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Paid marketing or outbound marketing is a complex field and whilst the advertising platforms try to make it easy for anyone to run their own ads, it’s never that simple for you.
Leads can flow through quickly but your mindset should be open to the long term as it takes time to learn from your data and optimise campaigns. Be warned though, with great optimisation, comes potentially huge scalability!
From a consumer’s point of view you’re probably tired of seeing ads everywhere but allow us to change your mind as a business owner.
Paid marketing is when you pay for your leads, or for your target audience to view your adverts. The largest platforms for this include Facebook Ads, Google Ads, YouTube Ads, and Linkedin Ads.
In some cases you might pay for your adverts to appear in people’s news feeds, this is known as cost-per-impression. In other cases, you’ll pay only when someone clicks your ad, also known as cost-per-click (CPC).
On this page, we’ll explore the different areas of paid marketing.
We could tell you everything about paid marketing and sometimes it comes down to this one question. We’ve put together an article setting the expectations of paid marketing.
You could experience exceptional results and an ROI just like our real examples below.
Total leads – 60
Cost-per-lead – £5.24
Total campaign spend – £314.55
Average customer spend – £1200
Conversion rate – 50%!!
Potential revenue – £36,000
Total leads
60
Cost-per-lead
£5.24
Total campaign spend
£314.55
Average customer spend
£1200
Conversion rate
50%!!
Potential revenue
£36,000
11,455%
ROI
Total leads – 102
Cost-per-lead – £24.73
Total campaign spend – £2522.31
Confirmed revenue to date – £30,000
Conversion method – Email nurture campaign
Customer – Happy!
Total leads
102
Cost-per-lead
£24.73
Total campaign spend
£2522.31
Confirmed revenue to date
£30,000
Conversion method
Email nurture campaign
Customer
Happy!
1189%
ROI (So far)
If you’ve spoken to marketers before then you’ve probably been told about how much advertising can cost. Don’t be scared though, rest assured that paid marketing can be flexible with your budget. You should however go into it with the right mindset. Whilst leads can be almost instant, it should be a long-term investment as campaigns need optimising.
Paid marketing can be immensely powerful if you stick to it. Due to the amount of data being collected, you’ll be able to work out critical metrics such as cost-per-lead, cost-per-conversion, and lifetime value.
When you know how much it costs you to get a new customer you’re able to scale. Here’s a quick example of a scalable model.
If it costs you £3 to get a lead, it will cost you £300 to get 100 leads. If you’re able to convert 20% of your leads to paying customers then you know that £300 will get you 20 conversions at £15 per conversion. With these numbers, you’re able to scale. Subject to audience size and potential target restrictions you should in theory know that to get 100 new customers you’ll need to spend £1500.
If you don’t know your numbers, perhaps we can help you.
There are a number of different marketing platforms available to you but they won’t all be necessary for you to use. Your target audience will determine which platform is right for your business.
If your business is B2C then you should start with Facebook Ads. These campaigns are usually charged by cost-per-impression or cost-per-view meaning your costs will increase the more your ads appear in front of people. Facebook shows ads to a targeted, yet relatively cold audience, so it can take multiple impressions before someone engages with your ads.
Google Ads can work for both B2C and B2B businesses. They follow a cost-per-click model so you’ll be charged when someone clicks your ads. Google Ads can see better conversion rates and lead quality due to search intent, meaning those clicking your adverts are in need of your service at the time of searching. If you’re doing your research you may also see the term SEM or Search Engine Marketing. Rather than marketing organically on search engines you’ll be paying for the top spaces of a search engine.
You may also have heard of the Google Display Network. There are thousands, if not millions of websites out there connected to the Google Display Network and it’s a powerful way to remarket. If you’ve ever visited a website and then moved on to another, only to see image adverts for the product you were just looking at, then you’re likely viewing an example of the Display Network.
Finally, you have the option of Linkedin Ads. These are similar to Facebook Ads but to a professional audience and the targeting tends to be focused on the industry your selected audience works in and their job titles. Both B2C and B2B businesses can use this but when it comes to B2C, keep in mind that the consumer is a professional.
If you aren’t sure which platform you should be advertising on get in touch with the button below.
It helps to know why you want to start advertising online and if you aren’t sure what goals are available to you then here are a couple of goals to consider.
Each platform can accommodate different objectives. Traffic ads are great at building brand awareness and lead form ads are perfect for getting more qualified leads through your door. If you have the budget then you should consider trying all these goals, there’s no harm with more exposure and there’s certainly nothing wrong with having more leads.
One of the biggest advantages of paid advertising is the ability to target specific audiences. Depending on the platform you’ll be able to target by age, gender, location, interests, job titles, and behaviors.
Take for example a wedding photographer. They’ll be able to target newly engaged men and women between the ages of 25 and 40, within a set location. That’s pretty powerful!
Keep in mind that the more narrow your audience is, the more expensive it could be to achieve your goals.
The paid marketing options that we’ve run through on this page are what we carry out at our agency but we want you to be fully informed so here are some other paid marketing options available to you.
Influencer marketing is when you pay someone with a larger social media following to advertise your product or service to their community. Costs for this type of marketing vary depending on the influencer themselves.
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