PUBLISHED IN
Mar 27, 2023 Category:
Digital Advertising
Mar 27, 2023 Category:
Digital Advertising
5 Ways To Decrease Digital Ad Spend
Reading Time: 7 minutesDigital marketing is the most effective way to advertise your brand today. It is therefore no surprise that a major part of the budget is carved out for digital ad spend. However, a substantial percentage of the digital ad spend is wasted due to issues in advertising strategies and channels. As a small business you do not need to incur such losses and avoid them by implementing the following strategies when designing ad campaigns. Remember that every penny that you do not waste is money that you have saved.
Table Of Content
#1 Narrow Down Your Audience
Unlike broadcast, digital advertising is about reaching the right audience. You have the option to limit the reach of your ads to your niche target audience. Do not waste your resources to reach wider if that is not necessary. Remember that even if you reach a large audience the conversion rate remains small, but you would have spent more. Therefore, you need to reach specific audiences who have a higher chance of converting and not a wider audience. One way to accomplish this is by narrowing down your audience and by targeting a specific customer base.
You can narrow down on your audience with the help of data that you may have collected through your research, audience behavior on your website, from third-parties or aggregators. You can collect demographic data such as gender, age, location and occupation or psychographic information such as beliefs, aspirations. Other data such as devices in use and purchasing behavior are important as well.
Demographics refers to information such as age, gender and occupation. Psychographic information tells you about your audience’s attitudes, beliefs, aspirations and other similar attributes. You can also see data about their online behaviors, such as which devices they use and how often they make purchases on your website. You can use this data to narrow down on your target audience as well as reach out to new customers with similar demographic and psychographic data.
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#2 Choose your Location
Your digital ad needs to travel to only regions where you are actively serving. If you do not change the settings of your ad, it is possible that it reaches locations where you are unable to offer your services. Apart from this, location based advertising has become essential nowadays. This is because most people access the internet through their mobile devices such as smartphones. According to a report by Hitwise, 60 percent of all searches are made from mobile phones.
You need to target the audience in a particular location instead of using a location as keyword. It is important that your digital ads are displayed to people in a specific location and not come up for irrelevant searches on that location. This will help to decrease your digital advertising spends as your ad is not displayed unnecessarily.
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#3 Right Time of the Day
There are certain times of the day when your ads get the maximum engagement from your potential customers. You can decrease digital ad spend by restricting the display of your ads to certain times of the day. For instance, you can put your ads out during your working hours when you can respond faster to queries. The idea is to send out ads during your business hours when it is most beneficial. That means you have to send out ads when a majority of your target audience is online so as to maximize on the maximum number of conversions.
When you display ads during the right time of the day, you benefit from higher customer engagement and a better conversion rate. You can look at the metrics to know which times of the days gets you the maximum engagement.
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#4 Choose the Right Channels
There is a plethora of channels to choose from for your digital advertising needs from social media to websites. However not all channels will give you the same results. Some channels will give you better customer engagement and conversion rate. To decrease digital ad spend you need to streamline advertising you channels that fetch you the best results and returns on investment.
To know the right advertising channel, you need to first research on where your audience prefers to stay online. Collect data related to the online behavior of your audience. For instance, if you are a tech firm, LinkedIn may be the best channel for you to focus your ads on as it the platform supports networking for professionals.
This however does not mean that you do not use other channels for your digital marketing. Because if you focus strictly on one channel you run the risk of losing out to your competition. Make the most out of your digital advertising by defining the channels that you need to market on with a higher focus than others.
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#5 Keyword Selection
Choosing the right keywords is crucial to decrease digital ad spend. You need to design strategic marketing campaigns around accurate keywords that people use to search for information to make your ads more effective. You want your ad to come up when users are searching for services and products that are relevant to your business. If your keywords are off, they would make your ad invisible for most part as it would not be seen by search engine algorithms.
The right keywords make digital advertising campaigns target the right audience and lead to a higher conversion rate. Users are more convinced of services when they see the keywords that they used to search for information in the ad. You will need to do a thorough research on the keywords that you need to use in order to save costs.
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Conclusion
Digital marketing is dynamic and you need to keep up with the trends to know what works best with your audience. As a marketer you must focus on serving your customers what they want. And for that you may have to develop your own strategies particular to your business needs. For instance, you can divide your target audience according to demographics and behaviors. This will help you to advertise in a more targeted way.
Every ad that you put out costs money. The principle behind decreasing digital ad spend is to use your ads and display them in a manner that will garner the best results. At Tarika Tech we focus on developing digital advertising strategies that are lean and effective with a strong focus on reducing any wastage. If you want to know more about how you can decrease digital ad spend, reduce wastage and get maximum returns on your advertising investment, contact us today.
