Advertising is part of your marketing mix. Here’s how to get more out of it.
Digital advertising is an important part of today’s marketing mix. Specific tactics for marketing often focus on organic tasks that don’t cost additional money; however, advertising remains a strong way to expand your reach, get your message in front of new people, and grow your client base. Yet for many marketers, advertising—especially on digital platforms—is a new experience. Here are four best practices that can help you get the most out of digital advertising and increase your return on investment (ROI).
Set a clear call to action: One of the most important steps you can take to maximize your results for an advertising campaign is set up a clear call to action. What do you want people to do when they see a specific ad? Options might range from downloading an app to purchasing a product or signing up for your newsletter. Clear, specific goals that can be completed in a single moment will make it easier to track your success and demonstrate results from a targeted campaign.
Define your budget and bids per action: There are two elements to keep in mind when creating a digital advertising campaign. The first is your overall budget: How much can you spend on a specific campaign? For example, if you’re launching a new product and want to sell that product, what is the total amount you can spend on marketing it? From there, determine how much would be profitable to spend for acquiring customers, and that will provide insight into how much you can bid per action, such as a click on your ad.
Explore new formats: The digital landscape is becoming increasingly sophisticated, which means that brands are using new formats for ads. Ads can be text- and image-based, but many brands are seeing success with experimenting with new forms of advertisements. Video and live streaming provide a different format to tell the story behind the ads, and they provide a new angle for reaching potential customers.
Ongoing monitoring: The best campaigns aren’t “set it and forget it.” Brands can get more out of their advertising by actively monitoring and engaging. Is a certain type of creative bombing? Are other pieces doing well but able to increase performance if you direct more funding at them? Monitoring can involve using tools, algorithms, or human marketing talent to keep an eye on how ads perform over time.
Digital advertising can help grow your business. Employ best practices for a targeted, innovative campaign that you refine over time while controlling budgets to maximize your ROI.