As we move into a new year, you must start thinking about your marketing strategy for the year ahead. Paid marketing is an integral part of any business’s marketing strategy. By allocating a budget for paid advertising, companies can reach a larger audience and create brand awareness. Paid marketing can also be used to generate leads and sales. Here are 5 paid marketing strategies you can implement into your 2023 strategy
1. Pay-Per-Click (PPC)
Pay-per-click (PPC) has been an effective paid advertising strategy for many years, and this trend doesn’t show any signs of slowing down anytime soon. In fact, paid search marketing now accounts for about 65% of “clicks,” compared to just 35% being generated organically. Combine this with the fact that PPC visitors are 50% more likely to purchase than organic visitors, and it’s suddenly quite clear why pay-per-click advertising can be an effective way to spend your marketing budget.
2. Social Media Ads
The popularity of social media has given rise to social media ads as a viable advertising strategy. You can customize social media ads using detailed demographic information, and this allows you to target your ideal buyers with relevant ad content. Facebook’s Audience Insight is an example of this capability. Social media ads significantly impact consumers, with 57% of Millennials noticing an increase in social media that speaks to them.
3. Influencer Marketing
In recent years, influencer marketing has become a highly effective source of paid advertising. Specifically, influencer marketing refers to working directly with a well-known industry name to encourage your target audience to choose your brand. This strategy can be especially effective on social media and is an excellent alternative to paid ads, which some customers are now blocking. Additionally, the use of influencer marketing even surpassed print marketing for the first time.
4. Banner Ads
Banner ads—those small, rectangular ads you often run into along the top or sidebar of a web page—have been around for decades. Today, it is not uncommon to see banner ads displayed on desktop devices and mobile devices. And despite many new paid online advertising strategies emerging in recent years, banner ads continue to be one of the most effective.
5. Ad Retargeting
Ad retargeting is a reasonably new emerging paid advertising method that works wonders for converting website traffic. The effectiveness of retargeting boils down to using cookies, which track visitors’ activity. Cookies collect valuable data that ensures visitors only see ads relevant to their interests. However, this strategy works best for sites that generate at least 5,000 visits monthly.
Bottom Line
There are many steps to creating an effective paid online ad campaign. Paid advertising offers numerous ad formats you can use to reach your target audience on many different platforms. You must take advantage of these different advertising options because different PPC ad types can help you drive better results.
Thanks for reading! Next week’s blog will share tips to create an effective paid marketing strategy. Follow me on LinkedIn, Facebook, and Twitter to get updates! If you enjoyed reading this article, please share it with friends, family, and colleagues.
References:
Adobe. (2018, March 26). Adi — State of Digital Advertising 2018. Share and Discover Knowledge on SlideShare. Retrieved January 29, 2023, from https://www.slideshare.net/adobe/adi-state-of-digital-advertising-2018
Mcconnel, C. (2023, January 20). PPC statistics: 2023-2022 + ’17-2019 PPC stats and facts strategy. Link Building Expert. Retrieved January 29, 2023, from https://craigmcconnel.com/ppc/ppc-statistics-trends-advertising-stats/
