Answer These 3 Questions Before You Begin Paid Advertising
So you’ve you determined you need to begin Paid Advertising, but you’re inquiring,what should my targets be? and where do I begin?” Here are the 3 Questions that we’ll answer.
- Much should I spend?
- What should my goals be?
- Where should I advertise?
Where should I Use Paid Advertising?
There isn’t any bigger platform than Google in regards to PPC, but is it appropriate for you? Is your marketplace exceptionally competitive? Are you an advanced service or product that no one understands they want yet? Google has spent millions of dollars in development and time to create a strong engine. It may seem cliche, but actually the response to the question above is, “it depends.” The platforms available today are as varied as the advertisers using them. There is no “one size fits all for paid advertising. Here are the 4 major platforms
- Facebook:.If you are a B2C business, more than likely your audience is here. It is by far the largest social network. Facebook allows for very targeted campaigns and allows advertisers to hit new audience members.
- LinkedIn: LinkedIn is great to target business-minded professionals, however, do not expect the cost to be as low as Facebook. Most advertisers can expect to pay $4 – $5 per click, with a lower click through rate. Like Facebook, you can target niche groups for your advertising goals.
- Google:. Google easily connects to analytics to help with tracking and there is no minimum buy-in – so spend as little or as much as you want. It also offers the largest “network” and reach
- Bing: Bing allows advertisers to easily reach users who might not be on Google. This generally allows for lower spends and higher returns. Bing is almost a mirror image of Google,
How Much Should I spend?
You can ask your agency or you can research yourself, but there are many factors that can impact the effectiveness and the amount of your budget for paid advertising. How much is not the same for everyone.
- Seasonality: What are you selling? You might be an advertiser who needs their budget to cover all 12 calendar months or a seasonal business who only needs to advertise a few months a year.
- Reach: Are you only performing radius targeting? Are you only looking to reach a targeted audience? a small budget can be more effective, the smaller the area and reach.
- Competition: Are you trying to compete with big box stores?How many competitors are in your space?
- Goals: Or are you looking for direct actions or brand awareness? Depending on what your goals are, you might have different budget needs.
My Goals. What Should They Be?
It’s true as it was before, every business is different. If you are building your sales pipeline, then you would focus on conversions. If you are on online retailer, you should focus on sales.It is very easy to have information overload and try to focus on all metrics all of the time. It is also OK to adjust goals as you further flush out your strategy in paid advertising.
It is important to do your research or work with an agency that understands your goals and can help launch an effective strategy. Getting started in paid advertising doesn’t have to be an expensive learning lesson Just remember your plan should be as unique as your organization. What works for one business or competitor, may not always work for you and your business.