5 Paid Media Strategies for Higher Returns
Need new ideas for getting your brand’s name out there with good ROI (return on investment)? Paid Media is what you need!
Paid Media is exactly what it sounds like, paying for your company to be promoted online to the right people at the right time. You can do this in-house if you are fortunate enough to have the right team around you to assist with this; however, if you are a small business with a small team and tight deadlines, you may need the help of a social media agency.
Here are 5 paid media strategies you could invest in for higher returns:
Social Media Ads
Social Media gets increasingly more powerful year after year. How many Instagram ads have you seen that have drawn you in to make that purchase? From teeth whitening and kids’ toys to consulting and webinars – you can advertise almost anything on social media.
In 2023 the likes of Facebook, Instagram and TikTok are making it more accessible to promote your company through social media by offering more paid marketing tactics than they had previously with their ‘Audience Insights’ feature.
Over 50% of millennials have said that the ads they are shown on social media are more relevant now than they ever have been in the past.
Influencer Marketing
Influencers are called influencers for a reason! They are impressionable to their followers, and having these popular faces on social media promoting your products can ultimately elevate your sales!
A benefit of utilising influencers for your company is their efficiency in creating the content and knowing they will be making it to a high standard as it will be going on their profiles and yours.
Many micro-influencers are happy to be gifted some products in return for some content. With more established influencers, you will need to set a budget you are willing to spend for their services; the more followers they have, the higher the budget you will need. It’s essential to take note of influencers’ engagement rate and styling before reaching out; make sure their values align with the brand and that their engagement rate is high so you will get a return from your investment in them.
PPC (Pay-Per-Click)
Pay-per-click is an online advertising strategy used to drive traffic to websites, in which you, as a company, pay the ad publisher when your ad is clicked. Pay-Per-Click has been one of the go-tos paid media strategies for a while, and it doesn’t look like that will change anytime soon! On average, 50% of PPC website visitors are more likely to purchase from your site than your organic visitors proving the effectiveness of investing a more significant budget into a PPC campaign.
PPC can be one of the more complex paid media strategies, and because of this, bringing a social media agency on board can make a huge difference. Utilising an agency that is experienced in building effective campaigns for the likes of Pay-Per-Clicks will positively impact the results you see.
Ad Retargeting
This paid media strategy uses website cookies to anonymously track a user’s activity as they navigate your site; the data collected can then be used to show targeted ads. Retargeting ads will allow you to promote your products to users who have previously visited your website but have not yet converted, meaning they didn’t purchase an item, download a file or fill out a contact form etc. Using retargeting is one of the most effective ways to get new conversions on your site. To use retargeting efficiently, you should consider showing the audience an ad which provides them value. You will find that this audience is most likely ready to buy your product or service; however, they need a little push or convincing. You could do this with an ad that shows how the product is used or show them the benefit of buying it.
Display Ads
Banners, animations and square images with text are all forms of display ads you will come across from time to time on multiple platforms you use. Display ads are built to resemble ads you would see in a newspaper or magazine, but they can also now appear online. These paid ads help you promote your business to people browsing online while watching YouTube videos, online shopping, or just checking their emails. You could also use responsive display ads when you are online, and these ads usually include an asset such as a logo, headline and description.
Ads such as display ads can reach a targeted demographic, who will most likely be interested in your company’s service or product. This is why these are a great paid media route to take for building your brand awareness.
In some cases, it will not always be essential to spend thousands of pounds on paid media; however, it can be a valuable approach for those businesses looking to boost brand awareness and drive conversions. Conduct research into what advertising strategies competitors in your industry are using and the behaviours of your followers; this will allow you to decide effectively what paid media is best for the business’s needs, and you can begin focusing on these areas.
