How to Cope With the Rising Cost of Digital Advertising

Digital Advertising

From leveraging social media to partnering with micro-influencers — here are six ways to reduce digital marketing costs for startups.

Advertising through social media, email and other digital channels has become the norm. After all, that’s where the buyers are. As customer confidence in digital mediums is increasing, the price of advertising there is increasing too. Now, advertising on digital platforms costs anywhere between US$500 and US$20,000 a month. With that in mind, let’s look at how you can save money and get a bang for your buck with digital advertising.

1 Have a specific target audience

If you are spending money to get your ad viewed by people, make sure it is the right people. This way, you avoid wasting your ad spends. It is also known as “Audience Suppression”. It means that you eliminate the audience that is either not interested in your brand or is already loyal to you. Instead, you can focus on the rest of the potential consumers. You can use a Customer Data Platform (CDP) – a software that collects and organizes customer data – to define your audience and only target them.

2 Bring in your own specialists instead of going to an agency

If you are on a tight advertising budget, hiring an agency to assist you with your digital advertising may not be the best option. That’s because, besides paying the designers and creators they connect you with, you will also have to pay the agency a hefty premium. Instead, you can hire your own specialists at a much more affordable rate.

3 Build your social media strategy

According to Hubspot.com, 47% of consumers will view at least three to five pieces of content before speaking with a sales representative. What’s more? 64% of users are more likely to buy a product online after watching a video from the brand. Safe to say, if you want to get your brand noticed on a budget, creating engaging social media content is indispensable.

4 Employ experiential advertising

To save money on digital advertising, use a traditional marketing strategy and take the brand to the people. From live events to pop-up stores, use experiential advertising methods to get your brand noticed. It will also help you build relationships with your potential customers. You can also attend webinars and conferences to engage with other businesses and expand your network organically.

5 Reward your customers

Little compares to word-of-mouth publicity when it comes to attracting customers. After every purchase, ask your customers to refer you to their friends and family through a referral system. In return, you can offer rewards or points. In doing so, not only will you give your existing customer base an incentive to return, but you will also attract new customers.

6 Get micro-influencers on board

As per a report by eMarketer, nearly half of marketers decided to increase their influencer budget in 2017, and only 4% reduced it. Clearly, influencers get results. Micro-influencers have a smaller but niche audience. To effectively execute a micro-influencer campaign, look for influencers who specialize in a niche that accommodates your product or service. Given that their audience trusts their opinion, you will be able to attract the right target audience. You can also collaborate with other brands to connect with their audience.

By 2022, digital advertising spend is set to rise to US$441.2 billion. With increasing competition in the digital space, it is more important than ever to set yourself apart, especially if you have a budget to stay within. So, use our strategies to optimize your digital advertising spend.

Image Courtesy: Unsplash

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