Businesses today are investing heavily to garner benefits from social media. How come these businesses are earning good money for their campaigns. It all comes down to a well-planned strategy to get the most out of the digital media by being cost-effective at the same time.
The big question is: How to plan an effective paid media strategy? First of all, you must be well aware if the sales funnel operations are fully aligned with the goals you have set for your paid media campaigns.
You can use paid media by applying concrete strategies that can help you protect your brand or business to the audience that you might not reach without paid media. A well thought out implementation of paid media strategy can bring out tangible revenues. To build a perfect paid media strategy that can generate a sound return on investment (ROI), we recommend you follow these guidelines mentioned below.
Determine your Goals That Consistently Help You to Raise the Bar
When you opt to go for paid media promotions, the first step is to define your goals and target your objectives. Your goal should not be limited to getting traffic on your website or business, but to turn that traffic into your regular clients and maximize their engagement with your business. Your social media strategy should support your business so that it can create revenues for you.
Use Paid Media channels effectively
When developing a paid media campaign, it is important to know your audience. You must ensure that – to reach your audience – you are picking the right platform and the right channel. Additionally, you need to understand whether you want to target new customers, or retarget the audience who are already familiar with your brand, and you want to bring them back to your site to make some purchases.
Generally, paid media strategy targets the product-specific traffic or consumers to generate revenue from past customers for increasing sales. It helps promote your brand’s message on other media channels such as websites, social media, online publications, and blogs.
Paid content and paid social media ads work even better for newly established businesses to build a customer base. Let’s look at some insightful statistics to learn where paid media comes in handy:
- 63% of the companies agree that paid advertisements are generating leads and revenue for their businesses.
- When spending on just Instagram stories, they realized a 220% increase yearly.
- Google was better than ever when used for paid ad clicks. Whereas, 95% of them were clicked through mobile.
- Sponsored advertisements helped in generating a positive image of a new business and attracted organic traffic to the website.
Paid, earned, and owned media are now in extensive use for a brand’s online promotions nowadays. Putting them together gives a business a clear dominance online.
When you receive the recognition through media, newspaper, or get a higher Google search ranking through your keyword research strategies, then it is qualified as the earned media. Owned media uses your own resources for spreading your brand’s awareness and for portraying your message.
Your earned, owned and paid media should represent your brand symbolically, as it is an essential element for a sustainable paid media strategy.
Proper keyword research also works great with PPC. It is the best way for getting inside your customer’s minds and knowing what they might think while – searching online – for a service you provide. Putting the right keywords in your business-related content will help you get more organic traffic on your website that can be converted into sales by offering the accurate product that they are looking for.
Know everything about your outlays
Budget is an integral part of any paid media strategy. With a healthy budget in hand, you can use multiple platforms and channels. Similarly, with a smaller budget, you can just run a web search campaign or a social media campaign that pays you back for your outlays. You must ensure that all your financial bases are covered before you decide to launch a paid media campaigns for your business.
Determine your audience
It is important to consider the size of your audience. Here is a scenario: You have decided to launch a paid media campaign to retarget the audience who have been visiting your website during the last month or you can expand it to more than a month according to your budget.
Your paid media campaign should revolve around your buyer personas. What they adore and what their interests are is important to know. Conduct a thorough research taking into consideration, every aspect including gender, age, range, and location etc.
When you sit down to plan for a paid campaign, you should have complete knowledge of your objectives, your budget, and the platform that you will use for your paid media campaign. By leveraging your buyer persona, you will have a clearer idea for your targeted audience that will ultimately drive your revenues.
Track Your Progress and Determine Results
If you can’t track your progress, then there’s no use in knowing how far you have come. It is essential to keep tracking your campaign’s progress on a certain project. You must also evaluate if your paid media campaign is paying you back or not. If yes, then how many websites are giving you backlinks, and how many of them are converting into sales.