Online advertising is a booming industry, with good reason. It delivers the ability to reach not just anybody but the someone you want to do business with. It’s more trackable than any other marketing medium, easy to modify, scale up, down or off with a click of a button.
Online advertising can be all kinds of things, from email marketing to social media. But for this conversation let’s consider it ad placement, placing ads online. You can place ads through Google, on social media, on other company’s websites and email newsletters.
Search engines make their money by allowing you to borrow their reach. According to Define Media Group Google accounts for 93% of search traffic. You can place ads through Adwords on the search and display networks. Also called “pay-per-click” ads, the search platform shows your website link when people search for key terms related to your industry. This is great to capture website visitors who are ready to buy. The Google Display Network serves ads to people based on demographic data such as age, interest and more to brand your business and get in front of new potential customers. Both Google networks ask you to set a per day budget. Google serves your ads based on your budget and past ad performance. With pay-per-click you only pay when people click on your ad. Advertisers pay $1-2 per click on average but some pay more than $50 per click depending upon the competition for the key terms they’re targeting. Average cost per click on the display network ranges from $0.20 to $1.66 depending upon the industry.
Facebook, Twitter, Pinterest, LinkedIn and Instagram all offer different options for online advertising. You can target your ad to homeowners, job titles, business names, location, interests, even email addresses. You set a goal for your ads, for example to drive visitors to your website or encourage them to like your page. People with a low ad budget (less than $5/day) may be restricted to pay per impression ad placement, while those with a larger budget can serve pay per click ads. Pay per impression means your ad will be served a set number of times for your set budget. While with pay per click you only pay when visitors click on your ad. According to AdEspresso average cost per click of Facebook Ads in quarter three 2016 was 27.29 cents. The cost per 1000 impressions based on quarter three was $7.19.
Google, Facebook, LinkedIn, Twitter, Instagram and Pinterest all offer retargeting ad options. A retargeting ad is triggered to serve only to visitors who have been to your website. People are 10 times more likely to click on a retargeting ad than a normal ad. After clicking on a retargeting ad website visitors are 70% more likely to contact you or buy something from your website. Think of retargeting like an insurance policy. You spend so much money bringing traffic to your website it seems crazy not advertise to them once they leave. These ad types can be set up as pay-per-click or pay-per-impression. Advertisers claim retargeting offers the largest return on investment of any online ad type.
Referrals are the best kind of business. Advertising on an affiliate email newsletter or website is a great way to encourage the referral system online. Consider running ads on the email newsletters and websites of organizations or companies you work with who share your target audience. This is a valuable advertising opportunity because your brand is seen in conjunction with a brand the readers already know and trust. Consider creating a graphic ad or even asking if you can contribute content to their email newsletters. Make sure to send those that click on your ad to a unique URL on your website so you can easily track clicks.
The trick to picking the right online advertising medium to reach your market is finding one that combines the most exposure for your budget. Evaluate the potential exposure of each opportunity and how it matches with your target market. You may start out with trading for ad space on a client’s newsletter and eventually venturing into pay-per-click ads. All marketing is a calculated risk. You can’t win if you don’t play and you won’t know if you’re winning if you don’t measure your results.
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