These latest digital advertising data in a report by “the Dentsu-e 43 Digital Advertising in India 2022” should excite you if you believe digital will generate more business revenue.
- Indian Digital Advertising Industry Grew 35% In 2021 to Reach Rs.21, 353 Crores, a Rise From Rs.15,782 Crores in 2020.
- Of This, Social Media Spending at 29% Totalled Rs. 6218 Crores, Trailing Behind Online Video Spending at 29% To Touch Rs. 5039 Crores.
- At 23% Paid Advertisement (Ads) Expenditure Totalled Rs. 6218 Crore and Display Ads at 16%, Rs. 3420 Crores.
- Digital Media Will Steadily Grow by 30% To Capture a Market Worth Rs. 27, 759 Crores by Year-End 2022.
Nevertheless, not everything that glitters is gold, to succeed in the digital advertising market you must do it right.
An imperfect approach and your money will go down the drain even as you miss the bus and fume in frustration as it drives by knowing you can do nothing but fret.
The Big Ache
- Inspite of populating your paid ads on multiple platforms you meet with little success.
- No conversions although you aggressively spend on paid campaigns.
- Inability to garner interest in your products or services despite the best tricks in the promotional game book to attract a huge audience.
Paid ads are not the place to succumb to impulse, expecting seemingly magical results to pop up as in a magician’s show where the magician’s baton with a single sweep can stir and produce impossible things.
Paid ads should be a deliberate and well-thought strategy where you have understood your target audience and their hangouts so you can play your king of spades and outplay rivals.
Flawless and data-backed execution is paramount to ensure paid advertisements will yield the desired consequences.
Businesses new to paid ads make these two common mistakes, primarily because they have entered the paid ad battleground with inadequate preparation.
Going After The Wrong Target
Thomas Redman has said, “Where there is data smoke, there is business fire.” Sometimes businesses run their paid ads based on assumptions, targeting incorrectly. They fail to understand their target customer, aimlessly shooting in the dark as a result of which their ads reach an indifferent audience. What if a student coaching company sells its services to gym proprietors? The answer is obvious. An ignored reaction from the gym owner who finds the advertisement of no value.
Understanding your target is the first step before pursuing them. And this knowledge can be extracted from intelligent data.
Finding his data, however, is difficult. Can be like looking for a needle in a haystack. However, If you do not have enough information to start, you can try to contact your competitor’s target market with the help of online tools. If both of these prove to be challenging, an alternative would be to create ad campaigns, test them, and fine-tune them on a shoestring budget.
Sending The Wrong Message To The Right People
One must consider which phase of the customer journey represents your customer engagement. Consider this and your message will transform. Businesses often use the right channel to reach their customers, but the messaging is all wrong.
Every customer journeys with your company in phases. And as time passes by they grow loyal which is a different experience when they first arrive. Quite naturally, the language you speak with a new customer is different from a loyal one. Does your paid ad reflect this transition? If you are speaking to newcomers and loyal customers in a similar way, the intended message won’t seep into their natural consciousness.
In marketing, the sales funnel (also known as a “marketing funnel”) was conceived to highlight phases in a customer’s journey and to assist businesses move customers from the top of the funnel to the bottom.