If you’re reading this, I assume that you’re either a) a marketer who wants to grow his or her advertising business, or b) you’re an advertiser who wants to grow his or her marketing budget.
Well, you can’t measure the success of a marketing or advertising campaign in the same way you can measure the success of a sales campaign. Marketing and advertising are more art than science, and there’s a ton of nuance to learn when you’re just getting started.
Which is why I’ve compiled this guide on how to grow your online advertising business. The guidelines outlined here will help you formulate a plan to successfully market your products or services online. So you can start measuring the results of your efforts sooner than you would if you were only tracking results from a sales standpoint.
Grow Your Online Advertising Business The Right Way
The first step to making sure that you grow your online advertising business is to figure out what type of advertiser you want to be. If you’re looking to optimize your return on investment (ROI), then you should pursue performance-based advertising. As the name implies, performance-based advertising measures the results of the ad spend and compares those results to the amount you invested in the project. In other words, it’s a lot more precise than simply tracking click-through rates or impressions.
On the other hand, if you want to pursue a strategy of brand loyalty, then you should consider pursuing cost-per-acquisition (CPA) advertising. With CPA advertising, you’re not necessarily investing in the delivery of the advertisement; you’re investing in the possibility that someone might act on the ad and make a purchase or join your mailing list. So you can’t precisely measure the success of a CPA campaign; you can only track its general effectiveness based on how well known your brand is and how familiar your target audience is with your brand. In other words, if you’re spending money on CPA advertising, you’re betting that your target audience is more likely to click on an ad for your brand than an ad for your competitors.
Don’t Just Focus On Digital
If you’re operating solely in the digital realm, particularly the world of display ads, you should consider pursuing affiliate marketing. With affiliate marketing, you’ll be rewarded based on how much someone buys from a given merchant, so if you’re successful, you’ll make money off of every sale that you’ve helped to make possible through marketing. It’s basically the best of both worlds: you’ll get paid for someone purchasing a product that you’ve promoted, and you’ll also get a piece of the action if they buy that product through your blog post or social media campaign. Pretty cool, right?
Understand Online Advertising Channels
Now, let’s talk about the various channels that you should consider when pursuing online advertising. You’ll notice that I didn’t include social media in this list since social media is essentially a combination of all of these channels. But that doesn’t mean that you have to limit yourself to just a few platforms. For the best results from your online advertising efforts, you should consider utilizing multiple channels.
On the subject of social media, one of the most effective platforms to use in your online advertising strategy is Facebook. Why? Well, as a social media platform, Facebook allows you to target your audience based on their interests. So if you’re looking to target affluent, baby boomers, you’d use Facebook’s custom audiences feature to do so. As a marketer or advertiser, you can also use Facebook’s custom audiences feature to find people who are interested in your product or service and target your ads to only those people. You can’t get this level of precision targeting with other social platforms. And if you want to be able to measure the effectiveness of your Facebook ads, you can do so through the platform’s dynamic reporting.
Use Search Engine Optimization (SEO)
You’ve probably heard of search engine optimization (SEO), and you might even use it on your own website to improve its searchability. When you’re doing SEO, you’re trying to improve the ranking of your website in search results for relevant keywords.
However, not all SEO is created equal, and it’s important to know the precise purpose of each tactic you incorporate into your strategy. On that note, let’s talk about how to use SEO to grow your online advertising business. The first step in utilizing SEO to grow your advertising business is to pick your niche. As a general rule of thumb, you should pick a niche that you feel confident that you can build a sizable audience around. If you’re looking for a quick hit, go with the hottest trending topic in your industry. But if you’re looking to establish a lasting presence that will attract and retain customers, go with a niche that you feel passionately about.
One of the most effective and affordable ways to engage with an audience is through paid media, especially if you’re looking to target the top of the funnel. One of the best examples of this is Google AdWords. With Google AdWords, you can run ads on Google sites like Google Search and YouTube as well as social media channels like Facebook and Twitter. So, as you can see, you can literally target anyone, anywhere online with these advertisements.
Whether you choose to use traditional paid media tactics, like search engine optimization, or social media to spread the word about your product or service, make sure that you have a plan that aligns your short- and long-term goals. Without a clear idea of what you’re aiming for, it’s difficult to know if you’re headed in the right direction. That’s why, as a marketer, it’s important to sit down and write out your goals and objectives before you begin your advertising journey. With that in mind, let’s get to the good stuff.
Determine The Best Way To Contact The Audience You’re Trying To Reach
Once you’ve picked your niche and determined the most effective way to reach your target audience (hint: it’s not just digital), it’s time to figure out who your target audience is and how you can get in touch with them. As a general rule of thumb, you should always try to keep in mind the buying profile of your ideal customer. In other words, what do they want and need? What are their pain points?
To start, you should look into the buying behavior of your ideal customer. What are their most common purchasing patterns? How do they navigate through sales cycles? How do they find information online? What are their interests? Travel? Fashion? Food? Technology? Etc.
Once you’ve got an idea of the type of person you’re trying to reach, it’s time to figure out how you can get in touch with them. Do they have a standard email address that you can use? Do they use social media to get news and information? What is their phone number?
Understand The Analytics Functionality Available To You
To make sure that you’ve picked the right niche and determined the right way to contact your audience, it’s important to know how you can measure the results of your efforts. As I mentioned above, performance-based advertising is a good choice if you’re looking to optimize your return on investment. In those cases, you’ll want to consider using tools like Google Analytics. Google Analytics is a free tool that allows you to track the performance of your website and digital properties (ie. Blogs, articles, and social channels).
As a very basic level, you can use Google Analytics to track the number of times people visit your site and the location of those visitors. You can also use the tool to identify the keywords and phrases that trigger web traffic and the average time spent on your site by each visitor.
More advanced users can use Google Analytics to track the effectiveness of their advertisements. With Google AdWords, you can determine the amount of money you’re spending on each campaign and how effective your ads are at generating leads and sales. You can also use the tool to track conversions, i.e. the number of people who’ve taken a given action (ie. made a purchase, joined your email list, etc.) after viewing an ad or engaging with a marketing campaign on Facebook, Twitter or another channel.
With all of this in mind, let’s get to the conclusion of this guide. How to Grow Your Online Advertising Business the Smart Way. If you’ve made it this far, I assume that you’re either a) a marketer who wants to grow his or her advertising business, or b) you’re an advertiser who wants to grow his or her marketing budget.