Navigating the ever-evolving landscape of online advertising can be tricky, even for seasoned marketers. Our Paid Media 101 guide will equip you with the knowledge to enter the pay-to-play arena confidently. You may even have some fun along the way!
What Exactly is Paid Media?
Think of it like renting a billboard on the digital highway. You pay to put your message in front of a specific audience, aiming to capture their attention and drive action. But unlike a static billboard, paid media offers a diverse toolbox:
- Paid Social Media: Boost your posts on platforms like Meta, TikTok, and LinkedIn to reach a targeted audience beyond your organic reach.
- Display Ads: Those eye-catching banners and graphics on your commonly visited websites and apps are strategically positioned to grab attention.
- Paid Search: Want to be at the top of the search results when someone types in relevant keywords? Paid search (think Google Ads) makes it happen.
- Video Ads: Capture hearts and minds with short, engaging video ads on platforms like YouTube or embedded on websites.
- And More: From native advertising, radio ads, and other sponsored content, the world of paid media is constantly expanding.
How Does Technology Impact Paid Media?
Paid Media ads are typically bought through an auction. When building ads on the platforms mentioned above, you’ll compete with other advertisers for the space to appear. These platforms consider several factors when their algorithms select the priority advertiser for any given ad space, including budget and ad relevance. Unfortunately, many platforms don’t give you the whole picture of their process, so take their recommendations with a grain of salt.
Where Does it Fit In Your Marketing Plan?
Paid media isn’t a solo act. It’s part of a larger orchestra, harmonizing with your entire marketing strategy. Here’s how to make the most of it:
- Set the Stage: Define your goals and target audience. What do you want to achieve? Who are you trying to reach? Knowing this helps you choose the right channels and craft compelling messages. We recommend using the S.M.A.R.T. goal-setting framework (more on that in our blog) to set your brand up for success.
- Pick Your KPIs: The key performance indicators measure your success on your website or ad platform, as defined by your goals. Common ones include cost per conversion, click-through rate, and return on ad spend (ROAS). Track your top paid media KPIs to see what’s working and adjust your approach accordingly.
- Funnel Vision: Imagine a marketing funnel, with awareness at the top and conversion at the bottom. Paid media can support every stage. Use YouTube ads for brand awareness at the top and retargeting campaigns for conversions at the bottom, and then everything in between.
Planning Your Paid Media Campaign
Now, let’s get tactical:
- Channel Surfing: Where will your message resonate most? B2B paid media campaigns might thrive on LinkedIn, while B2C could succeed on TikTok. Research, analyze existing data, and consider industry trends to make informed choices, given the many different types of paid media.
- Creative & Content: Craft captivating content that aligns with your brand and seamlessly integrates with other marketing efforts. Experiment with different visuals, messaging, and formats to see what resonates with your specific audience.
- Test, Test, Test: Don’t just set it and forget it. Plan a testing strategy to evaluate different creatives, audiences, and landing pages. This data-driven approach helps you optimize your campaigns for maximum impact. Having a plan ahead of time can help keep you organized, but remember that you’ll need to be flexible too as you learn what works best.
- Reporting: Don’t leave your campaign in the dark! Regularly analyze performance data across all your paid media channels. This helps you identify what’s working, what needs improvement, and where to explore new possibilities. Pulling all your campaign data into one view (like Google Looker Studio) can help save time and give you a better overall perspective on performance, allowing you to make more informed decisions. If you’re a data nerd like many of us at Scout, this part can be fun.
Remember, Practice Makes Progress
Paid media mastery takes time and experimentation. Always try new things, analyze results, and adapt your approach. There’s no one-size-fits-all solution, so don’t be afraid to fail!
