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EcoHome Financial

Jul 28, 2021
Dealer Education

Business Corner: Get a Leg Up on Your Competition with Digital Advertising

When it comes to marketing your business, digital advertising is the new norm. Nearly 356 billion USD was spent worldwide on online advertising last year, and that number is projected to only go up. This shouldn’t come as much of a surprise. With more than 2.8 billion people actively using Facebook, for instance, it makes sense that advertising efforts (and budgets) are shifting to the digital space. Here are a few steps you can take to ensure that you’re getting the most out of your digital marketing strategy.

  • Determine your budget for testing. You may need to try a few different campaigns before you hit the nail on the head, which means you’ll want to do some testing to see what works best. The first step is to figure how much you can afford to spend. Start by thinking about how much it would cost you to acquire a new customer (looking at the average cost per click on Google search ads is a good place to start). Then think about how much revenue you earn on average from each customer—the higher your revenue is per customer, the more you can spend on customer acquisition and advertising.[spacer height="20px"]
  • Think like your customer. Put yourself in the shoes of your intended audience and ask yourself why they should care about what you have to say. This will enable you to connect with them better, which in turn will improve the effectiveness of your message.[spacer height="20px"]
  • Decide on a clear call-to-action. Make sure you’re telling your audience exactly what you want them to do in your advertisements. Whether it’s to visit your website, click on the ad to email you, or call you directly, the call-to-action should be straightforward and easy to follow.[spacer height="20px"]
  • Give them something they want. Make sure that you have a strong offer and that you’re giving the audience something they will care about. The benefit has to be clear and valuable to them in order for them to take action.[spacer height="20px"]
  • Pick the right platform. You’ll want to leverage the platform that you think is most relevant for your audience. For instance, the average age of a first-time homebuyer in Canada is in their mid-thirties—the most popular social media platforms for this age demographic are Facebook and Instagram, so that’s where you want to focus.[spacer height="20px"]
  • Target based on relevance. Most platforms let you target your ads based on your geographic footprint, desired age range, homeownership, and more. Nailing down the right targeting metrics will help you optimize your advertising because you’re targeting the people who are most likely to convert.[spacer height="20px"]
  • Test, learn, and then optimize. Continue to collect data to validate or disprove your assumptions. The most effective online marketers make the most of their online advertising budget by focusing on actionable metrics. For instance, look at your reach, which is the number of people who see your content. If your impressions (the number of times your content is displayed on a page or newsfeed) are high, but your reach is low, that’s a sign that you may need to re-evaluate. Another important metric to track is engagement. This differs by platform but can encompass everything from shares to comments and more. By tracking your posts with the highest engagement, you can start to see what is resonating most with your audience. Make the appropriate adjustments based on that data and relaunch.[spacer height="20px"]
  • Repeat! Once you figure out what works, stick with the formula.

Looking for more actionable ways to improve your marketing efforts? Talk to your Dealer Relationship Manager, who can provide more tips that you can start using now to grow your business’ presence online.

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