When comparing average advertising costs across all mediums, TV advertising costs are pricier when compared to Google, YouTube, and Social Media. The overall cost per 1,000 impressions (CPM) is decreasing throughout the Phoenix metro-area and will continue to do so.
As more media platforms allow for more multimedia placements, the inventory for video on websites has opened up immensely. Being that Google and YouTube have merged, very few understand that you can set up a video advertising campaign based upon search terms. A video campaign optimized for clicks is not as quick, however, it is just as effective. Video advertising seems to be the most cost effective, especially from a CPM perspective. Additionally, staying on top of the digital marketing trends is vital to video marketing success.
In the past, successful advertising campaigns were measured by how many people saw them. Appealing to the masses may be cost effective, but is it the right game plan? Nowadays, traditional advertising tends to be the “Hail Mary Pass”. This is a less strategic approach with slim chances of success, heavily relying on timing and the receiver (your audience). The audience will determine the strategy. Assuming digital advertising only targets millennial’s is a big mistake B2B companies make. Keep in mind there is a multi-generational audience in front of a computer screen more so than a television screen. Let’s take a look at some video production costs and advertising options.
SUCCESSFUL COMPANIES ALLOCATE
Smaller businesses tend to assume marketing and advertising is a waste of money. That may be the case if audiences and marketing objectives are not defined. The biggest mistake most small companies make is not creating a marketing plan. There are thousands of ways to get the word out about your business. Tailoring your marketing efforts to what works best for your budget is essential. Print may appear cheaper in total costs however it’s the most costly from a CPM standpoint. One of the biggest mistakes that small businesses make is assuming they need to advertise to everyone, which gets expensive depending on your actual target market.
TV ADVERTISING CAN BE EXPENSIVE IN ABSOLUTE COSTS,
Let’s take America’s best night of television, the Super Bowl. In 2016, the average advertising costs to solely place a 30 second spot during Super Bowl 50 was $5,000,000. This seems ridiculous to everybody except advertisers because these commercials air in front of 114,400,000 people who tune into NBC. Take the cost spent on placing the ad ($5,000,000), divided by the number of potential viewers (114,400,000), then that number ($0.44) multiplied by 1,000 and then you get your CPM. Essentially, it costs $44 per 1,000 impressions or potential customers. That’s a pretty solid ROI in the advertising world, however, only few brands can relate to such masses, yet alone have $5M to apply towards one time advertising.
SINCE 2014, ONLINE VIDEO ADVERTISING
Digital advertising budgets increase year-over-year. PwC predicts that online advertising spending will exceed $75 billion this year, surpassing the $74.7 billion projected for TV. Digital marketing allows for longer advertising durations, attracting brand awareness throughout. Instead of one commercial spot that airs once, your advertising budget can be divvied into a daily amount. The best takeaway is that digital advertising is trackable, you know what you spent per click or view. You know where they went on your site and for how long. We even know if they saw your ad, didn’t engage, but later on visited the site (that’s a view-through and those are free). Print and broadcast lack proper tracking, however generate organic search efforts. At the end of the day, digital advertising collects and tracks valuable data therefore throughout time can be tweaked to perfection.
Check out the online content our Digital Marketing Team has placed on behalf of our clients. Not only engaging with new audiences but re-engaging with continued loyal consumers. Our Digital Team is result driven, accommodating budgets big and small.
Our Digital Team will pull what your competitors are spending online.
Our Digital Team will define the ideal target audience before allocating a proper budget.
Our Digital Team will set project goals based upon current trends, allocating the appropriate amount from one month to the next.
Campaigns are linked directly to your Google Analytics, this means you get live stats on how your campaigns are performing and how much is being spent.
Each month our clients receive comprehensive reporting with full knowledge of the total game plan and next steps.
NEED A MARKETING STRATEGY?
If you don't know how much to spend or unclear on how large your target audience is, we can help! We can fetch how much your competitors are spending, what they're spending it on and if it's effective.
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E-mail our digital team to get insights on your competition. We can also create projections and goals for your next online campaign.Contact Us
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