Grow Your Business through Paid Advertisement
Advertising has always been an integral part of the business world. Today, brands are using it to reach out to their target audience and market themselves in the most effective way possible. From Facebook, Instagram, Google, Snapchat, and even YouTube ads, there is no doubt that digital marketing is the most effective way to promote your brand. On top of that, you can do free advertisements on these platforms.
However, if you want to grow your business faster, spending a few bucks to promote your brand can create a huge impact and can go a long way. Paid Advertisement helps companies to expand their reach in a more sustainable approach. It also allows them to improve their online visibility which, as a result, enables them to attract new customers.
But not all paid ads are equal. As a marketer, you have to be careful not to fall into the trap of misleading ads. In this article, I will discuss key points that you need to know before signing up for paid advertising.
What is Paid Advertisement?
Paid Advertisement is a marketing method where the advertiser pays for the placement of an advertisement. The general idea behind this is to show ads that can be seen by as many people as possible to raise awareness and promote the products or services. It includes all forms of digital advertisements such as banner ads, pop-ups, and video advertisements. It can also include television commercials and radio spots.
Though there are various forms of paid ads, this can be classified into two categories: display and search. The major difference between the two lies in how targeted the ads are (display) and where they appear on a website (search). Display advertising uses sponsored links that pop up that users must click to view content – depending on whether or not there is already an interest in their product. Search advertisements appear as text ads, banner adverts, video, blog, and price promotions within websites’ search functions.
What are the Benefits of Paid Advertisement to Your Business?
Paid Advertisement, especially when done on social media, has been a great tool for your businesses. It helps them to promote your products or services in front of the right audience. It also allows you to create a good brand image.
Paid Ads have a lot of benefits including the following:
- Reach Wider Audience
- Drive More Traffic
- Effective for Retargeting and Retention
- Increase Conversion Rate
Reach Wider Audience
The power of the internet is immeasurable. Paid Advertisement allows you to gain a huge audience base by targeting a specific audience for specific products or services. In paid advertising also, you can use various tactics in order to get in front of thousands of people. Those tactics include placing your ad in different places online and offline, creating content to go with the ad so it is more interesting and relevant, and using certain keywords or phrases that will draw attention to your ad.
Drive More Traffic
If you want to drive more traffic, the paid advertisement can help you with that. Paid ads can drive more traffic than organic search. The more people that see your ad, the higher the chance of someone clicking it and visiting your website. Paid ads are also effective because they draw in a specific audience who is interested in what you offer or what you sell.
Effective for Retargeting and Retention
Retargeting and retention are two methods used to reach the intended target audience. Retargeting is a technique that allows you to display ads for products or services on websites where the viewer has already been seen as a potential customer. Retention is the practice of keeping track of those who have shown interest in your product or service and then maintaining contact with them over time.
When you have a paid ad, you can use different ads to target them with the same message. It is also possible to keep showing your ad on their screens so they see it again when they are browsing online.
Increase Conversion Rate
Many businesses have seen an increase in conversion rate after using paid advertising for their online marketing activities. Mainly because they can target the specific audience they want to reach. Aside from that, through paid ads, it gives them the opportunity of reaching consumers who are unaware but can be interested in buying their products.
When Do You Need Paid Advertisement?
Advertising is a must for every business. However, it is not possible to promote a product or service by just relying on organic marketing. It is necessary to create a buzz and drive customers to your website. Paid advertising is the best way to achieve this. It helps you to reach out to customers and provides you with an opportunity to raise awareness about your products and services more effectively.
If you are still hesitant about this marketing strategy since money is involved, you can consider the following to give paid advertisements a chance.
Building a Huge Audience Base
Building a huge audience base is important for your business. It allows you to reach a large number of customers at once. It also allows you to earn more ROI making your brand more sustainable. The more people that are reached, the more people will buy from. Moreover, when you have a huge audience base, your business becomes more trustworthy. Your audience base will help you establish yourself as an authority in your industry.
Increasing Brand Awareness
When you conduct your paid advertising campaign on social media platforms, you can easily raise awareness about your brand. Brand awareness is the key factor that determines the success of your business in the marketplace. It helps you gain more loyal customers and sustain your revenue growth.
Promoting Newly Launched Product
What’s good about a paid advertisement is that it reaches people through different platforms. That is why using this to promote your newly launched product is beneficial. Commonly, even your loyal customers would have a second thought about trying it.
Inbound Marketing
When it comes to inbound marketing, the importance of paid advertisement is crucial. Paid ads are often effective because they are high quality and can fit any budget. They are also able to reach a larger audience than organic content could ever hope to do.
Different Types of Paid Advertisement
There are different types of paid advertisement. You can use them to promote your business or brand. If you are not yet familiar with them, here are some of the most commonly used paid ads.
Facebook Ads
Facebook Ads is a type of paid advertisement that is done on Facebook. Since this platform is one of the most popular networking sites with billions of users, it becomes effective in promoting your business. This makes it possible for advertisers to direct ads toward people who have shown interest in certain topics or products. By targeting your audience, you can reach them at the right time. You can post text, images, videos, and other forms of content here. Ads are displayed on the Facebook news feed of the user who clicked on your ad.
Another good thing about using this to advertise your business is that it has no fixed amount. You can set your own budget and bid so you will never need to spend much that is beyond your allotted budget.
Google Ads
Google Ads (previously called Google AdWords) is a paid advertising service that helps you to advertise your business on Google search engine results. It is a highly effective way to promote your website and generate traffic. It allows you to set your own daily budget and display ads on the web, email, and other places. You can create ads for different categories like travel, fashion, sports, electronics, food, and many more.
For the cost-per-click (CPC), Google Ads can charge you $1 to $2 for the Google Search Network. If you want to appear on the Google Display Network, you can pay less than $1.
Native Ads
Native Ads (native advertising) are paid advertisements that are embedded in the content of a website or blog. They can be displayed in the form of sponsored posts, sponsored videos, sponsored links, sponsored photos, and even in the form of sponsored tweets. They use the same design and color that appear on the content so they look and feel more natural as if really part of the page. Since the ads are less distracting, they become more effective than other types of paid ads.
Due to its effectiveness, the cost is much higher than regular paid ads. The average cost for native ads is between $10 to $200,000. The actual price varies depending on the publication and its reputation. So if you want to promote your brand in a well-known publication, expect to pay a higher cost.
Pay-Per-Click Ads
Pay-Per-Click (PPC) Ads are an online advertising strategy that involves paying for traffic to a website or landing page. This type of advertising is very cost-effective and it helps you reach out to the audience. You can boost your brand awareness up to 80%. PPC is used by companies to promote their products and services. The ads typically include keywords that are relevant to the product being promoted. Adding relevant keywords is also beneficial for your SEO. The cost of each click is usually determined by the bid amount.
Influencer Marketing
Influencer Marketing is a form of marketing where an individual or business pays influential individuals to promote their brand. Influencers are people who have a lot of followers on social media, have a large social media presence, and are popular. They are often well-known figures in the industry or celebrities.
However, not all influencers are the same, thus the cost of influencer marketing varies. There are 5 types of influencers:
- Nano-Influencers– 1,000 to 10,000 followers
- Micro-Influencers– 10,000 to 50,000 followers
- Mid-Tier-Influencers– 50,000 to 500,000 followers
- Macro-Influencers– 500,000 to 1,000,000 followers
- Mega-Influencers– 1,000,000 and more followers
As I mentioned above, the price varies depending on the number of followers an influencer has. Another factor why the cost may change is because of the platform he/she will be using to promote a product. For example, based on Influencer Marketing Outlook, a nano-influencer can charge you between $10 to $100 per post on Instagram, $20 to $200 per video on Youtube, $5 to $25 per post on Tiktok, $2 to $20 per post on Twitter, and $25 to $250 per post on Facebook.
Solo Ads
Solo Ads are email-based advertisements. In this type of paid ad, you will be paying email list owners in exchange for an email broadcast. Then, their email will be entirely dedicated to you and the message will be about the product or service that you want to advertise. This is effective in promoting your business and reaching out to potential customers.
Factors to Consider When Choosing Paid Advertisement
When you are planning to buy a paid advertisement for your business, you need to consider various factors. Some of these factors include the following.
Reach
The reach of an advertisement has a huge impact on your business. It is important that when you do your marketing campaigns, especially if there’s money involved, you can reach a large number of audiences possible. The reach of any given ad campaign can be changed through various methods such as re-targeting and negative keywords.
Audience
Audience is a crucial factor that you should consider when choosing paid ads. It determines how successfully your message will be received by the targeted audience. For example, if you opt to do influencer marketing, check first how many followers an influencer has. It is good to pay attention to the follower engagement rate. If only a few people are engaging, you might not achieve your desired result and the money spent might not be worth it.
Cost
You also need to consider the cost of the paid ads. It is a determining factor that would tell you if you can buy ad space. The more money that goes into the advertisement, the more likely it will be seen by potential customers. Please note, however, that paying a higher price does not guarantee a higher ROI. So you really have to check the cost of the paid ads. If your business can afford it, go for it.
Duration of Ads
As much as possible, you want your ad to be shown to your audience as long as possible. The longer the duration of your ad, the better so more people can see it. If you are going to spend a large amount of money, your product should appear on the ad platforms for at least a month.
How to Make $160K per Year on Email Marketing?
Objective
The last factor that you need to consider is the objective of the paid ads. Consumers make their purchase decisions based on what they see in ads and how the product or service will benefit them. You need to have a clear understanding of how the advertisement will be used. It is important as well to have a defined use for each ad because it will allow the company to know what results they are expecting from their ads.
5 Tips in Doing Paid Advertising
Paid advertising is a strategy used by many businesses to effectively advertise their business. If you are new to this approach, you can use the following tips I enumerated below to help you reach the right audience and get more customers.
Establish Your Goals
Establishing your goals will help you know what you want to achieve and how paid advertising can help you achieve your goals. For example, if you are looking at driving brand awareness for a new product, it would be beneficial to set “brand awareness” as your goal. In this way, you can align your other marketing efforts in order for your business to be more profitable in the long run.
Being clear about what you want to achieve is essential for effective paid advertising. Vague goals can still boost awareness but these can bring you any return when other methods provide higher ROI.
Identify Your Target Market
Identifying your target market is not only beneficial to your marketing campaigns but also to the overall success of your business. It allows you to determine if an advertisement will be successful or not. Without a clear understanding of your target market, you might end up advertising to people who are unlikely to buy your product. Furthermore, targeting the wrong market will not produce good results.
Set Your Budget
The importance of setting your budget is to determine how much you can afford to spend on each campaign. If you do not set a budget, it will be difficult for the campaign manager to sell your business idea and give potential customers what they want at the most affordable price possible. Although it is not necessary to set a budget, having one will allow you to evaluate how much money and time can be spent on each marketing campaign.
Create a Good Marketing Strategy or Plan
Creating a good marketing strategy or plan allows you to get the most out of paid advertising. Without a good strategy, the ad may not reach its intended audience and may be less effective. A well-thought marketing plan can include: advertising on social media sites like Facebook and Twitter, creating an ad that speaks to your audience’s interests, targeting ads to people through demographic data, and carefully selecting the media with which you will advertise.
Choose Your Paid Ads and Platform
Lastly, you need to choose your paid ads and platforms. This step is necessary to make sure that you are maximizing the potential for success. By setting up your paid advertising, you can choose which specific audience you want to target and what message to send them. This means that you can potentially raise more money by reaching a wider audience than just one targeted group.
In addition, paid advertising platform is the key factor to attracting the attention of a wider audience. Your preferred platform also lets you target your audience based on their demographics. Plus, the cost of paid ads varies depending on the platform you choose.
Final Thoughts
Paid advertisement is a great way to promote your business as it has a lot of benefits to offer. It allows you to stay visible in the eye of your target audience. If you are looking for ways of increasing your sales while also building a loyal base of customers, this kind of advertising can do that by getting more eyeballs on your brand name. But to be able to make paid advertising more effective, you need to have a good plan. A well-planned marketing strategy can promote your products successfully.
One Comment