Vetting Competitors in the Digital Advertising Race
In my last post, I drew parallels between the “The Greatest Spectacle in Racing” – the Indianapolis 500 – and the current state of digital advertising because recent changes to Google’s Search Engine Results Page (SERP) have made competing for space a more rigorous contest. And when faced with picking a winning strategy for this daunting challenge, digital marketers would be wise to remember there is more than one competitor on the track.
Yes, Google has earned the pole position. But it’s worthwhile considering other racers, such as Bing or YouTube and social-media contestants Facebook and Instagram. These online venues can still yield excellent results. By placing figurative bets on multiple vehicles, you can determine whether keeping all your money riding on Google is the most optimal strategy. Perhaps you should spread your digital advertising wagers across several “cars” in the race, which could yield a more dominant position in the field.
So, let’s kick a few tires…
Bing customers tend to be more educated and affluent. It’s the default search engine on Windows 10 devices, including the popular Microsoft Surface laptop/tablet hybrid, which are becoming standard issue in corporate suites. Bing’s share of the search market, while still much smaller than Google, is growing. It’s worth consideration, especially if the demographics of your target market align with Bing users, which are skewing toward businesses large and small.
If you want more eyeballs and increased branding at a relatively low cost, then YouTube is a solid option. After all, it is the second-largest search engine on the internet.
Depending on your product, Instagram might be a good option, too. Particularly for business-to-consumer marketers who have visually appealing products, we are seeing some strong results on Instagram. Flowers, landscape designers, foodies – these are strong plays on Instagram. However, if you are a B2B industrial machine supplier, Instagram is probably not the best venue for a share of your marketing budget.
Another avenue to explore down is remarketing campaigns on Facebook. Remarketing, if you’re not familiar with the term, is the ability to show an ad to someone who has previously visited your website or Facebook page. Since we know most consumers begin their purchasing decision process online, remarketing is an excellent way to reconnect with people who have already shown some interest in your company or product.
Facebook’s targeting options have improved dramatically, so you have many options for reaching people: standard demographics, of course, as well as tight geographic areas, interests, pages they have visited and liked. Especially useful to many advertisers are “lookalike” options – the ability to target people who share similar characteristics to a group you understand already, such as your current customer base.
Now that you’ve vetted the racers, it’s time to determine the best approach to race day. More on that topic in my next post.