Are You Buying ‘Smart Media?’
Media buying, or online advertising, is more than just a Web strategy to help grow your business. It’s both a science and an art. It involves a bit of finesse, competitive research, creativity and good negotiation skills.
Sadly, with most online advertising experiences, the lagging partner is typically the business owner by no real fault of his or her own … it’s simply from sheer lack of industry knowledge and media savoir-faire.
I’ve been buying online ad space for more than a decade. Here are my personal powerful and money saving tips to buying smart media. These are “must ask” questions that will help you get the most bang for your buck:
1. Competitive analysis—Find out what the typical industry rate is for that particular ad spot and placement in your niche. For instance, if you’re interested in running a 300×250 banner ad, do some research. Call some ad networks and find out what that ad unit costs on the home page and ‘”run of site” within your target niche. What ad units typically get the best clickthrough rates (also known as CTR)? Read some online e-zines or blogs and get an idea on average metrics so you have a benchmark to measure your campaign against.
2. Ad targeting—Find out if the publisher allows day parting (running ad during specific time periods). This can save you money on ad rates, especially using the CPM (cost per thousand) pricing model.
3. Dedicated email—Find out the size of the list you’re thinking of renting, the frequency the list goes out, and the average unit sale (AUS) per subscriber. Ask the publisher who’s mailing for you if there will there be a lift note (an introduction or implied endorsement). Lift notes help “warm up” the list (subscribers) and boost conversions.