Every small business owner, any business owner, knows that one of the best business strategies is to make your business or service a household name. You want to be the go-to source for customers when they think of your industry. The problem is how do you ensure that your customers or potential customers think of you in their time of need. One digital marketing solution is paid advertising.
Simply put, paid advertising is any kind of advertising that requires payment. While there are different forms of paid advertising, the bottom line is that you have to pay for it. In paid advertising, you pay the owner for the space on their page/website to allow your business to advertise. It is like renting a billboard. Now, paid advertising can take place on social media like Facebook, Instagram, and LinkedIn, because before it was primarily seen on the internet in search results under the search engine search box. What most people don’t know is the price paid for the ad space is usually settled through a bidding process between the marketers and the ad space owner.
Paid advertising is a successful digital marketing strategy that will allow you to see a return on your investment. Paid advertising campaigns are designed to target specific audiences and run at optimal times to reach your target audience. The other side of paid advertising, along with digital marketing, is that it allows you to immediately see if your ad is working and can inform your decisions of how to drive more relevant traffic to your website or gather leads. You can monitor the performance of the paid ad. The most important thing to understand is that paid advertising is a specific, targeted approach in your marketing plan.
Paid advertising should not be confused with options from social media companies like Facebook, who offers boosted posts. While you do pay for the boosted posts, the boosted post shares your post with a large net of people, but it lacks specificity. You can choose a wide group that you want to see your post, but that is about it. Paid advertising allows you the precision you need to market to a clear group of people.
Each time your ad is clicked, you will be charged by the space owner. After bidding against competition to get the best space, you will pay based on how many times your ad is clicked. For example, when you complete a search the first couple of links are paid ads.
Unlike PPC, Pay-Per-Impression makes you pay for how many people see the ad. There is usually a charge per 1,000 impressions regardless of how many people actually click the ad. These are the ads that may be seen on your timeline/feed across your social media accounts. The images stand out and make an impression in your thoughts. You may or may not click the picture, but you know where to return to get the product/service because it made an impression on you.
You can find Pay-Per-Impression advertising models on Yelp, Facebook (when boosting a post), and some others. While these methods of advertising are somewhat popular, they should only be used in certain circumstances. When a brand's key metric is awareness, Pay-Per-Impression can be a good avenue for marketing. If you are looking to generate new leads, however, Pay-Per-Click is going to be a better bet any day of the week. This way, you are capturing potential customers that are further in their buying journey and more likely to convert when they click on your ad.
Display ads are large banners that run across the top of the page or down the side of the page. They usually consist of text and image. They function on the PPC model, but they tend to market products/services that a customer is NOT looking for at the moment. In this sense, it functions like the PPI model. The display ads are there to put the need in your mind and help your customers to remember where to come back to get what is being advertised.
Whether you like using technology or not, as a business owner you will need to use paid advertising. Your potential customers are online daily. This is how you will reach them. Having a digital marketing campaign that uses paid advertising can be overwhelming, so you may have to invest in working with a digital marketing company that will create a specific marketing plan for you. They will monitor and analyze your paid advertising campaigns for you to see if you are successfully reaching your target market while creating new customer leads.