10 Years back, social and digital media was considered a vacuum that would suck the life out of you.
Fast-forward to the present day, it has overthrown traditional media and has become a cost-effective way to create awareness to a targeted audience.
Here are 5 key reasons that you need to consider digital when it comes to planning your next marketing budget.
1. Reduced Funnel, increased ping-pong
The marketing funnel concept is suitable, but the logic is distorted.
The path to purchase is not all straight by a digital consumer.
When it comes to making a purchasing decision, consumers need a couple of touchpoints before they’re ready.
When you’re watching your favorite show on TV, what do you do when a commercial comes?
Assuming you aren’t streaming the content digitally, you’re most likely to check social media on your phone until what you’re watching resumes.
Attention can be redirected more than ever, that expensive TV commercial that was produced to perfection was ousted by natural user behavior.
Recent studies show that people spend more time online compared to TV or any other media.
If their attention wasn’t caught within 8 seconds (traditional media), it’s been lost to the digital empire.
Many Brands have started using digital media for brand strategy & campaign management.
2. You can track digital media
Social media can (and usually does) result in leads, but not always.
There are 2 ways to look at conversions: assisted & direct.
A direct conversion comes as a result of a social advertisement.
An assisted conversion is when social media leverages a conversion (remembering ping-pong) that comes from a different channel.
These both can be tracked through Google analytics.
Here are the ways we can track digital advertising:
- Cost for each impression
- Click through rate
- Cost per click
- Conversion value
While there might be blind spots in measuring social media advertising, there are more trackable than the traditional advertising campaigns.
Here are some ways to track a radio, TV or a hoarding ad.
Monitoring sales before and after placement
Providing a specific URL/ phone number to measure traffic
Impressions( for TV/billboard)
Survey- ask persons how they heard of you or the campaign
I admit I’m being biased but if I came to you to sell you these 2 campaigns, one having 8 measurable points and the other having 4, which would you choose?
Never be afraid to challenge the status quo and stop depending on ‘guesstimate’ data.
The Digital Medium has become an integral part of Brand Strategy for many Branding Agencies.
There’s a reason digital advertising is the fastest growing media vehicle.
3. Quick-Win vs. Long Term
Speaking truthfully, traditional advertising benefits you in the short term, while digital is focused on long-term growth.
It sounds absurd given the fast-paced nature of digital, however through telling stories, building a community and nurturing the audience you can start developing tangible brand equity with digital advertising.
Once something blooms, you can expect there to be a lot of competition.
That’s the scenario here.
Consumers need more nurturing to facilitate a buying decision, so does it really make sense to dump a load of money into a quick win effort?
If there are no conversions after a TV ad, there’s no way of subtly getting back in front of that consumer, but through retargeting on search engines, display, and social media, you can.
Do you want to know an interesting fact?
Users who are retargeted are 70% more likely to make that purchase.
Marketers from all industries need to invest the time to think about whether they want to do better than last month or last year.
There is a lot of potential in digital advertising compared to traditional ones.
A bold stance was taken earlier that social media advertising was one of the most cost-effective ways to reach a target group of customers.
Keep in mind that social media works like an auction.
This is critical because it’s part of the reason why there’s no exact answer to “how much does social media Ads cost?”
For you, as an advertiser, this means that this will say how much you’re prepared to pay for an ad—you can literally just manually adjust this in the pricing and bidding section.
If you don’t, the social media network will automatically calculate a bid for you based on your budget and how long you choose to have your ad run.
The situation is this: Social media is a popular medium, and you are not paying a stack of cash and getting an ad.
You are entering a bid.
Many other advertisers are trying to get a similar ad space in a users’ Newsfeed, as well, and the platform regulates the number of ads each user sees.
This is the only reason why having knowledge about digital Ads cost is so important.
Results and prices will vary depending on the campaign, industry, budgets, and target.
I don’t want to spoil the fun for you.
Go to Google, and find out the social media prices for the last few months.
You’ll find that ATL is nowhere as affordable as social media.
5. Collaboration, not competition
All campaigns should have a multi-channel approach.
ATL has its place (in spite of the fact that it’s not affordable or trackable).
If we think about the ping pong example again, consumers should be given many approaches to interacting with brands, and not just splurge on one channel.
First and foremost, consumers view these campaigns as a brand entity first and their expectations are availability and responsiveness on each channel.
Resources need to be put into the right places after consumers hear radio spots or TV commercials.
There are lots of studies which show that social media engagement & mobile search queries are spiked by both location and time of the day interlinked with a TV or radio campaign.
TV commercials are trending on social media.
People share them, support them and sometimes they are even leaked on YouTube.
ATL or traditional media works best when it’s connected to a digital component.
You need to include a digital component in your marketing plan.
Your customers are spending more time online.
It is more cost-effective than traditional media(press, TV etc)
You can narrowly focus on your target user group.
You can measure the impact of your efforts.
It is a long-term engagement with your customers
Digital media needs to collaborate with traditional media to get best results.