Do you have an online presence for your company? If you still need to, now is the time to plan your paid media marketing strategy for your company!
Paid media is critical for increasing brand awareness, generating leads, and increasing sales. Paid media marketing ensures that your target audience is aware of your existence. Through data-driven campaigns, it places you in front of your target audience on platforms such as Facebook, Instagram, YouTube, LinkedIn, Twitter, and Pinterest. Put another way, you have complete control over your paid media campaigns.
Sound interesting? Let’s learn more about the top layers of successful paid media strategies.
What is Paid Media?
Paid media is a marketing type involving the paid promotion of goods and services. Paid media used to be limited to television, newspapers, and other print media. However, social media has infiltrated every aspect of our lives, and paid media marketing on websites such as Instagram, Facebook, and Twitter, among others, has grown in popularity. It is essential for every business because it increases visibility.
Paid media in digital marketing includes pay-per-click (PPC) ads, social media ads, sponsored content, and paid search listings.
This term may be used in the context of other types of media:
Owned media: It is the content you publish through a channel you control. This includes assets such as blogs on your website and videos on your YouTube channel.
Earned media: It occurs when someone not a representative of your brand shares your content. For example, if you did not pay a third party to mention your brand, a third party writing about your latest product or service launch is known as ‘earned media.’
Shared media: Is any content about your brand that you or your customers share on the social media channel.
What does paid media on social media look like?
Paid social media can help B2C and B2B marketers as paid advertising can be an entry point for customers to your website as part of an inbound marketing strategy. In addition, paid social ads can frequently direct readers to landing pages and high-value content such as blogs, eBooks, and white papers.
- Paid media on Facebook
Paid media ads on Facebook can appear in the feeds of people who do not follow your page. Facebook ads consist of Images, gifs, videos, and media collections. They can also direct people to your brand’s Facebook page or website.
- Paid media on Twitter
Like tweets from followed accounts and sponsored tweets can appear in users’ feeds. Furthermore, brands can support entire hashtags appearing in the desktop site’s sidebar or the app’s search tab. Sponsored hashtags appear near stories that usually are trending.
- Paid media on Instagram
Paid media on Instagram can appear as a regular post or Instagram Story. Brands and influencers may also collaborate to sponsor posts on other accounts. Like on Facebook, you can tailor your intended audience based on location, demographics, interests, and behaviors.
- Paid media on YouTube
Advertisements may appear before monetized videos on YouTube. These ads may be skippable or unskippable, depending on the user. Advertisers only pay for ads on YouTube if someone watches them for at least 30 seconds or clicks on them. Ads may appear under the video player in the YouTube app.
What is Paid Media Marketing?
Paid media is an essential component of paid marketing strategy that includes paid search ads, shopping ads, display ads, social media ads, and other forms of advertising. Paid media ensures that your brand reaches its appropriate audience at the right time and through effective channels. The strategy entails segmenting and strategically placing ads to ensure that your ideal audience interacts with them.
It is, indeed, a complex marketing strategy. However, it has the potential to produce exceptional results for your brand. With a well-planned paid media strategy, you can increase brand reach, drive exposure, increase engagement, and generate qualified leads.
Seven Tips for Creating a Profitable Paid Media Strategy
Let’s review the seven tips for developing a successful paid media strategy.
Determine Your Paid Marketing Budget
Unlike organic marketing strategies, you must plan a budget for your paid media campaigns. This could be one of the most difficult challenges, especially if this is your first time developing a paid media strategy.
First and foremost, you can determine your paid marketing budget or how much money you have to spend on it. Maintaining a significant ratio between earnings and expenses is critical for any business.
Choose the SMART Marketing Objectives
What is the goal of your campaign? What do you hope to accomplish with your paid media strategy? It is essential to define the purpose of your campaign clearly. For example, do you want more engagement (likes, comments, and shares), brand awareness, or leads? You may want to achieve all of the above goals.
Your paid media strategy will be most effective if you identify a single overarching goal. Please list your goals and plan your entire campaign around them. The SMART goal framework helps you focus on Specific, Measurable, Attainable, Relevant, and Time-bound goals. The framework provides a detailed roadmap of the steps and resources needed to launch a paid media campaign.
Define Your Target Audience
How well do you understand your intended audience? Is your existing buyer persona reliable? Then, you can conduct extensive target audience research to find and target the right people for your campaign.
Determine the buyer persona’s age, gender, location, interests, preferences, hobbies, and other characteristics. Knowing your target audience will help you choose the best advertising platform for your paid media campaign.
Establish your Key Performance Indicators (KPIs)
The majority of paid media advertising channels have their own set of performance metrics. However, you must also narrow down the KPIs that will help guide your paid campaign in the right direction. Here are a few commonly used key performance indicators for your campaign:
- Reach and Impressions: The number of impressions on your ads indicates the number of times an ad was shown to your target audience. Reach means how many people saw your advertisement.
- Clicks: When a user finds your ad attractive, they will click on it. This KPI shows how many times your target audience clicked on your ad.
- Click-Through Rate (CTR): The click-through rate is calculated by dividing the number of clicks by the number of impressions for a given period (CTR). It is a useful KPI that indicates how relevant the ad is to your target audience.
- Conversions and the Conversion Rate: Conversions represent the number of people who completed the desired action after interacting with the ad unit. The conversion rate represents the percentage of people who converted after clicking an advertisement.
- Customer acquisition cost: Customer acquisition cost is a crucial paid media KPI that contributes to the overall ROI of a paid media campaign. It displays the cost of converting a customer.
Determine the Most Effective Campaign Channels
You can choose from various paid media marketing channels for your campaign. First, choose channels where your target audience can be found. For example, social media platforms and other affiliate marketing options can be effective campaign channels. You can also use display and remarketing ads because Google’s extensive resources help you target a specific audience.
For example,
Ad Creation and Implementation
The phrase “content is king” is probably the most overused in the history of online marketing. Advertisements that capture users’ attention or imagination will addressed. Instead, you can hire professional copywriters and graphic designers to create eye-catching, memorable, and, most importantly, compelling non-skippable ads.
Concentrate on creating scroll-stopping ads that engage, entertain, and educate – all at once. Then, you’re ready to launch the campaign!
Track, Analyze, and Modify the Strategy
A successful paid media strategy changes over time. You must consistently manage and optimize ad campaigns to generate a positive return on advertising spend (ROAS). You can use various tools to delve into details of the data gathered through the movements. Use the tool to generate detailed reports to fine-tune existing campaigns and increase ROI.
Final Thoughts
Paid media can be an excellent way to reach new customers and expand your business. However, it is critical to select the right strategy and track your progress to ensure the success of your campaign.