Like many forms of spending, advertising spend took a noticeable hit in 2020. However, experts predict that ad spend will climb to $279 billion in 2021, making it nearly 15% higher than in 2019. And almost every major media outlet will reflect this growth: Online advertising will continue to grow, reaching $153.2 billion in 2021, the US TV ad market (including CTV) will reach $72.3 billion, and traditional radio will achieve $14.7 billion in ad spend.
If your business plans to invest more money into advertising this year, you should definitely have a strategy. Given the estimated increase in ad spend, it’s also vital that you know which ads get the best results to ensure your ROI. To help you do this, here are three tips for optimizing ad spend in 2021.
Utilize a Mix of Media
People who invest in the stock market are advised to “diversify” their portfolios. By the same token, businesses should diversify how they invest their marketing budgets. Studies show that a combination of online and traditional advertising yields the best results.
For instance, you may choose to spend 60% of your advertising budget on social media and Google ads, while spending the rest on traditional advertising. Or you can spread it more evenly across all channels. This variety will also help your business increase brand awareness.
Determine Which Ads are Strongest
Once you launch your ads, the next step is to determine which ones are the most effective. You can do this through leveraging call tracking numbers. By implementing a unique call tracking number for each campaign, you can track key metrics for each campaign. Here are just a few of those metrics:
- Top area codes and zip codes for ad responses
- Time of day calls were made
- Caller addresses and demographics
- Length of call for qualifying leads
The ability to view this information in detailed tracking reports will help you make better decisions when creating future advertising campaigns.
Identify and Target Your Ideal Customer
A third, crucial strategy for ensuring ROI is knowing your audience. This means knowing exactly who to target in your ads. You can easily target your marketing strategies by segmenting customers based on caller data. This provides the ability to accurately focus on the right audience with greater success. Additionally, lead analytics tools, such as consumer profiles, provide specific customer data points to help you attract high-quality leads that move more quickly through the sales pipeline.
As ad spend is predicted to rise in 2021, smart spending allocation is crucial for businesses that want to get the best ROI. These quick tips will help formulate marketing strategies that guarantee success and a return on your investment. Stay tuned for a comparison of call tracking services obtained through Google Ads vs. 800response!