5 Things You Must Do Before Considering Paid Advertising
Written by marketplace | Jun 15th 2021
Paid Advertising is the fastest way to make more sales, generate profit, acquire customers and grow your business, but a lot of business owners are getting it wrong and they end up wasting a lot of money without reaching their business goals.
What can you do to avoid these mistakes and get the most out of Paid Advertisement?
Here is a list of 5 things you must consider and put in place before you think of investing in paid advertising.
Acquire and Set Up Your Digital Advertising Channels.
The first thing you need to do is to acquire, set up, and optimize your digital assets. By digital assets mean your domain name (a business name for your website), social media pages/social media handles, video contents, images (Info-graphics, product shots), written content (Blog Post/Articles, Product descriptions), etc.
These digital assets are what gives your brand an identity and make you easily found on the internet. So start here and put your house in order before you think of any paid advertising.
Create Content On Your Social Media Business Channels.
For you to be able to convince total strangers to buy your products or services, you need to already have a reasonable amount of content on your business Social Media business channels.
If potential customers land on your Social Media Business Pages through your paid advertising and they don't see anything related to your business on your social media business pages, they will be suspicious about it. So please, create business-related content, this will help with better sales conversions.
Know and Understand Your Target Audience.
Your target audience is the specific group of people or customers who want your products or service and are willing to pay for it. Before you invest in paid advertising, you should have an idea of who your target audience is and how to reach them using paid advertising.
One of the ways to understand your target audience is to create a customer avatar, which is a clear representation of your deal customer using segments like: gender, marital status, occupation, relationship status, geographical location, goal, values, pain points, etc, depending on the nature of your business.
A good customer avatar will give you a good idea about your customer which in turn helps your advertising deliver good results.
Select The Right Paid Advertising Platform.
There are a lot of places you can use Paid Advertising to advertise your products online and each platform has its own pros and cons. Before you run any adverts, you should understand the platform psychology and how it relates to your products and target audience.
For example, Instagram is very popular among young people and the highest number of users are within the age range of 25 to 34. Equipping yourself with such knowledge will help you better segment your market and target the right people who are likely to buy your products or services.
Know and Track Your Paid Advertising Results.
The beautiful thing about paid advertising is that you are provided with tools that will help you know and track your ad results. But before you get into Paid advertising, craft out your advertising objectives and goals. Is it brand awareness, customer Acquisition, direct selling?
When you are clear on this, get familiar when the related industry terms like CPC (Cost-per-click; the amount you pay each time someone clicks on your Ad), CPL(Cost-per-lead; the amount you pay when someone has signed up to indicate interest in what you're offering), ROAS (Return on Ads spend: which is simply return on investment (ROI)), LTV( LifeTime Value: this is how much your customer can spend on your business and the duration they can stay with you), etc.
All these metrics will help you know how much you've spent to acquire a customer and your return on ads spent.
Conclusion on 5 Things You Must Do Before Considering Paid Advertising
There's a lot you can achieve with paid advertising if done properly. But a lot of business owners think of paid advertising as a magic wand that transforms their business into a perfect business. There are a lot of processes involved in running good and converting paid advertising. If you need help, contact our digital marketing team and we will be happy to help.
What did you learn from this post?
Do you have any questions or inquiries?
Please leave it in the comment section and we'll be happy to help.