Why Paid Media is Growing & Why You Should Consider the Approach
Paid media spending is growing by billions of dollars each year. According to a report by eMarketers, between 2020 and 2021 we saw a +20% increase in digital media spending; totaling over +$450 billion dollars in 2021. The forecasted trend in digital ad spending will continue to grow, year-over-year.
Moreover, the competitive landscape of marketing in B2B and B2C continues to grow. New competitors are entering the market alongside new platforms and applications to reach target markets.
In addition, the onset of COVID-19 in 2019 was a marketing budget disruptor for companies across the board. As a result, traditional brick & mortar companies were forced to re-evaluate their marketing tactics and budgets. Former budget allocations to in-store display and traditional marketing shifted to online advertising spend.
The Use-Case for Google Ads
We have all seen it, we make a search on Google for a product or service and within our search results we see paid advertisements rising to the top of your search results page for what you are looking for. Sometimes it is the exact brand or product you had in mind or it can be a competitor in the same market trying to get your business over the competition. Moreover, it can feel like you are being stalked by ads for what you have been searching for….or even talking about. Paid media is growing year over year.
Google Ad campaigns offer businesses the opportunity to reach highly targeted audience segments to drive qualified traffic to meet their conversion goals. Whether you are looking to grow brand awareness, drive product purchase conversion, increase your sales lead pipeline, or drive application downloads, Google Ads has you covered.
However, building, optimizing and maintaining your Google Ad campaigns takes thoughtful strategy and execution to ensure you are effectively using your marketing spend.
The Challenges of Google Ads
Time & Maintenance
Google Ads are Not a “Set it & Forget it” Strategy Google is using machined learning in coordination with its search algorithm to identify and target qualified market segments and traffic for your campaigns. The signals Google searches for are vast. This requires keeping a close eye on campaign performance and optimizations. I recommend daily management to ensure your dollars are working for you and not against.
Ad Spend Budgets Are Variable Depending on Your Market, Goals, & Objectives Determining your ad spend can be a tough nut to crack. I have found that Google’s forecasting tool is subpar at best. With this in mind it often comes down to experience and testing & learning your way through the campaign. I recommend allocating substantially more budget than what Google’s forecasting tool will recommend. You can always dial it back down if you find it is more than enough. It’s easier to over-budget rather than under-budget and have to go back and ask for more.
There are Variables That are Out of Your Control Go into your campaign prepared for the unexpected shifts in the landscape. Additionally, set those expectations for your clients and/or business leaders ahead of time to reduce the shock-factor.
We cannot predict when new competition enters the space or when existing competition whom are already in the space level-up their game. This means potential losses in impression share. Consequently, this likely means more budget or reducing your campaign reach.
When the Competitive Landscape Shifts In some cases, when the budget cannot scale up I have advised my clients that we need to discontinue a campaign and reallocate the budget to a more beneficial strategy. At Metisentry, when you succeed, we succeed. That means honesty and integrity. We treat your dollars like they are our dollars. When you win, we win.
The Benefits of Google Ads
Paid Advertising is Enticing Due to its Quick Turn-Around Paid media drives results more quickly rather than a search engine optimization (SEO) strategy. Oftentimes, this is desirable to organizations focused on driving qualified leads and sales now.
SEO Cannot Be Ignored
However, SEO cannot be ignored. Search engine optimization is a long-tailed approach and is always recommended because it is in essence the long-lasting vitality of your website organic visibility. When executed properly and with enough time your organic search results can make it to page 1 and in the top 3 positions for high value keywords that speak to what your business offers. Now you are driving the same qualified traffic without paying for it in a pay-per-click (PPC) campaign. If you would like to learn more about Search Engine Optimization, visit my article on “What is SEO?”
Google Ads Enables Reaching Highly Qualified Traffic Google Ad campaigns come in all shapes and sizes to meet your specific needs. I love running Google Responsive Search campaigns. They offer the most targeting and optimization to achieve and manage your results. Of course, your campaign type is dictated by your specific needs.
When to Use Google Ads
There are many use cases for Google Ad campaigns as well as many campaign types to choose from. Google offers a nice breakdown of their campaign types in their support post, “Choose the Right Campaign”. I will highlight the key use-cases.
- Driving Direct Sales
- Supplementing Your Sales Lead Pipeline
- Brand Awareness & Reach
- Product & Brand Consideration
- App Promotion
- Drive Traffic to Your Website
- Increase foot-traffic to your physical store locations
To conclude, digital advertising is not going away and will continue to increase year-over-year by billions of dollars. Google Ads offers you a toolset to reach your target markets and drive qualified leads for your business objectives.
Undoubtedly complex in nature, executing and maintaining a Google Ad campaign takes time, money, and thoughtful execution. It can drive real results quickly when compared to other search engine marketing tactics such as search engine optimization.