Media Buys (buying packages of ad space) can be a great way to help grow your business. Finding the right place to advertise will open up a large audience that might be receptive to your current marketing efforts.
There is, however, a right way and a wrong way to do it. These six tips will put you on the right track to getting the greatest return on all your media buys.
#1: Budget It
Media buys can be a great addition to your marketing strategy, but they can also be a great way to empty your bank account.
To avoid spending too much money, it’s vitally important that you set a budget for media buying and stick to it. Once you go over budget you’ll be cutting into your profits. I suggest starting small, finding out what works, and then incrementally increasing your ad budget.
#2: Shop Around
It’s never a good idea to purchase the first thing you find. When it comes to media buys, the cost of the buy isn’t always related to the quality of the audience.
While it might be tempting to spend a lot to advertise on a well-known website, you might be able to find cheaper options that are just as effective.
It’s important to keep the goals of your campaign in mind when looking for media to buy. Different websites will have different types of visitors.
If you’re focused on gathering leads, then one site might be a better option than another. If sales are your goal, then you’ll need to find a website full of real customers.
#4: Test It
Every campaign is different. The only way to really tell which media buy offered the best return is to constantly test different campaigns. Instead of just running one campaign and hoping for the best, diversify your marketing efforts.
When the campaigns are over, you’ll be able to run a few numbers and find out which one brought you the highest return.
#5: Cost Per Lead
You need to have a method of determining the most valuable media buys, and focusing on your cost per lead is a great way to do this. Traffic is always nice, but if it doesn’t convert into leads or sales then it’s only wasting your time and money. The cost per lead can be determined by taking the price of the media buy and dividing it by the number of leads or sales. Needless to say, anything with a negative ROI should probably be thrown out.
#6: Get Creative
At the end of the day, media buying is just advertising. Once you’ve purchased it, you’ll need something eye-catching, inventive, and enticing to use it for.
Make sure you leave room in your budget for creativity. Hiring designers, writers, and even musicians can really boost the effectiveness of all your marketing. Don’t fall into the trap of neglecting to budget for creative design.
The real secret to effective media buying can be found in planning and analysis. It can be tempting to just jump right in and start buying anything you can find. To get the most out of it, however, you need to know what you’re doing.
Books by Michael Ezeanaka