After the slump: new challenges arise for paid media budgeteers
Following a slump, the majority of companies have collected themselves in the face of the globally changing crisis situation and, for the most part, have ramped up their advertising spending again. The fact that the pandemic has significantly accelerated the digital transformation within organizations and companies is a key factor for many decision-makers, since new opportunities have emerged as a result. For example, it is the perfect time to replace canceled events, such as trade show appearances, with new digital formats in B2B business or switch internal processes and structures to remote working and digital collaboration.
10 tips for fully leveraging your marketing budget for paid media
In the following, we look at 10 ways to optimally use and maximize your paid media budget.
#1 Focus on B2B target groups
Channel your energies toward ideal customers, target purchasing groups, and buyer groups that are sending buying signals instead of spending your online marketing budget on display, social media, and search channels. Target group orientation and customer centricity are the order of the day.
#2 Native content is the way forward
Content syndication and native advertising offer excellent potential for circulating existing or adapted content to a wider audience. By using native advertising in this way, you can specifically reach relevant companies or buyer groups.
#3 Bid on target groups rather than keywords
How much money have you spent to date on B2B keywords that are fiercely fought over? You’d be better off investing this sum in retargeting your target group by using the “bid only” or “target and bid” options.
#4 Intensify your account-based marketing
If you’ve already established a strong account-based marketing foundation, then go one step further by precisely tailoring ads to buyer groups within accounts or client companies. Strategies such as retargeting, role-based targeting, and lookalike personas will help you do that.
#5 Combine brand and demand advertising
Every time you promote your product or service, you should make sure your media budget includes advertising for your brand. Have a look at what B2B providers are offering in the way of new advertising tools for brands and factor them into your marketing budget planning.
#6 Upgrade your data using entity resolution
Developed by big data and computer science experts, entity resolution enables you to clean up your datasets, for example by identifying duplicates and grouping or merging data. By doing this, you can reach your B2B target group at more of its digital touchpoints.
#7 Make podcasts part of your paid media budget
B2B customers are increasingly keeping up with the latest business topics and trends by listening to podcasts. Niche podcasts are a particularly effective means of reaching very specific target groups or buyer personas and stimulating demand.
#8 Incorporate video ads into your paid media campaigns
With their lively nature and storytelling qualities, video ads are ideal for capturing the attention of target groups. Allocating some of your paid media budget to targeted video ads is worth the effort if you haven’t tried your hand at them yet.
#9 Don’t delay producing your outdoor advertising
Even if lots of people are currently working from home, business trips and commutes to and from work will start to increase again now that vaccinations are being rolled out. If you get a head start on contacting outdoor advertising providers, you might be rewarded with reduced prices and special offers.
#10 Assess your resources: in-house versus external
More than ever, your paid media marketing budget needs to be spent wisely, so it is essential to take a close look at the cost-benefit ratio of in-house and external marketing measures. Reliability and quality should be your top priorities here.
New formats, precise targeting – the perfect mix for your paid media budget
In light of the trends that have arisen from the challenges presented by the pandemic, your advertising spending needs to be carefully thought through. The range of measures listed above will make it easier for you to generate leads and customers in the B2B sector, even in economically tough times.
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