaying your advertisement to the appropriate person at the appropriate moment by targeting users based on their search queries. Google and Microsoft Ads (Formerly Bing) are the two primary channels for search advertising, and each has perks and cons that you must grasp before to selecting a platform.
Google – Google is the most visited website on the web and provides a great deal of versatility for search ads. It may be argued that advertising Google should be your primary priority, given the high likelihood that your customers are Google users. To ensure the success of your Google ad campaign, you should identify the problem that your product answers and bid on relevant terms. Google has some of the greatest clickthrough rates and conversion rates of all channels, making it a wonderful area to get a strong return on your digital advertising investment.
Microsoft Ads (Formerly Bing) – Although you may not consider Bing to be excellent advertising real estate, you may find more consumers than you anticipate. Bing is the second largest search engine in the world as a result of the fact that Bing is the default search engine for many Microsoft product users. Additionally, Bing is connected to LinkedIn, allowing for an additional level of ad targeting. If you’re targeting an older demographic, Bing can also be an efficient medium. This can be a wonderful spot if you’re wanting to stretch your budget with lower CPCs and generally lower CPAs, as there is less competition from marketers (cost per action).
Social Media – Campaigns of social advertising target users on various social media sites. Social media allows you to add a visual element to your advertisements, something search engines do not. In the past, social advertising was viewed as overly costly; however, it has gone a long way and is now a significantly more cost-effective technique. Consider the advantages and disadvantages of Facebook, Twitter, Pinterest, and LinkedIn while developing your social media marketing approach.
Facebook – Facebook is still the largest social network in the world, and its marketing infrastructure allows you to display ads on Instagram. Facebook is an excellent medium for presenting advertisements to individuals that can be readily classified into distinct interest groups, such as fast food eaters and travel enthusiasts. Facebook is also a good platform for using audience segmentation derived from client lists. If you have a good understanding of who your ideal client is, Facebook can use lookalike models to locate consumers who are most similar to the submitted customer lists.
– Twitter If your audience on Twitter is highly engaged, it may be a fantastic fit for your business. Twitter enables you to target users who are similar to your followers or account list, which is a terrific way to reach your target demographic. Twitter also enables you to target people based on their search intent, making it simple to target your audience with frequent keywords.
Pinterest – Pinterest is excellent if you wish to target women, who make up the majority of Pinterest users. You can advertise pins and targets on Pinterest based on interest group, keyword, or audience. Mobile users must double-click the pin to access the landing page, reducing site traffic. (For additional information on launching a Pinterest campaign, see our recent blog post “Pinterest for Business: Strategies You Need to Know.”)
LinkedIn – If you are interested in B2B advertising, LinkedIn is a good option. You can target users based on their occupational characteristics, such as job title, firm, industry, etc. LinkedIn content is often more professional. LinkedIn is one of the greatest advertising channels for targeting professionals on their preferred social media platform, despite its high CPCs.
Display -Display advertising typically appears as banner ads on websites or apps. The purpose of a display advertisement is to divert the user’s attention away from their original work and toward new content about a product or service. Google Display Network and Programmatic are the two sorts of display advertisements you should be aware of.
Google Display Network – A major benefit of Google’s partner network is the ability to advertise on websites all across the internet. Google enables targeting based on both manual placements and audience groups. Ensure that you are constantly checking where your advertisements appear. Google might become avaricious and display your advertisements on mobile games, which is low-engagement traffic that wastes your advertising budget.
Programmatic – Purchasing display places outside of the Google Display Network, often facilitated through Demand Side Platforms (DSPs) (SSPs). Each vendor has unique targeting capabilities and price structures. Programmatic display has the advantage of being able to appear on a variety of places that Google Display Network cannot.
Video – Video is one of the most engaging ways to capture the attention of your audience. While there are other video advertising channels, YouTube is the one we recommend most.
– YouTube – When you promote on YouTube, you can show an ad to your audience before they watch a video. Similar to Twitter, this could be a terrific approach to reach your customers if they frequently use YouTube. You can select to play skippable or non-skippable advertisements, although non-skippable advertisements cost more. YouTube allows you to target by both specific video placements and audience segments.
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