Because even with a limited budget for digital advertising, a business can certainly experience the advantages of digital ads.
It’s about time that as a community, we should completely recognize that the market is now predominantly digital – thus the unignorable need for up-to-date and tried-and-tested digital advertising strategies. What digital advertising gets wrong on a typical day, however, is equating huge amounts of marketing money with excellent results. Because even with a limited budget for digital advertising, a business can certainly experience the advantages of digital ads.
Knowing which strategies work and playing around with them instead of pulling the trigger and expecting the best is a matter.
When a Limited Budget for Digital Advertising Becomes a Drawback
Going in without prior research first – and therefore not having as many bases covered as possible – is as good a way as any to waste money dedicated to digital advertising.
The good thing is that we’re already at the peak of digital advertising and not only in its infancy; thus, many experiments have already been done upon which today’s business can base its strategies to yield worthy results.
So yes, it’s pretty safe to say that growing a business with a limited budget for digital advertising is very much possible.
Limited Budget for Digital Advertising Is Not Your Foe! What to Do for Success
Generally, a brand’s advertising budget should be at least 7-10% of its total annual revenue, half of which will be used for digital marketing. Whether you are just about to launch a campaign or an entire brand, you must be chummy with these four factors to ensure money spent for digital advertising is worth down to the last centavo: the current advertising landscape, your goals, your target audience, and the key metrics for further optimization.
These pillars will ensure your ad translates to the actual census, whether in the form of followers or sales, no matter how limited your budget.
Understand the Digital Advertising Landscape
Options for digital marketing in the Philippines run far and wide. Let’s begin with outlining the available types and formats of ads. First, the available ad placements. Beyond social media platforms, which might be the most common ad channel of today, businesses can also choose to place ads on different web pages or applications (what you call banner/display ads), on search engines like Google and Microsoft Edge (pay-per-click advertising), or streaming platforms (in-stream ads).
Dig deep into each option, and you will also find a selection of ad formats – depending on the heart of your campaign, you can run an ad in static (picture) format, banner format, or even video format.
Believe it or not, it’s the age where influencer marketing is a serious business. If you wish to expand brand awareness easily, you can partner with content creators (key opinion leaders or KOLs) whose niche matches your business. The upside: If the partnership is established on a good foundation, you can do exchange deals or X deals, where you sample your product/service for a review on their feed.
A tip for this, though: Don’t just partner with anyone – if you wish to establish brand reliability, pair up with reliable content creators. It doesn’t matter if they’re KOLs with a small following base.
Set Clear Goals and Objectives
When creating digital ads, ensure your objectives are clear. This easily increases your success. But don’t just set any goal. First, consider following the SMART Framework, which many digital marketing pros recommend. This one entails setting goals/objectives that are specific, measurable, achievable, relevant, and time-bound.
Let’s say you want to increase your follower base. Nitpick this goal further by jotting down the number of new followers you wish to reel in and how long you will work to achieve this. Of course, your goal should be realistic, too.
Doing so makes it easy for you to identify which strategies would greatly help before your campaign runs and say whether these strategies worked for you.
Target the Right Audience
Not everyone will respond to your brand’s offerings, and that’s okay. The balm to this is knowing who your market is and tapping into them for higher chances of customer conversion.
This is especially beneficial if you’re going down the influencer marketing route. By knowing who your target audience is, you can funnel down the best content creators and increase the chances of getting good results.
However, it should continue by identifying the groups of people with whom your brand is likely to resonate. A business must also try to understand their value and preferences to identify best how one can reach them.
Make Data-Driven Decisions
Implementing digital ads entails a series of trials and errors. Because even with the general outlines followed for a successful digital campaign, results will still vary. This is why one must be familiar with the available data sets from each digital ad run, so you know which ones to change or retain to use your money better and reap better results moving forward.
Engagement rate is one of the most important key metrics for social media marketing. This metric entails the number of likes, shares, comments, and clicks an ad acquired during its run, giving the business a general idea of whether it worked.
Key Metrics for Implementing Digital Advertising
While understanding digital advertising is important, metrics can take you further.
Source Traffic
This applies to businesses with e-commerce websites; through this metric, one can pinpoint where website visitors are coming from – allowing for the improvement of their available online platforms
Search engine traffic
Identifies how well your page is doing on search engines like Google, generally dependent on website health, backlinks, and keywords
Cost per click (CPC)
An ad’s CPC depends on the amount spent divided by link clicks; by measuring this, one can benchmark and make the necessary adjustments for better ads.
Who Can Help Maximize the Limited Budget for Digital Advertising
Creating digital ads is one thing; implementing result-yielding digital advertising strategies is another. So if you wish to spend the time you would have spent dealing with digital advertising on other things, or if you simply want to tap into other people’s expertise and have them take off your campaign/brand from the ground up, realize that it’s not a bad thing to outsource the job to others. Eight Media is a Philippine-based digital marketing team that can help achieve your goals, be it increasing customer conversion or increasing revenue, despite a limited budget for digital advertising. And because we don’t just make generic ads, you can rest assured that your branding stays intact even while we go full gear on digital advertising, avoiding the pitfall of bombarding your potential customers. Contact us today for a free consultation.
