From click counts to conversion rates, the digital ad campaign metrics your clients review every month can be daunting. But they need to know that their ad spend is effective and will generate a positive return on investment.
According to eMarketer, digital ad spending is predicted to reach $526.17 by 2024, and as the budget for advertising campaigns grows, there is ample opportunity for hyperlocal and regional publishers to grow their customer base. But it’s equally important to ensure you are supporting the end goals of your clients. If their ads are successful, they’ll be eager to renew (and potentially) expand their ad spend with your publication.
Let’s take a closer look at the most fundamental metrics you and your clients should measure to ensure they’re getting the best from ad formats and placements.
Return on investment determines the profitability of an ad campaign and remains one of the most important metrics to measure campaign effectiveness. If your clients report they are not getting their money’s worth from ad campaigns, it’s important to get to the bottom of things and gather insights on which areas to improve.
According to Marketing Evolution, a good marketing ROI is a 5:1 ratio. Your customers will calculate ROI for digital advertising by monitoring metrics directly linked to profit, such as conversions and opportunities. However, it’s also important to include soft metrics such as brand impressions, web visits, CTA response rates, and downloads so they can get a bigger picture of their ROI.
Applying this, clients will measure their ROI for each channel and create a budget based on their findings. From your perspective, it’s important to work with clients regularly to ensure the ads being run are generating the results they want to see. Are they getting enough clicks? Are those clicks converting? And if the answer is no, how can you support their efforts to improve performance? This is where you can stand out from other publishing platforms, helping them get more from their ad spend and becoming a partner in their success.
Conversion rates showcase the number of visitors who performed a desired action. It can be filling out a form, subscribing to a newsletter, or completing a transaction.
Higher conversion rates lead to increased sales with a similar traffic volume. Let’s say a customer spends $500 on ads to drive 250 users to their website from yours. If their conversion rates double, they can increase their ad spend to gain more revenue.
From a publisher’s perspective, this is an important metric, because it will ultimately determine how clients view the performance of their ad spend when it comes time to renew. You should always be evaluating how to help clients get more from the clicks your ads generate – through a larger library of ad formats, more transparent and direct reporting, and support for frequent rotation of ads to keep messaging fresh and relevant.
Many advertisers use CTR as a key performance metric to measure a campaign’s success. As a publisher, higher click-through rates mean better performance for your advertisers and in turn higher renewal rates and sales.
To that end, it’s important to invest time and resources in optimizing the performance of your website and ads as much as possible. Using unique ad formats that are designed to capture attention and entice engagement can help, as can user experience optimization.
One of the most substantial elements that can help your publication stand out from others is a robust library of ad formats. It’s why Broadstreet has invested in building a library of dozens of unique formats that match the specific needs of advertisers. From a sales perspective, having a large library of ad formats can help you close more deals, providing something other publishers may not have while ensuring higher engagement rates with those ads. Formats like the Amazing Cube are among the most effective ad formats for local publishers we work with because it offers a unique and captivating option for their advertisers.
Also, consider technology that helps produce the advertisement of your dreams. Try sorting through a graphic design software list to see if any system speaks to you and aligns with your advertising motives.If you currently use an ad manager, Broadstreet also offers ParkAve – a free tool to quickly build and export ads from our library of unique ad formats.
Monitoring key metrics can help build a stronger, longer-lasting relationship with your customers. Just selling ads isn’t enough – you need to help them succeed, generating measurable ROI from ad spend.
Whether you’re launching a new hyperlocal or optimizing your existing ad sales efforts, it’s vital that you work closely with your advertisers to help them generate better ad results from their ad spend. The result is higher renewal rates, more ad sales, and a happier client base.
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