Many businesses, regardless of size, are deploying more cost-saving measures to ride out the current economic slowdown.
One area that always seems to be first in these cost-saving measures is marketing and advertising budgets. These budgets are usually the first to be cut. While it may be a necessity depending upon how one’s business is doing, there are other avenues of cost cutting that can be explored.
Within digital media, there are effective techniques to assist in maintaining the integrity of one’s marketing plan. Consideration of these methods could go a long way to help save money. Here are a few metrics to consider before you sacrifice cutting campaigns severely:
Cost-Per-View (CPV)—Pay when consumer completes the views of ad.
Cost-Per-Click (CPC)—Pay when ad is clicked on. This is typically used with AdWords campaigns. Additionally, implement spending caps for AdWords campaigns at the keyword or ad group level to maintain budget considerations. CPC chooses this model for direct response campaigns, too.
Cost-Per-Action (CPA)—Pay when consumer performs a specified action; that is signing up for a newsletter or making a purchase.
Cost-Per-Impression (CPM)—Pay model based on per one thousand impressions (views of ad) purchased. Google Display Network is one example of a network that accepts cost-per-impression price model.
Below are other methods to minimize inefficient exposure of online messages:
Contextual Targeting—Using keywords to place ads next to relevant content.
Category Targeting—Target pages that are related to a specific category (that is vertical or sub-vertical).
Geo-Targeting—Allows purchase of impressions within specific location/area.
Many small businesses don’t always have the luxury to indulgently spend on marketing efforts. Plus, cash flow can sometimes be tight.
Regardless of motivations, consider the above tactics as a means to realize savings and still keep your business or brand awareness top-of-mind with consumers.
Adele Lassere is a marketing/advertising consultant with 20+ years of experience, freelance writer, and author of “Elements of Buying: A How To Reference Guide on Advertising for Business Owners”; available at amazon.com. Adele was listed on Black Enterprise’s 2011 Top Execs in Marketing & Advertising. Contact: firstname.lastname@example.org
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