During an economic downturn, it can be tempting to pull back on advertising spend to cut costs. But the truth is: This may be the exact wrong time to cut or stop advertising.
Your competitors are probably panicking right now and decreasing their spend. This opens a door of opportunity for you!
Now is your chance to get a better market share and a better price on your PPC spend. With fewer competitors vying for popular keywords related to your brand, it’s a great time to invest in digital advertising.
The No. 1 action you should do right now is to take a deep dive into what’s working and what’s not working with your current advertising campaigns. Objectively look at where you’re spending money and what kind of return on investment you are obtaining.
Because digital advertising is easily measurable and can target highly specific audiences, it is most often found to be the best low-cost, high-return advertising spend.
4 Tips to Audit Your Ad Spend for Opportunity Right Now
- Evaluate Your Goals & Buyers. Have your goals changed due to the recent economic conditions? Have your audience’s buying behaviors changed? Different goals require a different strategy. Analyze your data to determine which channels, messages and keywords need to be shifted to give you the results you want.
- Invest in Success, Not Cost. Stay focused on the ROI, not the total cost, of the ad spend. Invest in what is working.
- Think Outside the Box. With more people online now than ever before, this is a great time to think outside text-only ads and postings. Leverage video, GIFs, infographics and more to capture new attention.
- Measure and Adjust. Your audience’s preferences and behaviors are changing all the time - and so should your digital ad spend. Budgets and keywords should be shifted in real-time for maximum results.
4 Tips to Greater ROI with Digital Advertising
- Always cap your bids on Facebook. Facebook has no idea what a click or an impression is worth to your brand — that evaluation is up to you or your ad management agency.
- Use Matched Audiences on LinkedIn. This allows you to target users who are in your contact lists, have visited your website or work for a specific company. Targeting with Matched Audiences raises CTR 30% to 40% on average compared to standard targeting.
- Pay to play with GoogleAds. The search engine handles an obscene 2+ trillion searches every year; that’s over 5 billion searches per day! Don’t believe me? Google it. That’s a lot of potential exposure for your ad campaign.
- Hire an ad agency. While digital advertising is highly effective, managing it can be complex, as ads should be monitored and improved for higher performance on an almost daily basis. In fact, most companies spend less when they hire a digital ad management agency vs. attempting to do it themselves because an agency can get them a greater bang for their buck.
Listen Up! Get Answers to Your Top Questions on GoogleAds, including How Much to Spend? in our Latest Podcast Episode. Listen to it here »
4 Awesome Advertising Statistics ... Just Because
- Topping the chart at holding the largest share of total U.S. digital advertising spend is Google at 37.2% and Facebook at 19.6% (eMarketer)
- Digital media is predicted to account for 50% of advertising investments by the end of 2020, thanks to rising global eCommerce spending and viewer shifts from traditional TV to digital channels. (eMarketer)
- More than 40% of digital consumers use social networks to research new brands and products. (GlobalWebIndex)
- Small businesses earn an average of $3 in revenue for every $1.60 spent on Google AdWords. It’s all about ROI! (PowerTraffick)
At Marketing Essentials, we manage B2B and B2C ad campaigns for companies of all sizes. We provide each client with a dedicated account manager and a detailed monthly ROI report, giving clients full transparency related to their accounts and pricing. Learn more about our digital advertising services here.