“Be Greedy When Others Are Fearful”
– Warren Buffet
The world is uncertain at the moment. Businesses still stuck in times of old are pulling their marketing in and cutting down on their presence. We’re seeing the same situation in the stock market at the moment.
But at the same time, the businesses that keep themselves at the front of people’s minds are those who will come out of this situation that much stronger. With that in mind, let’s talk ad spend. It is after all, our specialty. Where should you be putting it? Where should the ad spend be taken away from? What can you do to make the most of your budget during this time?
Let’s Start With Getting You More Sales.
Sales make the world go round, even in times like these. However, customers aren’t necessarily bargain hunting right now. Customers, especially those hanging in the balance, need somebody they trust to provide them with the products they need. That somebody is you, because the people you should be targeting with the majority of your spend right now are those who already know who you are.
Remarketing, Remarketing and more Remarketing. Show your customers what they need to see. You’re still open for business, you’re still ready to provide them with what they need. Customers need to see this action now before they go elsewhere, your repeat customers will be the most important people in the ecommerce space right now. If you can, give them deals on the best sellers, letting them spend with you now makes them more likely to come back yet again.
If you have the data, it would also be best to get Dynamic Remarketing on the move. This is going to show your customers exactly what they’re looking for while they’re looking for it. If you’re a larger ecommerce business, move more of your feed priority to the items more likely to convert during this time.
What about shopping?
Regular Shopping will want to be dialed back, a move to Smart Shopping providing you have the data will give you the best results. Smart Shopping will provide a baseline of conversions moving forward, supplemented by your remarketing strategy. You can learn more about Smart Shopping from our Google Smart Shopping Blog Series.
To give a finite explanation, Smart Shopping uses collated conversion data to identify customers who are more likely to convert based on their past actions on Google. This data dictates how much the campaign is willing to pay for a click from that customer, the general idea of this being that CPA and ROAS should improve using this data.
Right now, conversions across the board are suffering in the ecommerce space due to uncertainty. Shopping is only going to appear in relevant searches, the same as search ads would, but a shopping listing provides only the most important information about your products with an accompanying image, generating some level of certainty on its own.
That covers your existing customers, and that’s great, but it’s not Cadbury.
There’s only so much you can offer your reliable customers, but there are still more people who want your products, still more people who could be invested in your brand. When you think chocolate, you think Cadbury, it’s that simple. Now the process is simple, make your brand the Cadbury of your sector. Space all over the ads network is becoming free due to the ongoing situation and people are scrambling to fill it. The two main verticals to make the most impact at the least cost are Display and Video, allow me to explain.
Your target audience, any time, anywhere.
Display Ads appear all across the internet and you decide who sees them, expand the horizons of your brand by letting people know you exist! Even those who aren’t ready to buy right now, get them invested in your brand, on board with your business. When they’re ready to buy, they’ll go to the first person that comes to mind, Display will make you that person.
Even better than that, Display comes in on average at one tenth the cost of search, making it a much more affordable medium to put your ad spend into. However, Display isn’t the beginning and end, you can get even more brand volume by including Video Ads in your new strategy.
Video ads, as seen on youtube, are another great way to raise awareness and can be used in a more emotive fashion than display. The two can be used in tandem to create a cross platform message that will keep those potential customers thinking of you.