Is My Business Big Enough for Digital Display Advertising? The Answer Might Surprise You
Across the board, digital marketing budgets in all industries continue to grow, typically while offline advertising steadily decompresses. Combined, the categories of online video, sponsorships, and banners will account for the largest share of digital ad spending in 2016: 47% worth $32.17 billion.
21st-century businesses of all sizes and profit margins are having to adjust to an evolving landscape of consumer preferences and distastes in digital display advertising. The benefits of well-executed display ads? Numerous. Cost-effectiveness, higher sales through remarketing, and the ability to use analytics for improved marketing, to name just a few.
But do you know if your business is actually big enough to get the job done?
Answering these 3 simple questions will give you insight into where you are and where you want to be.
What is the display advertising reach of my business?
The differential between small and large companies — or local and national — can dictate if a business has a high market reach or not. For small business owners, the decision to use a display ad announcing a new location opening, or product/service launch, could be challenging, especially when trying to find enough local websites on which to run a display ad with the ideal audience.
On the other hand, a national chain with locations across the country can run display ads nationally across a spectrum of high-value, frequently visited websites and not worry about reaching people outside its service area.
Gauging your location reach is a key step to determining if digital display ads are right for you.
And beyond location, marketing executives must also consider the strength of their brand on overall reach and its potential for target campaigns to provide a relevant and measurable return on investment. Considering that 90% of companies spend at least 25% of their digital advertising budgets on specific targets, and 43% of companies spend more than half of their budgets reaching specific targets, having a large enough following is necessary to employ effective digital display ads.
Have I first considered search engine marketing (SEM)?
The benefits of search engine marketing may also be beneficial for your business, particularly if it does not yet have the optimal reach for digital display advertising.
Cost Effective/Targeted: SEM is one of the most cost efficient ways to reach your target audiences when they are ready to buy. SEM is employed to target your product and services so that when someone searches for a specific product your ads will appear in the search result listings, allowing your business to be in front of potential customers and bringing them to your website.
SEM is cost effective when compared to other traditional advertising media. It is also more targeted to your specific audience and able to be measured with Google Analytics – aka, real time understanding of your campaign’s effectiveness! Moreover, while search engine optimization (SEO) can change and your site’s listing will move up and down in search rankings, SEM can help you permanently remain visible to past, potential, and current customers.
Building a Brand: As your ads begin to populate search engines your greater visibility will indicate to prospects that your business is a brand or industry authority. Over time brand recognition will increase leads, drive sales, and create loyalty between your customer base and your business.
Is my business consistently producing high quality content?
Regularly producing high quality, relevant content on your business’s website – which can include original articles, videos, and analyses – is a cornerstone of a powerful content marketing strategy. Without a good reason for customers or prospects to remain on your site, digital display advertising could be simply a sunk-cost to a dead end.
A study by Tony Haile of Chartbeat finds four very telling points for business owners and marketers. For those who want to drive web traffic and keep potential customers on their site, know that:
- 55% users spend fewer than 15 seconds actively on a page
- People engage with newsworthy content more than “evergreen” content
– Newsworthy offers ‘burst’ of traffic while evergreen content can generate long-term, sustainable growth to your site.
- Social media has no relationship whatsoever on reading engagement
– Social could be better utilized to engage only the most avid readers.
- Banner ads don’t necessarily work
– Despite increasing “banner-blindness” on the web, advertisers could place ads where people more often look on a webpage.
Overall, digital display advertising is just one of many channels to generate higher clickthrough rates, page views, and sales across your business. Creating a robust marketing framework which includes search engine marketing and high quality, relevant content will be much more effective in the long-term!