By the end of 2015, the total global digital ad spend will reach over $170B. That’s a lot of ad spend… and a lot of ads. In fact, in 2012, 6 trillion display ads were delivered across the web in all shapes, sizes, and formats. And as the digital ad spend and number of delivered ads continues to increase over the next few years, so will the demand for CMOs to bring in better and better results. Because remember—with great ad spend comes great responsibility.
So on the one hand, you have increased ad spend. But on the other hand, you’re competing with a lot more marketing messages being sent to your target audience by your competitors.
The truth is, is that you don’t have time to start from scratch while your competitors have already started the race to see what works and what doesn’t. But don’t feel lost, you can actually use this to your advantage.
The following examples will show you can take their wins and make them yours:
Virtually Eliminate the Need for A/B Testing
A/B testing is important… and expensive, time consuming, and inefficient. But we’ve all got to do it to figure out what’s working best and what’s not working too well. Alas, 15-20% of our ad budget and 6 months of testing and waiting for results gets invested in this process.
Wouldn’t it be great if there was a way to overcome this stressful period and know which publishers will bring in the best results ahead of time or which design and CTA works most effectively?
Luckily for you, there is.
Think about it for a moment. Your competitors and industry leaders have already spent an exorbitant amount of time and money on figuring out what brings in the best results. So why should you have to do the same when you have the option of discovering these results and using them to your advantage?
Find the best performing publishers, creatives, and campaigns by knowing where and how your competitors are spending the majority of their ad budget.
Match your messaging to the mindset
It’s one thing to know where your target audience is surfing the web. It’s another to understand each site’s position in the purchasing funnel. You probably don’t want to waste your ad dollars on promoting an end-of-the-funnel campaign when the site is targeted more towards brand awareness content, and vice versa.
Uncovering your competitors’ digital advertising strategies is key to optimizing your own campaigns. You can pretty much create a strategy that is guaranteed to work without wasting ad spend, time, or money. So the next time you’re struggling to know how to make the next move, relax. And remember that there is a way to make sure your decision is strategic and not assumptive.