Optimize Your Advertising Spend
It’s a new year and as the page is turned on 2010 many businesses are facing the prospect of a new marketing budget. While some companies will be forced to adapt to the reduced availability of funds, it’s more important than ever‐‐for all businesses‐‐that the money being spent on advertising is the most effective it can be. Optimizing your advertising spend isn’t just about spending less money on advertising: it’s about making better use of the money you do spend. With that in mind, here are 6 ways to optimize your advertising spend:-
Web Analytics: You can only allocate your advertising budget in an optimal way when know the effectiveness of your advertising campaigns. To know this, you need to define and measure success. What happens when an ad is successful? The simplest way to start on this path toward advertising optimization is to measure the clicks you receive from online ads. You most likely do this already as you track the incoming sources of traffic to your website. Google Analytics is free and is a good way to start exploring these issues. For better or for worse, though, not all of your customer interactions occur online. Just because web interactions are the easiest things to measure doesn’t mean that they’re the most important interactions to measure. This is why you need the next item on our list.
Phone Analytics: This comes back to the question of defining success. Is your ad successful if a customer clicks through to your website and then never is never heard from again? What about if a customer calls? This isn’t measured by traditional web analytics services, but it is a key stat to track. Tracking phone calls gives you a more complete picture of the effectiveness of all your ads‐‐both on‐ and offline‐‐in whatever way a customer contacts you.
Test Copy: While many web search optimization programs will focus on finding the best keywords in which to place your ads, it’s equally important to test and adjust the content of those ads. Try a few different variations for each campaign you pursue. Which one is most effective? Adjust your budget to focus on the language that resonates with customers.
Test Time: Optimization is about more than just garnering more responses. It’s about garnering better responses. If a tourism agency in Maine knows that no one is coming to visit in January, then it might be best to hold back on advertising beach‐front rentals until the warmer months. This simple example illustrates a more nuanced point: don’t pay for advertising that won’t lead to sales. This might mean cutting back advertising during certain months or even during certain times of day.
Test Geography: This is closely related to our previous entry, but it’s no less important for you to optimize your advertising by geography. A local landscaper in Maryland won’t put up billboards in New Mexico. Why should you pay for online advertising for your local business that’s seen by people halfway across the country? Make sure to specify the settings on your PPC ads to account for geographic point of origin.
Give us a call to learn more about Advertising Spend.
Latest posts by Mike Byrne (see all)
- What is Interactive Voice Response (IVR)? - October 26, 2015
- IVR Tech’s Call Center Services - April 20, 2012
- IVR Technology Group at a Glance! - December 20, 2011
- How does IVR Tech’s Voice Broadcasting / Voice Blast System work? - October 20, 2011
- How to Track Your Online Advertising by Using IVR Tech’s Call Tracking Software! - October 7, 2011