If you're reading this, it's probably because you're considering ways to up your digital ad game. And as well you should, because digital advertising is here to stay.
According to some analysts, for the first time in history, 2020 saw digital ad spending surpass all others, totaling $110 billion and accounting for over half of all ad spending. In 2021, advertising in the digital medium is expected to swell to $130 billion.
What do you need to know when it comes to choosing a digital advertising platform? If you want to reach the right audience, your audience, it's important to ask when, where, and why potential customers should see your ads.
How to Choose a Digital Advertising Platform
When selecting an ad platform that will reach your audience most effectively and efficiently possible, there is no shortage of options. Some of the major platforms you'll want to consider include:
Google Search Ads
Google Display Ads
Bing Ads
Social Media Ads, including Facebook, Instagram, and Twitter
But where to begin? Should you bite the bullet and invest in all these platforms? As with all other aspects of your marketing, it helps to focus.
Whether you want to direct your energy and budget towards digital banner ads, Google search ads that appear at the top of queries, or the highly tailored social media route, it helps clarify your priorities.
Here are the five major factors you'll want to consider when deciding where to advertise in 2021.
Get the Most From Your Ad Budget
When it comes to your digital advertising strategy, you most likely have an ad budget. But how far can you stretch it?
As with other media options, you can easily blow your money on the digital platform equivalent of a Superbowl half-time commercial. Or you could parse it out and get the most bang for your buck.
For example, research shows that Google search ads vary in cost based on keyword selection and industry. For example, single keywords and short phrases tend to cost more per click than more extensive "long-tail" keyword phrases.
Also, certain industries tend to yield a higher cost per click (CPC) in the search ad space. Domains like insurance, real estate, and personal injury law are often at the top of the heap (anywhere from $40-$50) to the dollar amount per click advertisers are paying.
At $40 per click, even a healthy five-figure ad budget may not get you very far when it comes to converting real customers.
Other areas that generate high CPC rates include:
Business Services
Casino
Asset Management
Bail Bonds
Medical Coding Services
Cash Services and Payday Loans
So if your business is in one of these sectors, you may want to consider drawing out the keywords you want to rank for. Longer, more detailed keyword phrases tend to be less competitive and less expensive–more like $2-$3 per click. They also correlate with greater user engagement (i.e., a higher intent to purchase).
For example, instead of trying to rank for short, competitive keywords like "real estate" or "mortgage options," go for something like "real estate options in northwest Minneapolis" or "mortgage lenders in metro Albuquerque."
If you're not sure which phrases would be best for search in your industry, our seasoned marketing team can take care of that for you.
Know Your Audience
Asking "where should I advertise digitally" means knowing where your audience members are spending most of their time. If you're selling a product you hope will go viral with the young ones, you may not want to spend too much time and money advertising to the millennial dinosaurs on Facebook!
If you're selling a service, especially a local service, then understanding your audience is critical. You will soon figure out how to reach them based on their needs. More precisely, you'll figure out how to find them based on how they're looking for your solutions to their problems.
If your prospective buyers are on social media, then DIY advertising in 2021 means prioritizing platforms like Facebook, Instagram, and Twitter. If you're looking to scale–say if you're offering a mass-produced product or software service, for example–then your approach may look different than if you are focusing on a region-bound service.
Understand Your Intention
What is your ad campaign's intention at any given time? Are you capitalizing on the low-hanging fruit of existing customers or seeking out new followers?
Understanding the goal of an ad campaign will make it easier to choose a platform. Your aim may be to develop an audience of trusting followers by providing relevant, useful, authoritative (and free) content that positively impacts their lives.
You may have already built your audience, and now you're ready to take a more aggressive stance on pitching a new product or service.
When you're ready to take your ad game to the next level and span multiple platforms, it's vital to stay organized with your digital advertising strategy. Savant DSP can provide you with the performance monitoring systems you'll need to know exactly where your ad spending is making the most sense.
Make a Plan
A strategic plan–one based on your budget, audience, and goals–can help clear your pathway. The last thing you want to do is waste time, effort, and money on platforms that don't lead to new customers.
Planning is central to what we do at Savant DSP. Whether it's a YouTube campaign, a social media blast, or Google banner ads, we can hone in on your goals and get the most out of your marketing budget across any digital advertising platform. 2021 is your year to shine!
Take Action
You've done the research and analyzed your budget. Now it's time to take action. Start with one platform if need be, and see how sales go. Dedicate a portion of your budget for Google search ads and a portion to Facebook ads, for example.
Choosing a digital advertising platform can be daunting, so don't go it alone. Contact us today to help make the most out of your digital ad dollars.