Paid marketing is a sales-forward process that allows businesses to efficiently and directly engage, target, and reach their crowd. It is a straight forward approach that, in contrast to organic marketing, bypasses the waiting time to reach the audience.
- While in organic marketing, the means used merely count on the chance of people coming across their advertisements, in paid marketing, the ad itself is forced upon the consumers.
Ads used in paid marketing lead directly to the site where purchases are to be made—making it easier for consumers to connect from what they see to what they may want to buy. It also produces statistics that can be reviewed in order to know and understand what works and what doesn’t.
- It enables companies to put out an ad, study the feedback and effect on their business and eventually use these data to change a few things if needed in order to achieve the maximum returns with the lowest costs possible.
Another point for paid marketing is that it simplifies reaching your target audience. While search engine optimization or SEO is another option, it can be very tricky.
- SEOs use different kinds of searches such as image, video, news and other searches in order to increase traffic through visibility of a certain site or page. These pages and websites modify their content in order to be more perceptible to more users on the Internet.
- The use of keywords and algorithms are complicated. In paid marketing, the use of demographics instead of search simplifies the procedure. Using advertising and remarketing platforms such as the Facebook Family of Apps for paid marketing not only assures that there is a huge audience, data analyzing mechanisms used by the website will assist in expanding your already vast pool of viewers.
By its name, to avail of this kind of marketing, businesses need to spend money. This entails a more in-depth study prior to engaging the services of a paid marketing provider in order to get the highest return on ad spends as possible.
Looking at the objective of paid marketing
In a nutshell, paid marketing can be illustrated as a funnel. The goal of paid marketing is to push people from the top of the funnel down to the bottom.
- At the top, the wide part of the funnel is awareness. It begins with people knowing the business, your product, your brand. It puts your business out there for people to know you exist.
- At the mid-funnel is a consideration. Wherein your target audience has evaluated and deemed your brand worthy to be considered together with other brands.
- At the lower funnel, is the decision. While this is the ideal scenario, other factors may still affect the finality of the decision to purchase such as availability of payment methods or finding out that they can get the same product from a retail establishment without the hassle of shipping and waiting time.
Despite those possibilities, the goal of paid marketing is to still get the target audience to the lower funnel. This is where remarketing comes in handy. Exposing your target audience over and over again in certain timeframes can push them further down the funnel.
Paid marketing, however, does not cease there. Creating a loyal base of customers that would repurchase the products you offer, and garnering new customers are both important for your business’ growth.
Continuously running prospecting campaigns will widen the base of the audience funnel which will result in a bigger base for retargeting later on. Continuously remarketing or exposing your target audience to the same and new advertisements will lead to better marginal returns.
The audience funnel has four different audience buckets. The widest part of the funnel would be the prospecting audience. It is generally and mostly comprised of people who have never engaged with your brand.
Once they are hit or exposed to your ad and view any of your products, they go down a level and become part of the next audience bucket which would be the viewer audience.
After viewing your products, they could be then led to your website or e-commerce platform wherein they can see the products you carry or services you offer. Once they have added products to their carts they become part of the added to cart audience. Finally, the last audience bucket and also the smallest would be the purchased audience.
People who are a part of this bucket are those who have successfully checked out your product. Although it is a funnel, it is important to note that the audiences can skip some levels and end up purchasing right away. In the same way, some audiences can also not funnel down and stay in their current buckets.
It is essential to set a window period wherein they can organically purchase on their own, this can still be attributed to your ads depending on the attribution models on your platform of choice, before retargeting them with your ads. Doing so can lessen your costs as well.
Get started with paid marketing
Now that the basics of paid marketing are laid out, how then can you utilize it to further your business? Platforms like Google and Facebook can be a good avenue to do paid marketing. If you want to go for a more targeted audience and choose the social media category, you can leverage the Facebook Family of Apps which includes Facebook, Instagram, Whatsapp, Messenger and Audience Network.
The next step would be to strategize your performance marketing. Paid marketing is not just about spending money to have your advertisement on the various platforms available.
- Identify your Business Goal/s: Business goals can vary from app installs, lead generation, conversions, catalog sales, and even store traffic.
- Define your Target Audience: it is important to define your target audience as this will allow you to reach people who are more likely to engage with your ads and perform the desired action you want. In addition, it’s also essential to find a platform wherein most, if not all, your audience will have exposure to your ad.
- Don’t be Afraid to Experiment: as mentioned, the beauty of paid marketing is in its measurability. Upon getting feedback through statistics, it would be easy to take a step back, evaluate the data and what it means for your business and make some changes to achieve your business goals.
While the process of employing paid marketing to assist in improving your business may be trial-and-error, the pay off is definitely worth it. Like every other aspect of entering into business, it’s important to optimize one’s resources, do your research and to scale your expenses accordingly.
Ma. Bernadette Ocampo