Today’s Guest Post comes from Mike Tyler, enjoy!
When I first started working in the video advertising business, I had big visions of these elaborate, creative stories. They were fun, relatable, and on the marketing side, it was going to go be a success. All we had to do was find four actors, a few extras, an antique shop location, and a good production crew to make the vision come to life.
In reality though, it was wishful thinking. Because, let’s be honest, most companies don’t have a thick war chest to throw at advertising.
They say sometimes constraints can free you. But how? How were we going to succeed at video advertising with a small budget?
Here’s a few things I picked up on the way.
One of the ugly scars of classic advertising is that you never know what you pay for. This is a rather discouraging fact. Fortunately, in video advertising, new models of payment like pay-per-click really helps minimize the negative effects.
Under pay-per-click, you pay a certain sum whenever someone clicks your ad. If you throw a garbage video ad out there on the Internet, you don’t have to swallow a huge loss when it has little effect and gets hidden in the depths of the Internet. On the other hand, you know that each dollar you pay has at least generated some sort of result.
Pay-per-click (or even still, using pay-per-conversions) is a solid way to hedge your bets. Any gambler with a small bankroll can attest to the importance of diversity.
The top ROI for B2B companies is Re-targeting
As a business that is targeting other business you demographic may be very niche. Getting ROI for adwords and other digital advertising efforts may be fruitless unless you have large marketing budgets to dominate certain keywords. Consider putting resources in Re-targeting models. Re-targeting works by placing your ad in places where the user has shown some interest in your brand already. For example, someone might have search for your product in the past or have already been to your website as you already know the best lead is one that is already interested in your product. Remind them about your product or service with Re-targeting
This obviously helps because you’ll know the money you spend on impressions are being used on people with interest already.
Optimize your Spend. Sort by Geography first
A beautiful thing about video advertising is how nimble it can be. With a simple click of a button, you can turn campaigns on and off. This allows you the luxury of testing and optimization.
Let me give you an example. When you start a campaign for a local product, consider dividing up the campaign into location first. For example, every city in the state/province gets their own little campaign. Then, give it a week’s time to incubate.
At the end of the week, you should be able to find some trends. Perhaps one city is unresponsive to the ad while another has high interaction and click-through rates. To save money, you can cut out those less efficient locations. Of course, you’ll be losing out on some conversions but it’ll help you focus where you spend your money.
Optimize Bounce Rate. Sort by Platform first.
The same process of optimization can be used to compare platforms.
For example, you might find that your bounce rate is 80% overall. This number, however, doesn’t help you change it for the better. However, if you were to divide your campaign up into mobile and desktop, it will help you. For example, if your bounce rate for mobile is 90%, desktop at 40%, the overall average could come out to 80% if your mobile traffic high. Just by switching off your mobile portion of the campaign, you’ll instantly save a lot of wasted money.
When it comes down to it, video advertising can be very efficient for every dollar you spend. Firstly, choose video adversity methods that have inherent benefits. You can pay for results or pay for good leads instead of just throwing it out there.
Secondly, optimize, optimize, optimize by dividing, dividing, and dividing. Split up your campaign into many little ones so you have more data and can compare all the variables.
Eliminate the not-so-good ones, focus on the good ones. Simple.
Mike Tyler is the CEO of War Room ranked #1 in online Digital Advertising and reporting.