Statistics show that spending on media ads is predicted to grow from 39.7% in 2017 to 53.9% in 2022. Most businesses today are investing aggressively in digital advertising. A large portion of their marketing budget is assigned for Google or Facebook ads, and rightfully so. These ad campaigns help marketers acquire increased visibility for their products/services. In fact, with the involvement of technology and the availability of metrics and data for analysis, you are better positioned to make decisions for your marketing initiatives. It is easier to incorporate marketing optimization techniques and get desirable results.
Why is Marketing Optimization Necessary?
Marketing optimization is essential for getting a positive return on investment (ROI). You can spend thousands of dollars on your marketing campaign but what matters is how good your ROI is. So naturally, you would want to keep running the campaigns to get great leads and conversions. Similarly, you would like to close down the ones where you’re losing money. Marketing optimization helps you make such decisions backed by solid data and analytics.
Marketing Optimization Techniques
These are some simple yet effective techniques to optimize your marketing and advertising efforts.
1. Refine your marketing message
It is imperative to narrow down your target audience based on certain factors like demographics, interests, and customer behavior. Spending your marketing budget and efforts on a wide range of audiences will hamper the campaign’s efficiency. Similarly, once you have refined your target audience, make sure your ad copy is personalized for them. For instance, if you have a product like jewellery and want to target younger women living in a specific part of the world, you should write a message that appeals to them. It must be compelling enough to make them want to click on the ad.
2. Optimize your ads for mobile devices
With increased penetration of the internet and an exponentially growing number of mobile phone users, we can’t emphasize optimizing your ad for mobile devices enough. People, especially the younger generation, are addicted to their phones. Also, we have this compulsive habit of checking our phones and social media handles regularly. Therefore, your ads will attract many customers through these devices if they’re optimized accordingly.
3. Outsmart your competitors
To excel in the marketing game, you must be better than your competitors. So run a competitor analysis, focus on the channels they have their ads on, read their ad content, make a note of their target keywords. Once you know all this, creating a better ad with better reach shouldn’t be a problem.
4. Analyze the metrics
With Google Ads and ads on other platforms, you will be able to access insights and metrics related to your ads. When you analyze these numbers, you can deduce a lot of information, like the customer acquisition cost (CAC) and customer lifetime value (LTV). Once you’ve drawn the inferences, you can work on bringing the CAC down and increasing the click-through rate (CTR). It is essential to work on these to get the desired outcomes as per your marketing goals.
5. Use efficient tools
For your marketing optimization initiatives to be truly effective, you need to use tools that help you save time and automate your process. For instance, using a tool like EasyInsights’ Google sheet add-on can quickly help you create your market reports. This tool brings all the data from your chosen platforms on a single Google spreadsheet. As a result, it saves you a lot of time and simplifies your work. In addition, it has multiple useful features like access to several marketing templates for data, custom dimensions for reporting, etc.
6. Leveraging Automated Bidding
Google Ads’ automated bidding system is designed to help you win more business based on its knowledge of how the system works. No additional setup or management is required. Using machine learning, automated bid strategies increase your ad’s visibility based on performance. As a result, you can get more clicks and conversions at the right time.
7. Retarget your ads
Customers who already know about your product or visited your website but didn’t make a purchase are the ones you must retarget with your ads. There is always a better chance of conversion with customers who know about your product than the new ones. Therefore, retargeting your ads can significantly raise your conversions.
As marketers or business owners, you should understand the significance of marketing optimization to ensure a better ROI and get qualified leads from your digital advertising initiatives. A major roadblock in your marketing optimization is data collection and organization from different marketing channels, especially for people who aren’t hardcore marketers. EasyInsights Google sheet add-on can help you overcome this problem and seamlessly drive your marketing optimization plan. It gets all the data from multiple marketing dashboards in one place on a spreadsheet. It makes working on the data hassle-free and straightforward, even for digital marketers with no technical background.
Schedule a demo today to better understand how EasyInsights can help your business!