{"id":10176,"date":"2023-05-10T03:17:51","date_gmt":"2023-05-10T03:17:51","guid":{"rendered":"https:\/\/www.britopian.com\/?p=10176"},"modified":"2023-11-13T08:10:20","modified_gmt":"2023-11-13T08:10:20","slug":"paid-media-strategy","status":"publish","type":"post","link":"https:\/\/www.britopian.com\/content\/paid-media-strategy\/","title":{"rendered":"Paid Media Strategy: Unleashing the Potential of Brand Campaigns"},"content":{"rendered":"
As brands navigate the ever-changing digital marketing landscape, a robust paid media strategy is crucial for success. With the PESO model<\/a> (Paid, Earned, Shared, Owned) becoming a mainstay in the industry, CMOs need to understand how paid media fits into the bigger picture.<\/p>\n\n\n\n Paid media isn’t just a tactic or a bullet point in a plan. It should be the foundation of every marketing strategy that drives long-term results. It’s essential to recognize the value of paid media in shaping e-commerce initiatives and amplifying brand campaigns.<\/p>\n\n\n\n Paid media has become an indispensable element of modern marketing, providing targeted reach to complement organic efforts as brands navigate crowded digital landscapes with declining organic visibility. As a result, budgets allocated to paid channels across search, social, display, and more continue on an upward trajectory year after year.<\/p>\n\n\n\n For marketers developing paid strategies, analysis of performance benchmarks, emerging formats, and overall channel trends provides invaluable context for planning and optimization. Rather than taking a one-size-fits-all approach, a data-driven understanding of each channel’s audience targeting capabilities, typical engagement rates, conversion potential, and overall ROI advantages enables smarter allocation of budgets and creative efforts.<\/p>\n\n\n\n Ongoing tracking of benchmarks for established and emerging paid formats allows brands to calibrate spending to actual performance potential and fine-tune strategy. Testing into new paid opportunities requires analyzing historical metrics as a baseline for expectations and optimization.<\/p>\n\n\n\n While organic and paid must coexist, evolving consumer fragmentation across digital channels means precision paid targeting is increasingly essential to break through the noise. As their first-party data grows, brands can develop custom benchmarks tied to their unique audiences and objectives. This enables paid media to complement organic within a holistic, performance-driven approach to engaging modern consumers where they consume content.<\/p>\n\n\n\n Rather than broad assumptions, an analytics-based understanding of the latest paid trends empowers brands to allocate budgets wisely and maximize impact. Agile optimization informed by data<\/a> helps focus spending on the highest visibility channels and opportunities.<\/p>\n\n\n\n According to recent forecasts<\/a>, global spending on paid media advertising across all formats is projected to reach $767 billion in 2023, up 5.7% from 2022. This represents a slight slowdown from the previous year’s growth rate of 9.7% but still indicates healthy momentum as brands dedicate larger budget shares to paid efforts.<\/p>\n\n\n\n Social media ads account for the largest share at $177 billion globally in 2023. However, video ads are the fastest-growing format, with spending expected to reach $81 billion in 2023, up 24% year-over-year as platforms invest in streaming capabilities and brands create more video content.<\/p>\n\n\n\n Programmatic advertising accounts for 64% of all digital display ad spending worldwide. This automated approach maximizes efficiency and targeting capabilities.<\/p>\n\n\n\n In terms of driving engagement, search ads unsurprisingly have the highest average click-through rate (CTR) at 3.17%, given intent signals from keywords. Still, well-targeted social ads can achieve 0.9% CTR on Facebook and a 2.74% conversion rate on LinkedIn. Display ads lag at just 0.35% CTR, indicating room for improvement in creative relevance.<\/p>\n\n\n\n As paid social spending increases, these benchmarks provide useful context on real-world performance levels to inform investment decisions and execution. Combining compelling creative with strategic targeting remains key to delivering results and staying ahead of the upward trend in paid media adoption.<\/p>\n\n\n\n Paid media has become critical for brands looking to maximize their marketing strategy. It’s easy to scale. It’s predictable. And it’s a critical strategy for marketers seeking to reach their target audience. However, the noisy and competitive landscape can make it challenging to maintain audience attention<\/a>, while the cost factor must also be considered.<\/p>\n\n\n\n
Key Paid Media and Advertising Benchmarks<\/h2>\n\n\n\nGlobal Spending Continues Growth Trajectory<\/h3>\n\n\n\n
Programmatic and Social Command Engagement<\/h3>\n\n\n\n
Navigating the Complexities of Paid Media<\/h2>\n\n\n\n