In a digital world, the heavily relied upon Search marketing becomes ever more competitive and expensive. Studies show Pay Per Click (PPC) advertising increasing in cost by 19%, despite conversion rates decreasing by 14%. Inboxes continue to swell with inbound emails volumes at an all time high. The good news is there are other tactics to engage your target audience and stand out from your competitors.
Take another look at Digital Display. It is predicted the digital ad market will surpass $300 billion by 2025, making up more than three-quarters of all media spending. So what’s all the hype about?
For the digital advertising platform Fluid Ads, their customers are deploying new techniques to boost their response, creating a greater ROI.
“Brand is still paramount” says CEO George Dann, “but the wide-reaching campaigns of the past are no longer a priority, marketers are looking to drive more sales with less budget and getting savvier about how they reach their core audience.
“Targeted advertising is the top trend, and this is driving innovation and growth in the industry as technology helps to narrow down target markets and help companies produce exceptional results at a fraction of the cost.”
So, how can targeted digital advertising provide the best ROI for your business and what trends should we be looking out for in 2023?
You may be familiar with geofencing, a great tactic for creating hyper targeted digital advertising, the technology has been around since the ‘90s, capturing audiences based on their physical behaviour, passing through a virtual fenced area. However, this tech can be taken even further, and applied more broadly, when you combine it with address profiling data. Let me give you an example: By selecting the demographics of your ideal audience and identifying their postcodes or zipcodes, you can set up a precise campaign to target these individuals. You could combine a door drop alongside the digital display campaign, even adding in further selection criteria such as job title. Setting conversion zones also allows you to monitor store visits that result from the digital ad campaign. Applying clever thinking to the right technology, you can target with pinpoint accuracy, but at scale.
The more sophisticated you are in layering up the tactics you use, the better your results will be. Fluid Ads has found clients can increase their Click Through Ratio (CTR) by around 89% simply by layering tactics within a campaign strategy. They say on average a digital campaign will have five layers to create the best results for their clients, but it’s imperative to test and optimise each individual campaign. Combining too many targeting strategies can throttle your campaign, but too few and you’re wasting advertising budget. The key message here, is that it isn’t about changing the message, it’s about being cleverer in how you deliver it to maximise results.
Algorithms and automated assumptions will get your campaign started but never rely solely on the data you can input. An advertising specialist will apply logical overlays that will help to take a good campaign to the next level. Thinking about context and unpredictable scenarios, they offer the opportunity to heighten audience segments generated by AI. Collaborating with experts from the start can make your results fly.
We’ve all been shopping and put items in our basket and then had a number of adverts appear to remind us to make a purchase. Traditionally used to encourage product sales and boost conversions, it’s time to think differently about retargeting. Instead of focusing on one-off purchases, this tactic can be a powerful tool to shape and build engagement. When woven into your CRM strategy, retargeting builds brand awareness, keeps your brand front of mind, and builds rapport with customers. Now more than ever, brands that build a meaningful relationship with their customers will come out on top.
Finally, be brave enough to go for passive audiences. Despite the drive for more intent audiences, it is important that marketers don’t lose sight of the end goal and solely focus on click rates. By simply measuring success in clicks, there is a key element which is missed, brand awareness. When targeted correctly, digital display drives a crucial part of your strategy, widening your reach and fueling your customer pipelines. Placing the right emphasis on brand awareness is an investment you can’t afford to ignore.
By putting the budget to good use, marketers can make sure that every penny is spent for maximum effect. If there is anything we needed to know about trends in 2023 it is definitely that businesses who are more innovative in their approach to advertising will be more successful in encouraging customers to part with their cash.
Book a free session with the Fluid Ads team today to learn how to get the most out of your digital advertising campaigns.