The cost of traditional media, broadcast media and print, has been steadily declining over the last year. In the UK, TV advertising spend has fallen by around 13% in the period after the COVID-19 outbreak.
The various lockdowns mean channels such as ITV are missing much of their regular income from sports and live entertainment media sales. ITV is fighting back and has been offering substantial discounts.
Conversely, online and social media advertising is becoming more expensive. As advertisers start to realise that consumers spend more times on their phones than they do watching TV or reading the newspaper, there is a huge increase in competition.
It’s all a bit social
56.6% of the entire world use Social Media every day and while that audience only grew by 1% year on year, usage is up by 13%. With an average of 2 hours 25 mins per day spent on social platforms, it is no wonder advertisers are raising the bids in the metaphorical auction house.
The increase in demand coupled with new rules and regulations around data, data collection and security, will make managing your own spend, defining your audience and targeting hot leads, a lot harder.
You want to ensure that when you pay for a click, or a conversion, that you are targeting the right people with the right ads. The way to do this now-a-days, without massively overspending; micro-targeting and optimisation.
Attribution and what to optimise
Content analysis allows you to closely examine the content you’re publishing and how effective it is. It allows you to recognise trends, refine the marketing strategies you’re using, and identify the strategies that are going to allow you to reach your goals, but which content?
Website, Images, Copy! Compare different landing pages, trial different images, copy and colours and record data. The same goes for your ads.
By trialing a variety of options, you can compare stats like click-through rate, bounce rate and more to find which combination is the most effective at driving conversions, whether that is sales, leads or app downloads.
How to adapt and stand out
Customers are now living in the age of assistance. This means that the world revolves around them and they demand unquestionable speed and service, usually preferring to enquire via call as they get an instant answer.
More in-market customers pick up the phone than complete web forms, emails or chat. The ratio is 3:1 so make sure your business is optimised for the phone and not just the digital channels!
Calltracks, gives companies insight into the touch points which influenced a given prospect to call up. This enables firms to undertake really effective marketing content analysis.
We also provide call recording to help you improve the customer service experience and train your sales team. Voice analytics and AI are being incorporated to gather even more data, such as valuable phrases, buying intent and full transcripts of calls.
Categorised in: Blog
This post was written by nick frost