Paid media refers to the various marketing channels you are paying for. Most of which includes traditional ads, commercials and pays per click that involves third-party platforms. These platforms target specific consumer segments.
Paid media can be affordable, depending on the type of channel and the duration of the ad. For example, full-page prints could cost more than social media ads. The frequency and duration of the ad could also make a difference in your total paid media cost. Your team will have to decide if the specific ad may have to run over a weekend or an entire month. In addition to that, the higher the reach and impressions of your ad, the higher the cost may be.
Besides that, there is the cost of the setup to consider. Your brand can lower the cost of paid media if you have an in house team to create content, design and produce the paid media. It is crucial to take into account the amount of time needed to set up your media platforms. The planning and setup duration may take longer than usual if you are creating an ad out of new material.
Ads are more effective if you have a landing page, also known as a designated page where visitors are directed after clicking on your ad. These landing pages are created to drive leads through your funnel and may take a very long time to develop. The return of investment from paid media varies on the type of platform used. Therefore, it is beneficial to understand the value each value may bring before deciding.
There are many examples of paid media available:
- Display ads.
These are one of the first few ads of online paid media. They became popular as side banners begin to appear on websites. From the side banners, there are now pop-ups, wallpaper ads and video ads. These display ads are rather affordable and are beneficial for remarketing and retargeting.
- Social media advertising
Social media platforms are designed to fuse into the user experience of each individual. The most common type of ads include in-feed ads, promoted posts and search results ads. Many small businesses choose to run ad campaigns in-house but others may find that hiring a marketing agency may be more beneficial due to expertise and time efficiency.
- Search Engine Marketing or SEM
SEM includes listings that appear at the top of your searches. They are a quick and efficient way to place your name at the top of your competition. SEM ads are typically pays-per-click or cost-per-thousand impressions.
- Offline ads
Print ads are one of the oldest methods of paid media. They are more difficult to gauge in terms of effectiveness, but they are still widely used. Some examples of paid ads are newspapers, magazines, billboards, flyers and postcards. Although offline ads can be expensive, they can be one of the most efficient if placed at the right place and at the right time.
There are other examples of paid media, including word-of-mouth marketing, podcast ads, video ads and radio ads. Each of these components, including the ones listed above, are effective in its own way. Each platform can bring value and conversion. Teams should spend a little more time researching each platform and understanding the brands’ audiences and preferences before planning campaigns and strategies.