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BizReport : Advertising : August 27, 2020

Top 3 tips for marketers to survive COVID-19

According to some experts overall ad spending for 2020 will be down significantly, perhaps as much as 5%, as consumers stay home and watch their pennies in the midst of a global pandemic. With ad spending down, marketers must make the most of every ad buy; here are three tips marketers can use to make every penny in their budget count.

by Kristina Knight

Place your bets on performance marketing

"Throughout this year's uncertainty, programmatic performance marketing has remained one of the most effective channels, providing a high degree of scale, accountability, and cost efficiency. When things are constantly changing, it's especially important to be able to pivot quickly and programmatic's agility combined with its real-time pricing capability make it a must versus the manual approach," said Steve Yi, CEO & Co-Founder, MediaAlpha.

Aim to be opportunistic

"With so many brands pulling back their spending, marketers have seen a drop in CPMs. Agile marketers are using this as an opportunity to acquire new customers at a lower cost than previously possible. Display and native CPMs have been especially attractive, giving marketers the opportunity to get in front of consumers and stimulate demand or gain entry into the consideration set with increased upper funnel exposure," said Yi.

Optimize your campaigns at a granular level

"With the coronavirus impacting in-store sales and driving consumers to shift their shopping to the online channel, it's essential that marketers capitalize on every opportunity to close a sale that comes their way. This means that getting the basics of conversion tracking and optimization--obvious as it may sound--is critical. Marketers will want to lean on channels that provide a great deal of transparency into who their visitors are. The more data that publishers provide, the more opportunities advertisers have to target very specific consumer segments and set their bidding strategies at this very granular level, versus the opacity and averaging of black box ad networks," said Yi.

Tags: advertising, advertising tips, advertising trends, MediaAlpha

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