The Internet has brought us all closer. Digital advertising is one such field that has helped businesses reach a wider audience. We see loads of ads everywhere and every day. EVERYWHERE. EVERYDAY. I see the same ad; you see the same ad, we all see the same ad.
And yet, you end up buying from that particular business whose ads pop up on your feed every damn time. Think about the large sum of money companies invest in advertising. And the people they convert into customers. Inefficient, we say, eh?
We see news items and research articles nowadays talking about how companies allocate money. 40 – 60 percent of their digital budgets goes on advertising, that too, ineffective. Limited awareness on the customer’s end, which then receives a sluggish response from the agency. This results in unsuccessful advertising, ultimately destroying the projected profits and being a loss for the investors, advertisers, and the consumers.
Advertisers lose money if the targeted customers do not see the ads, and the consumers end up paying the hiked price to bear the advertiser’s loss. The publisher, media, and ad agencies end up getting paid even if nothing changes. This dormant and unfruitful cycle continues unless somebody gets a grip on its media channels. A proper and clean strategy is needed. It should also manage the agencies efficiently.
A poorly placed ad results in poor viewability. It is detrimental to the brand and its costs for the advertisement. Businesses cannot afford to go wrong here. A lack of viewability means a lack of traffic which affects the brand reputation, the share price, the business values, and the relationships with the customers-both old and new.
Now with the third-party cookies slowly fading out of the pictures, it is time for the organisations to gear up. They need to develop new and effective reforms in their strategies. They need to stop wasting their digital budgets on inefficient digital advertising. Put their top brains into understanding advertising and consumer tendencies better.
Digital advertising is successful when IT, Marketing, and Finance departments collaborate effectively within themselves. And with third parties like ad and media agencies. People in the marketing sectors need to understand better which productive digital tools and channels to buy. manage their digital marketing budget efficiently, and work with third-party agencies to bring valuable proposals for execution.
Challenging ad agencies’ motivation, figuring out quality metrics, aligning the marketing goals internally and with external agencies, presenting alternatives, and giving helpful information from cross-agency coordination (as the number of agencies is ever-increasing) can be done by teams that can act as independent third parties.
This will enhance the transparency. It help the people investing in the brand appreciate the ads and their effective reach to the targeted audience, along with the profits, the increasing sales, and the market share growth.
So hopefully, when you see some Billy Bob Joe selling sloppy joes, he’ll be compelling enough just the one time he pops on your screen!