By: Nikith Deo
Last week, we went over organic marketing tips. Now, it's time to learn what you can do with a little disposable income. Online advertising is a billion-dollar industry that accounts for a bit more than a fourth of total media spending. If you have the funds, paid advertising is a great way to increase traffic to your site.
5 Paid Marketing Strategies
Pay-Per-Click (PPC) advertising is perhaps the most popular paid form of marketing. It allows you to reach people who are interested in your product/service and you only have to pay when someone clicks on your ad! Paid search marketing accounts for about 65% of “clicks", while organic marketing only accounts for 35% of clicks. PPC visitors to your site are 50% more likely to buy something than organic visitors. This shows that PPC advertising is a very effective way to market.
2. Social Media Advertising
I'm sure most of you are active on social media, either on your own profiles or your company's. Advertising on social media can get your ad in front of a lot of people. Facebook offers a few types of paid marketing options and is a great platform to start advertising on. Facebook offers "Audience Insights", making it easier for marketers to cater content specific to their target market(s). Make sure to keep your ads relevant to your target market! 57% of Millennials surveyed agreed that the ads they’ve seen on social media are more relevant to them than ever before. People will buy your products if your ad is relevant to them.
3. Influencer Marketing
Influencer marketing isn't as common as PPC or social media advertising and you may be priced out of using it. If you have the funds, marketing your product/service through a popular industry name is very effective. Since overutilizing paid ads can make you desperate and spammy, mixing in some influencer marketing on social media platforms can bring you great success, especially since some people blog paid ads altogether! In 2016, influencer marketing surpassed print marketing, it's becoming increasingly popular.
4. Banner Ads
It feels like banner ads have been around forever. Nowadays, they are not only used regularly on desktops/laptops but also smartphones and tablets. Even as other paid advertising options increase in popularity, banner ads continue to be one of the most successful forms of paid advertising. This is likely because banner ads can be placed on sites relevant to your product/service that people are already visiting. They can also be targeted so that regardless of what website someone is on, your ad can be shown to them. In 2018, nearly $25 million was spent by big companies on banner advertising.
Retargeting, also called remarketing, is relatively new and relies on using "cookies" on websites to anonymously track peoples' activities as they use the internet. Based on what people are searching for and what sites they are visiting, you can use retargeting to make sure to only show people relevant ads that they will have some interest in. This is better than showing the same ad to everybody because the people that will see your retargeted advertisement will be more likely to purchase your product/service. Retargeting works best on high-traffic sites that have approximately 5,000 visitors per month. If your site has 5,000 or more monthly visitors, try using retargeting!
Paid marketing will cost money, but is more successful than organic marketing. Some paid advertising options are cheaper than others, but you can make any one of the aforementioned options work for you. Try using PPC, Social Media Advertising, Influencer Marketing, Banner Ads, and Retargeting to make you money!
About the Author
Nikith Deo is the Digital Marketing intern for Sparrow Marketing. He is a senior marketing student at San Jose State University.