How to maximize your digital advertising budget in 2017
This year it’s not just about having a digital advertising strategy. Now, smart businesses are looking at refining their strategies and identifying better ways to put their budgets to good use. Digital advertising and marketing are all about being able to improve your return on investment, and you want to ensure that every dollar you’re spending in these areas is bringing you the best possible return.
The following are some key trends you can look at this year to maximize your budget and ROI when it comes to your online and digital advertising efforts.
Test and Analyze
One of the biggest problems a lot of businesses face when it comes to their digital marketing and their budgeting is the fact that they don’t necessarily know what the current impact of their strategies is, and they don’t know their ROI. The first step to maximizing your spending is to know how things are currently working.
You can do things like A/B testing, pausing campaigns that might not be effective, or using big data software to gauge different factors and see how things are currently working. This will give you a baseline for improvements you can make.
With every marketing and advertising plan you have, there needs to be complete alignment with measurable metrics.
Existing Customer Data
Also important to look at is the data related to your current customers. Just look at that information you already have available and determine what your conversions are, and whether or not what you’re doing has any value at all.
You’ll be able to see who’s really engaging with your brand and how they’re doing it.
One of the biggest trends in digital advertising right now is programmatic bidding. This is a process by which publishers sell their premium inventory, and buyers purchase a certain amount of that inventory.
It tends to be valuable for both advertisers and publishers, and it can help advertisers improve their ROI and become more efficient in the process.
Programmatic also lets advertisers test concepts before going live, so you have a unique opportunity to see what works and what doesn’t.
Following trends may not be the best approach in every area of your life or even your business, but with digital advertising, it tends to work. Digital marketing is a rapidly changing environment, and there are constantly evolutions that marketers need to keep up with to make sure they’re maximizing their efforts and their budgets.
When you keep an eye on trends, it can help you maintain a competitive advantage as well.
As a final note, not every campaign or every ad has to be wildly different from everything else you’ve done. If you want to save not only money but also time, reinvent your existing digital marketing campaigns. Do some testing, make some minor tweaks and repackage them.
You can also take your traditional campaigns, for example from print or TV and turn those into digital advertising campaigns.