A typical approach to Paid Advertising goes something like this...
- Launch geo-targeted ad campaigns using product-focused banners...
- Attempt to manage the daily frequency cap, audience targeting and placements...
- Hope for the best...
- Spend lots of money in-house expecting to strike it lucky with highly profitable campaigns...
- Realise it's actually a lot more time consuming than it seems...
Cyclic Media, Inc. lifts the stress of managing paid ad budget sensibly across a variety of channels, including:
- Brand awareness and re-targeting
- Display, paid social, and native
- New product launches and existing product sales maintenance
Paid Ad Strategy
To help illustrate how paid advertising is best approached, let's deep-dive into the huge potential of re-targeting with 6 steps.
Step 1: Re-targeting platform selection
Based on the ad types (native, social, display, mobile app) and niche (crypto vs b2b vs specialist vs consumer appeal)
- Re-targeting options include more than just Google Display Network and Facebook.
- Network selection may be restricted based on your niche, such as weight management, cryptocurrency, or gambling. But more than that, specific networks tend to perform better for different types of product. It's important to validate network relevance for your target audience.
Step 2: Agree customer lifecycle stages
Curious, keen, first purchase, up-sell, cross-sell, re-activation
- Re-targeting should carefully plan for each stage of the customer buying process, from 'general product awareness' through to 'brand consideration', 'trial run', main purchase, and opportunities for repeat sales.
- This insight is crucial for building focused re-targeting audiences, which come in Step 3.
Step 3: Set up accounts
Prepare audience filters, support pixel implementations to track events in the conversion funnel
- Re-targeting attempts often fail because campaigns do not differentiate the exact step in the buying process for each visitor, which means they end up seeing irrelevant ads all too often and therefore are actually put off your brand, rather than attracted to it.
- Pixel implementation to build your audience profiles should account for key events throughout your sales funnel, such as page visits, product page views, shopping cart items, registration process, article visits, and more.
Step 4: Make lots of ad creative
Ad copy, images, banners, video ad scripts and production
- Re-targeting tends to work much better (lower cost per acquisition, higher return on ad spend) with a large variety of ads.
- This includes ad formats (social post, display banners, video ads) of different lengths, with different styles of copy and images — usually with a recognizeable element of branding... but not always.
- Bottom line: make lots of content to give your audience a healthy variety of touch-points rather than showing them the same old ads over and over again.
- The variety of ads should also lead visitors to a variety of landing pages, not just the same product page, or the homepage, but pages that build brand interest.
Step 5: Test and learn
Minimum budget to verify tracking implementation and market response, pruning out any non-performing ads
- We typically start off by validating conversions with micro-budget split-tests, often including Facebook and small tests on Display Networks.
- We optimize from those tests and begin to scale the media spend according to your target Cost Per Lead or Cost Per Sale.
- Tweaking or completely replacing ad creative to hone into the winning combinations and sequences of landing pages, offers, sales copy, design elements, and so on.
Step 6: Rollout
Maintain budget increase based on ROAS and target daily frequency, adding more campaigns throughout the complete customer journey and lifecycle
- Most re-targeting campaigns can be made profitable. But most still leave a tremendous amount of growth opportunity on the table.
- Re-targeting is not just a tick in the box. It is an opportunity to both learn from your market and scale rapidly to capture the maximum available revenue from your audience based on changing market conditions.
Ongoing Campaign Optimization
Careful review of your traffic and conversion funnel to date allows us to maximize results based on the hard work and business intelligence that already exists to leverage existing collateral and key learnings for an expanded campaign.
Scale Your Winners
Incrementally increase campaigns (variety, placements, and budgets) until diminishing returns are achieved, based on growth strategy (sometimes customer acquisition does not need to be profitable due to the lifetime customer value).
Native Advertising and other Display Networks offer such a large amount of inventory that — if you have a good offer, good landing page, good checkout process — large scale paid advertising can be a dream come true for rapidly exceeding expectations.
Switch Off Under-performers Quickly
Sometimes for whatever reason, some ads just don't convert at a rate anywhere close to other ads. Instead of guessing why or hoping certain ads start doing better, take a hint from the metrics using statistical significance so you can allocate budget to the winners.
"Eliminate the Negative. Accentuate the Positive. Don't mess with Mr Inbetween."
With existing campaign success it can often be very helpful to profile the data of your customer base.
Using 3rd party services to augment your customer data can add significant insight. From there we decide on clear and well developed Avatars that represent the ideal customer profile and extend into new campaign opportunities.
Lookalike campaigns can also assist in reaching entirely new customers at lower cost per acquisition than standard brand awareness ad campaigns.
Ongoing Campaign Management
Paid advertising is never 'set and forget'.
Using well measured conversion data, we can split test various traffic sources across key channels including re-targeting, email solo ads to 3rd party lists, social media and display network advertising.
We’re looking for the winners to ramp up as much as possible, via new ad networks, new publisher categories, new demographic targets, new ad variations, and so on.
Paid Ad Performance
The above sequence of steps to scale winning ad campaigns can be repeated for every product line. The speed at which we can scale profitable traffic can quickly bring in a flood of highly profitable new customers. The benefit of tracked paid advertising is that you can always know where the money is going, down to the penny.
Contact us today to discuss your project and receive a proposal.