For this year, eMarketer data estimates that global digital advertising spending will reach $ 389.29 billion, but do you know how much of that amount will actually be used? Currently, despite the fact that this is not exactly a new issue, there are many brands and companies that waste their resources by not developing their campaigns well. Do you think yours is one of them? Then you should know some recommendations to follow to reduce this expense.
According to various specialized platforms on the subject, these are some of the main efforts that can be developed in order to reduce spending on digital advertising:
Target specific audiences
As shared by the Lotame firm, a first action to start to stop wasting resources on digital advertising is to target specific audiences with campaigns. Targeting a very wide audience can result in significant waste as you pay more to reach more people and only a small percentage are going to convert.
On the other hand, when the audience is made more specific, only the people who are really interested in the brand, its products or the solution it provides will be the ones who will see the campaigns and therefore less will be spent while the conversion possibilities will be broader .
In general, the idea is to bet on quality rather than quantity.
On the other hand, to achieve this level of precision, data can be leveraged, whether it be data of origin or of the own brand and data of third parties.
Assess locations and regions
According to CleverISM, it is possible that investment is being made to reach spaces in the digital field where the brand does not even have consumers and therefore the budget for digital advertising initiatives is being wasted, for example, a brand that sells clothing for winter and is advertised in regions where snow or cold does not arrive as such, it may just be wasting your time beyond what it can attract the interest of someone who will soon travel to an area where there is snow.
Ideally, every business knows from the beginning who its target audience is and where it is, so it should use this information to better target its campaigns.
It is advisable to be as specific as possible, for example, not only considering at a demographic level the country where they are located, but also the province or even the city where they are.
Advertise on the right channels across multiple devices at the right time
Speaking of the locations, but in this case of the campaigns, as a third recommendation to reduce the cost of digital advertising, it is worth noting that it is important to consider where the people you want to reach are within the platforms. This can help increase how specific your campaigns and targeting can be.
Thus, it is necessary to consider the correct locations beyond the cities, for example, establishing the spaces within a platform or the specific places where the ad will be seen. For example, reaching out to desktops will be of no use if most shoppers use their phones to navigate. Likewise, it will be useless to be present with the announcements at a time when people are not aware of their equipment because they will not see the messages of the brand.
Evaluate timing or schedules
Finally, in relation to the previous point, you can also consider how long and how often the ads will appear, they may be present 24 hours a day, 7 days a week, 365 days a year, etc. Whatever the case, you should know that letting your ads run without having well-defined timing can be costly for marketing teams.
You should know that there are periods known as downtime, when ads don’t generate clicks, and running ads during those times can be a waste of resources.
The recommendation then in this case is to publish or run the campaigns at times when the target audience is online.