Why Your Digital Marketing Spend Need Diversification — Without That You May Be Optimizing Campaigns For Wrong Reasons

Advertising Reads Mar 27, 2020

Excerpt

The hardest part of digital advertising is assigning the right attribution to the inbound signals. With the complicated user-journey is the norm in the digital world, having the right marketing mix is imperative.

Introduction

Whether you are just getting started or dip your toe for a time now in the world of digital advertising, arranging your success formula with proper allocation of marketing spend is critical.

To cover all the ground, one must be familiar with the ins and outs of those large systems, which makes up the digital advertising ecosystem.

Though, the length and breadth of the platforms, ad-formats, and a variety of campaign strategies to cover can quickly mystify even experienced marketers, let alone someone who is just getting started. Fortunately, with practice and systematic experiments, one can quickly master this. And guide their business forward with meaningful and measurable outcomes.

In the following, the subject we cover in detail the maze of options and opportunities available. And how to navigate them.

Why Your Digital Marketing Spend Need Diversification — Without That You May Be Optimizing Campaigns For Wrong Reasons - renttheant.com

How to get the right marketing mix?

A simple formula that brings success in digital advertising is about identifying the right audience, at the right time, and put the relevant message and offers in front of them to consider.

As you can see in that formula, the key operative words are the right audiences, time, and relevant messages. And all of those elements are dynamic moving variables at any given time. You have seemingly some control over the last one to some extent, and the rest of them are pretty much required constant experiments.

In reality, though,  solving this puzzle is not a single experiment. We may need to construct a new formula and derive a solution for each variant of your digital initiative objectives, whether the campaign aimed at brand positioning, driving traffic, lead generation, or to close the sales, etc. Now, imagine the skill sets, efforts, resources required to find the ideal values for those variables.

It will require constant experiments, starting with small and learn the lessons of do's and don'ts, and iterate through successive cycles of tests to find out those values which suitable for your business.

Each variation and test cycle amplifies the efforts to manage and challenges to overcome for your in-house team or outsourced agencies.

Platform selection

Your audience probably on the internet for a variety of reasons, from consuming long-form content, listening to music, and watching videos to networking and socializing on the community platform.

So, it's essential to align your campaign objective with the target audience yearning for specific experiences among those platforms.

Understanding objective

No two campaigns are the same within the organization. Your campaign objectives and priorities at any given time are continually moving from brand awareness, driving traffic to generate the quality leads, and create value from click-through to sales.

On the other end, not all platforms and the audience available in them provide the right settings to achieve your campaign objectives. For instance, Amazon offers the audience with immediate purchase intent; Quora delivers people with the mindset to explore things and scouting for a solution or information to solve their urgent problem; Snapchat provides younger and open-minded millennials and gen z.

So, it's imperative to align your campaign objectives and expected business outcomes with the audience platform usage pattern and their mindset while using them.

Decide on the ad format.

This aspect has a little bit of overlapping on aligning campaign objectives, along with choosing the right ad-format.

Fortunately, from the ad-format standpoint, the options in front of us are limited from keyword-based search advertising to display type advertising.

Search engine advertising is a type of text-based advertisement dominated by Google and Bing, which also referred to as PPC, aka Pay Per Click. Google Shopping is another tool offer features to list your products for online ordering and increasingly used as comparison shopping. And is the next best alternative to Amazon.

And rest of them are display ad-format provided by social media ad-networks like Facebook, Snapchat, and Instagram. And platform-dependent ad-networks like LinkedIn, Quora, Pinterest, and others. Google and Bing also offer display ads through their publisher networks signed up with supply-side platforms.

User journey

Your customer may not make any purchasing decisions with the first interaction. And they continuously exposed and interact with your brand in multiple channels and platforms. Between the initial entry point in social media platform to last click sale on search engine advertising demands your understanding of user journey.

Now, if your attribution assigning financial realization to search engine advertising and start allocating funds more only lead to lousy optimization in the long run.

Final thought

I have tackled this article subject without directly outlining the reasons for not putting all your eggs in one basket. Instead, highlight the complexity and importance of having an overall ecosystem understanding and campaign priority from planning to post-analysis.

Most importantly, the need to mash them together to find answers to more than one formula's your business needs to solve, which means diversify and allocate your spending to have a perfect marketing mix.

Inner Voice

I am "Rent The Ant" Inner Voice. The collective voice of our team both in-house and partners.