Paid media refers to advertising campaigns where the advertiser pays for the delivery of their message to their target audience. Nowadays, Paid Media often includes specific guidance, management, placement and analytics with their approach. In recent years, there have been several advances in paid media approaches, including the following:
Programmatic Advertising
This refers to the use of technology to automate the buying and selling of advertising space. Programmatic advertising allows for targeted, data-driven advertising and efficient use of ad spend. (a must! And you better understand this or your pocket book will quickly run out painfully without results – don’t get it? Hire us- we do)
Social Media Advertising
Social media platforms like Facebook, Instagram, and Twitter have become popular channels for paid advertising. These platforms allow advertisers to target specific demographics, interests, and behaviors.
Native Advertising
Native advertising refers to the integration of sponsored content into a platform’s editorial content. This approach is designed to blend in with the surrounding content, making it less intrusive and more likely to be viewed by the user.
Video Advertising
Video advertising has become increasingly popular, as it allows advertisers to convey their message through sight, sound, and motion. This format is also conducive to storytelling and emotional appeals, which can be effective in influencing consumer behavior.
Influencer Marketing
This strategy involves brands collaborating with individuals who have a large following on social media platforms to promote their products or services.
These are just some of the most notable advances in paid media approaches, however the area is constantly evolving so the list will change and I’ll write and update as laws, approaches evolve. We all saw the new change with Facebook (Meta) this week. It’s important your ads manager or marketing team is always up to date with best practices for paid advertising. Failure to get it wrong can lock you and your brand out of a social media channel – detrimental to your business!
Paid media is leveraged by so many companies today for several reasons, including:
Targeted Audience Reach: Paid media allows companies to target specific audiences based on demographic, geographic, behavioral, and other factors. This can be highly effective in reaching the people most likely to be interested in the company’s products or services.
Measurable Results: Paid media campaigns can be closely tracked and measured in terms of metrics such as impressions, clicks, conversions, and return on investment (ROI). This allows companies to optimize their campaigns and make data-driven decisions about their marketing spend.
Brand Building: Paid media can be an effective tool for building brand awareness and establishing a brand identity. Companies can use paid media to promote their products or services and shape how their brand is perceived in the marketplace.
Fast results: Paid media can generate leads, website traffic and increase brand awareness in a short period of time. This is attractive for companies who need to see results quickly.
Cost Effective: When well-planned, paid media can be a cost-effective way to reach a large number of people and generate results. This is because it allows the companies to set their budget, target specific audiences, and track the performance of their campaigns. Sketch Media does this quite well to manage clients budgets but we also do a review to make sure you are realistic with what results will be yielded.
Complimenting other marketing strategies: Paid media can also be used to complement other marketing strategies like SEO, content marketing and email marketing to achieve a larger impact.
All of these reasons combined makes paid media an attractive option for many companies looking to promote their products or services and drive growth.
At Sketch Media we also help you determine if your company is ready for paid advertising efforts- And if you are not, we’ll help you get ready.
A few quick questions to ask yourself are the following:
Have you defined your target audience and buyer personas?
Paid advertising is most effective when it targets the right people, so it’s important to have a clear understanding of who your target audience is and what their needs and pain points are. – Don’t know how? Or need guidance? We can help.
Have you set clear goals and objectives for your paid advertising campaign?
It’s important to have a clear idea of what you want to achieve through paid advertising so that you can measure success and make data-driven decisions about your ad spend.
Do you have a strong value proposition?
Your advertising will be more effective if it clearly communicates the value of your products or services to potential customers. This is why we do messaging work with our clients – we need to really be compelling here to be effective.
Do you have a budget allocated for paid advertising?
Paid advertising requires a budget, it’s important to have an understanding of the costs associated with different ad formats and platforms and to have the resources in place to support your paid advertising efforts.
Do you have a strong brand?
A strong brand will help you stand out and make your ads more memorable, which can help improve performance.
Do you have enough data and analysis to optimize and measure results?
Measuring and optimizing the performance of your ads is important to achieving good ROI.
If your company can answer yes to most of these questions, then it may be ready for paid advertising efforts and spend. However, it is important to note that paid advertising can be complex and constantly changing, so even if you feel ready today, you should always be prepared to adapt and optimize your strategy. We adapt our strategies with our clients bi-weekly to ensure we are maximizing ROI and getting you the results we projected and you desire.