30 Jul Ads and Online Sales
Advertising is, and for a long time has been, the enormous, multi-million billion pound gorilla in the room. The biggest tech companies on earth rely directly on their advertising platforms to support everything they do. So, in the face of Coronavirus and migration to online sales, where are we right now, and where are we going?
According to eMarketer.com, digital advertising in 2020 was expected to realize almost $400 billion in spending. Instead, for the first time, digital advertising growth estimates are only 2.4%. That’s the lowest growth ever seen and nearly $35 billion shy of what was previously anticipated. There are a whole slew of reasons surrounding the pandemic that are leading us down the road of recession and decline in ad spending. What comes into focus for me during these times is how I can stay positive.
One thing to consider is that the huge decline in ad spend means less ads. Less companies are committing large sums of ad spend right now which translates into less competition in the online advertising space. So what do I take away from this? Unload some of your ad spend right now. If you’re staying comfortably afloat through the challenges that 2020 has presented, take advantage of the low competition and try to strike while the iron’s hot.
Not sure where to put that ad spend? Google search and display ads are probably the single most popular place to spend online ad dollars. Depending on what your target audience looks like, social media advertising opportunity is evolving while we speak. Facebook ads have a fairly strong history of productivity for visual-based products and services. With the linked capabilities of Instagram now, you can advertise to a wide spread of diverse, targeted audiences who would be a good fit for your business.
When you’re looking for an advertising solution, it’s often best to start with the data. Digging into the digital presence of both your offering and the audience you are targeting can help those dollars you are spending provide a higher return. Here at Riithink, we always start with the data. We like to start with a comprehensive understanding of the whole business, and once we really know what we are specifically targeting, we have our creative team translate the data into something digestible and productive for the audience’s clicking pleasure. If you’re looking for an assist in boosting your return on ad spend right now, give us a call.
Senior Account Executive
Riithink Digital Marketing & eCommerce