As a small business owner, you know every dollar counts, especially regarding marketing and advertising. Display advertising can be a powerful tool to drive traffic to your website, but it can also be expensive if not managed effectively. In this article, we’ll walk you through 15 steps to help you create a cost-effective display advertising strategy in 2023 that won’t break the bank.
Table of Contents
Choose the Right Platforms
There are many platforms for display advertising, including Google Display Network, Facebook, and various ad exchanges. Research and choose the platforms that best align with your target audience and budget.
Utilize Retargeting
Retargeting allows you to show ads to users who have previously visited your website, increasing the likelihood of conversion. By focusing your budget on these high-intent users, you can make your advertising dollars go further. Retargeted ads have a 10x higher CTR than regular display.
Test Different Ad Formats
Experimenting with various ad formats is key to identifying which ones best engage your audience. According to a study by the Interactive Advertising Bureau (IAB), users engage more with interactive and video ads than traditional banner ads.
The study revealed that interactive ads led to a 47% increase in time spent with the ad, while video ads increased user engagement by 18%.
Use Eye-Catching Creative
Your ad creative can make or break your campaign. Invest in eye-catching visuals and compelling ad copy to ensure your ads stand out and drive users to click.
Implement A/B Testing
A/B testing is a powerful tool for optimizing your ad performance. Test headlines, images, and calls to action to see which combinations drive the best results. Remember to test one element at a time for accurate insights.
Monitor Your Campaign Performance
Keep a close eye on your campaign performance and make data-driven decisions. Adjust your budget, targeting, and ad creative based on your campaign’s performance to maximize your return on investment.
Consider Programmatic Advertising
Programmatic advertising uses algorithms to purchase ad inventory in real time, often at a lower cost. According to the Epom industry report, an average CPM for a medium rectangle on this platform is $0.48. On Google, it’s usually 1.5-3 times higher, depending on the geo.
Utilize Audience Insights
Use the data collected from your display advertising campaigns to gain insights into your audience’s behavior and preferences. This information can help you optimize your ads and targeting for future campaigns.
Focus on Ad Relevance
Ensure that your ads are relevant to your audience and the content they’re consuming. Ads that are more contextually relevant are more likely to be clicked on, improving your CTR and overall campaign performance.
Utilize Geo-Targeting
Maximize the effectiveness of your display ads by targeting specific geographic locations. By focusing your ads on regions where your target audience resides, you can improve your ad performance and reduce unnecessary ad spend.
Leverage Dayparting
Dayparting allows you to schedule your display ads to appear during specific times of the day when your target audience is most active. By adjusting your ad scheduling, you can reach your audience when they’re most likely to engage with your ads, optimizing your ad spend.
Monitor Your Competition
Supervise your competitors’ display advertising strategies to identify trends, opportunities, or threats. Adjust your own campaigns accordingly to stay ahead of the competition.
Utilize Ad Exclusions and Negative Targeting
On average, 50% of ad impressions served on websites are not viewable, according to Think With Google. To maximize the effectiveness of your display advertising budget, use ad exclusions and negative targeting. These techniques help you eliminate irrelevant or low-performing placements, ensuring that your ads only appear in contexts that are more likely to generate results.
Experiment with Frequency Capping
Frequency capping limits the number of times an individual user sees your ad. By experimenting with frequency capping, you can find the optimal balance between ad exposure and user annoyance, ensuring your ads remain effective without overwhelming your audience.
Opt for Cost-Effective Ad Placements
Consider using cost-effective ad placements such as below-the-fold or in-text ads. While these placements may have lower visibility, they often come at a lower cost and can still drive significant results when properly optimized.
Congratulations, you now have 15 tips for creating cost-effective display advertising campaigns! By incorporating these strategies, you can improve ad relevance, increase engagement, and maximize your return on investment.
The best part is that you can experiment with these tips to find what works best for your unique business. Who knows, maybe you will invent a secret recipe for a calibrated campaign setup that will bring you might and glory!
