Top 3 Lessons Learned After Spending 7-Figures on Digital Advertising
In the world of advertising, it can seem like everyone has a different opinion & strategy when it comes to optimizing campaigns. This article will be no different. I will layout exactly what our experience has been managing multiple 7-figure advertising budgets and what successes and failures we’ve encountered so you can then take that information and implement changes into your online strategy as you see fit.
- The Importance of Creative Assets
I cannot emphasize this enough. If you have not yet invested heavily in your creative assets you should do so immediately. You should have a plethora of stock images as well as lifestyle images/videos to showcase your product. The difference between running campaigns with or without these can be the differences between a losing or breakeven campaign and a profitable one.
2. Split Testing Campaigns
All too often I talk to business owners who tell me social media advertising “does not work for them.” After a bit of digging it turns out they’ve usually run a campaign or two which didn’t live up to their expectations. They then stopped and concluded it is a waste of money.
It is very common and expected that after we build out campaigns for a new client that some of those campaigns will perform poorly. This is a good thing and part of the process. If we build out 10 campaigns each with different creatives, ad copies, and targeting we don’t expect all 10 to be profitable. Your main goal when beginning new campaigns is to start with a small budget and figure out what audience/creative/ad copy combination elicits the best response from those following you. Once you’ve narrowed down these factors, you can begin scaling your campaigns.
Don’t make the mistake of creating a generic ad, throwing $100 at it and hoping to get results. The devil is in the details with digital advertising and split testing should become your best friend.
3. Customer Experience
I know this doesn’t directly relate to advertising itself, but it is a huge component of profitable ad campaigns. I will use an eCommerce brand as an example although this applies to just about anyone.
Say you’re selling direct-to-consumer through your website. You’ve built out ad campaigns for Facebook and Instagram. They’ve done alright, getting solid engagement but no one has actually purchased from your website. Your first step should be to analyze your customer’s purchasing experience from an objective point of view.
Are there tons of popups in their way?
Is the website hard to navigate?
The best way to narrow this down is to analyze where in the buying process potential customers are dropping off. Maybe they are only adding to cart but not purchasing. Maybe they even put their payment information in but decided at the last second to bounce. Once you find the “kink” in your process you can find ways to better the customer experience.