As businesses continue adapting to the cut-throat digital landscape, investing in cost-effective and efficient marketing strategies has become the need of the hour.
One of the most effective digital marketing approaches is the use of paid advertisements to maximise ROI (return on investment). ROI evaluates an investment’s profitability. It implies that your investment is growing efficiently and quickly.
Paid advertising implies a digital marketing approach where advertisers reimburse a fee whenever they get clicks on their ads. It is the fastest digital marketing technique to help prospective customers discover your brands and services/products.
In a 2022 survey, 64% of responding brand marketers globally mentioned that they were quite confident in their company's competence to measure ROI (return on investment) for social media marketing. Optimising your website and Google ads is an excellent resort to boost ROI.
Let’s go through various approaches that can help maximise ROI with paid advertising and boost your career as digital marketer.
1) Specify your objectives and target audience
You must be clear with your objectives and the audience to target before using a paid ad campaign. Determine whether you want to drive business traffic, increase brand awareness, or generate leads. Specifying your objectives will let you choose the most suitable ad platforms and prepare customised ad content that meets the need of your target audience.
2) Select the right platforms
Various ad platforms such as Google Ads, Instagram Ads, Facebook Ads, and LinkedIn Ads are available. Make sure to research each platform’s reach, user demographics, and advertising features to decide which ones will offer the maximum ROI. Pursuing a digital marketing course with job placement familiarises you with how to maximise ROI, including how to choose the right platforms.
3) Conduct keyword research
Conducting keyword research makes a paid ad campaign more effective. It helps you determine the right phrases and keywords that your targeted audience primarily uses to search for relevant products. Keyword research helps you incorporate the appropriate keywords in ads. Consequently, you can enhance elements like Click-through rate (CTR), Ad position, Quality score, and Ad relevance.
4) Product listings’ optimisation
Make sure the product listing provides precise details about your products/services. You can incorporate key details like product descriptions, images, and specifications. Your products’ images must be high quality to showcase products from various angles and underline their unique features.
The product descriptions must be easy to understand and keyword-rich. You can explain the benefits and features using concise sentences and bullet points to boost readability.
5) Optimise landing pages and ad creatives
To maximise ROI through paid advertising, it is inevitable to create captivating ad creatives that grab your target audience’s attention. Use compelling videos, images, and ad copy that address your potential customers’ requirements and interests. Your landing pages must be optimised for conversions. You can do this by incorporating clear calls to action and making them pertinent and easy to manage.
6) Track the statistics on your ads and optimise
Google Ads tracks information to help you make intelligent advertising decisions. You can customise various metrics to adapt your paid advertising campaigns to boost ROI. Here are the briefs of a few of the most significant metrics to improve quality scores and save money.
Click-through rate (CTR): It denotes the percentage of people who view your ad and click on it.
Cost per conversion (CPC): It is the average amount of money you invest in ads to obtain one conversion.
Conversion rate: It denotes the percentage of people who click your ads and transform into customers.
These metrics suggest the performance and effectiveness of your paid advertising campaigns. You may need to incorporate some changes if your CPC is high and also in case it is below average.
7) Test and optimise
Your paid advertising campaign needs continuous testing and optimisation to maximise ROI. You need to test various ad formats, keywords, messaging, landing pages, and targeting options to determine what works best for your audience and business.
You can conduct A/B testing on ad copy, ad creatives, targeting, and bidding strategies. Consequently, you can determine your campaigns’ top-performing elements. Moreover, you can use data-controlled insights to boost ROI. After conducting testing, feel free to iterate and make the required adjustments.
8) Intelligently allocate budget
You must wisely allocate your paid advertising budget to maximise ROI. It is advisable to begin with a small budget, and as you attain more insights into your campaign’s performance, you can accordingly adjust your budget.
You may have to redistribute funds to the best-performing campaigns and platforms. You can invest in retargeting attempts to reconnect potential customers interested in your products/services.
Conclusion
Maximising ROI using paid ads demands a tactical approach that involves defining objectives, ad optimisation, targeting, performance monitoring, testing, and all related aspects. Implementing the discussed strategies can help businesses gain the best benefits out of your paid advertising campaign. Also, you can pick a suitable digital marketing certification course to learn strategies that help you gain valuable insights on optimising a paid advertising campaign.
Post Graduate Program In Digital Marketing course offered by Imarticus is an impeccable choice to kickstart a rewarding digital marketing career. It makes you a certified digital marketing professional and helps your resume appear to stand out from the crowd!
