Business Benefits of Paid Media
For up and coming businesses, it is important to continuously find ways to leverage the content your business produces. In recent years, digital advertisments have dominated traditional ads. Chief Marketing Officers are spending 72% of their marketing budget on digital channels in 2022.
Producing valuable content will not make a difference if there are no eyes on it. Organizations who are looking for an effective method to promote their content, expand and reach new audiences will thoroughly benefit from paid media. Through identifying the goals of your campaigns, brands will be able to identify the right type of paid media to use.
Let us breakdown the concept of paid media and the types and benefits that paid media can do for your brand.
What is Paid Media?
Paid media is external marketing through paid promotional channels, it fits into a comprehensive marketing strategy alongside owned and earned media. It’s an effective method that allows you to deliver content and messaging about your brand to new audiences.
Increasing Brand Awareness
Ultimately, paid media is your path to creating greater brand awareness amongst the audience you want to reach. It is a strategy that is especially useful if you wish to:
- Convey important information quickly
- Create a larger brand following
- Position yourself competitively
Greater brand awareness can also help to drive word of mouth, further accelerating your reach.
Reach the Right People
For some people your paid advertising may be their first introduction to your brand, and it is your chance to make a great first impression. Paid media allows you to reach specific audiences you would have otherwise not had the opportunity to easily engage.
You can use it as a tool to help spread awareness of your brand, to acquire new customers and upsell existing customers. Paid media also gives you the ability to retarget those who have previously shown interest in your offerings and can help with retention.
Learn About Your Audience
Data collected through paid media platforms can help you learn about your audience. Through testing and data collection you can build an understanding about who your audience is, what they respond best to, and what their interests are. From there you can start to leverage data to make decisions and improve your reach.
Measure Return on Investment
Paid media also allows you a great opportunity to measure your return on investment. When it comes to paid media your return on investment can be measured using multiple different methods depending on what your goals are. Some of these methods include:
- Cost per Acquisition
- Lead generation
- Increased foot traffic
- Increase web traffic
- Increased sales
An example of measuring return on investment is measuring your cost per lead. In a Demand Generation Benchmark Report by Hubspot it was found that the average cost per lead across organizations was $198.44. While this varies broadly across different industries it is a good example of how return on investment can be measured.
Ultimately, paid media is an important part of a holistic marketing strategy allowing you to expand your reach while driving brand goals. It is a tactic that delivers proven results that can be measured in different ways, custom to the campaign being executed. No matter what your goals are, paid media can help create new opportunities for your brand unique to your business needs.