Why should you diversify your paid media?
Understanding which channels, campaign types and strategies work for your business is paramount. Too often advertisers stick to one channel, or invest all their time, resources and attention into a singular, siloed marketing avenue.
This can lead to problems with trying to scale, missing opportunities for reaching new customers and potentially be a risk in case there are issues such as disapproved Ads, policy violations or external factors that affect that channel. Diversifying your marketing mix is a way to ensure stability in such scenarios.
Diversifying your marketing and, in particular, paid media can broaden your reach to new, untapped audiences and subsequent revenue streams for your business. With consumers being exposed to advertising across devices, platforms and channels, it is more important than ever to be exploring these opportunities.
Remember, not all audiences are actively searching for you on Google!
One of the most common paid media synergies is that of the paid search and paid social crossover. These two channels can work harmoniously together with the right strategy in place. Prospecting new users via social media platforms, driving high intent search queries to site and retargeting these users that have a high propensity to convert across various social platforms is just one of the ways paid media can work together. With both channels playing a pivotal part in this particular example, the sale may not have happened.
Therefore, sticking to individual channel siloes isn’t necessarily the best to drive sales, reach new customers and scale your business.
Even within the Google Ads platform, advertisers have the opportunity to experiment with a multitude of elements to improve performance and reach new audiences.
Google are constantly rolling out new features to drive performance. Currently in beta, Image Extensions look to bridge the gap between Search and Display advertising by showing an image within the Search Ad itself. Early results are showing decent CTR uplifts.
Leveraging options such as Responsive Display Ads coupled with Customer Match and Similar To audiences can be a really effective method to reach relevant audiences in a cost-effective way. Rotate multiple creatives and Ad Copy to find what is resonating most with your audience.
With over 30,000,000 users per day on the platform, YouTube is the second largest Search Engine (behind Google) in the world. With advanced targeting methods and numerous campaign types, advertisers should certainly be adding video to their paid media mix.
Look out for new Beta’s that can open up video advertising opportunities, such as Video Builder. If you don’t have the resources to produce video, Video Builder provides a fantastic alternative. By applying static images, logo and copy, YouTube’s Video Builder will render a YouTube optimised video.
Not only is video an effective channel for brand awareness and reach, you can layer on call-to-actions to drive site traffic, integrate your store location for localised traffic, have lead forms and more to assist in driving conversions. YouTube doesn’t have to be simply a ‘hard to measure, upper funnel’ channel.
Understanding which channels drive the best value for your business is important for scale, but don’t rest on your laurels, your potential customers are everywhere and you should actively be seeking them out.
By introducing a new channel to your marketing mix, you may not garner the results you’re after immediately. It can take time to optimise, understand what resonates and see the incremental impact the channel is having on brand awareness, brand advocacy and ultimately, the bottom line. Ensure you have appropriate measurement in place and don’t necessarily default to direct CPA or ROI performance metrics. You can read more on this here – Is Data Stifling Innovation?｜PPC｜Search Seven｜Blog.
Successful diversification will inevitably lead to greater brand awareness, growth and stability.