Look Beyond the Media Buy to Boost Your Online Ad ROI
In an age of immediate access and increasingly complex digital buying processes, businesses are pushed to find new and creative ways to get in front of consumers with the right message at the right time. Focused media planning and efficient inbound marketing are more important than ever, and marketers are continually pushed to reach an online consumer base drawn to hypertargeted and visually effective messaging.
Many companies are doing well on the first part of this strategy — getting initial interest. Marketers are intently focused on optimizing the initial message and obtaining a good response rate from prospects, be it through search engine optimization, mobile, email, banner ads or a mix of activities. That's great, but not enough. There's more to be done when converting a lead into a customer. The crucial mistake many organizations make is optimizing the initial message, but not managing the experience through the entire buying process. Media dollars are spent filling the top of the pipeline, but holes in the funnel are letting transactions slip away.
The good news is that there's a method to combat these leaks and earn more of those lost dollars back. Here's an example: A manufacturer of hot tubs saw quite a few leads land on its website thanks to an effective media buy strategy, only to have these visitors drop off before inquiring about area dealers. This problem was solved after leveraging different call-to-action visual displays to clearly articulate how the visitor can find out more. In doing so, lead conversion rates nearly doubled in a matter of weeks.
Put it another way: By managing the consumer experience through testing and conversion optimization, marketers can achieve more with the money they spend on media. In the hot tub manufacturer case, nearly doubling the conversion rate means that only one-quarter of its current ad buy budget is now needed to garner the same results. That's a lot of money saved that can be used to further fill the more efficient funnel.