How to Strategically Spend Your Advertising Budget During the Holidays
The holiday season is bountiful, and everyone is trying to increase their sales and get the best of this lucrative period. The prices of most goods and services are bound to go up, but so are holiday marketing costs. As businesses strive to make the most out of their budget for the fourth quarter of the financial year, advertising costs will steadily rise throughout the holiday months.
Everyone wants to spend the rest of their annual budget during the holiday season in order to get a full 2022 budget. However, you’re in danger of getting little bang for your buck during the expensive November/December months because of advertising price surges. If you can plan ahead, try to spend more in January and February when CPMs are low instead of when CPMs skyrocket during the holidays. Here are some other tips on getting the best value during this time.
Drop Out of the B2B Space
The uptick in ad prices is obviously going to continue going up as people shop for Christmas gifts and holiday essentials. Since ad prices are all consumer-driven, it is advisable to drop out of the B2B space altogether, particularly if you are not marketing to your consumers. Alternatively, reduce the budget allocated to B2B ad marketing and reinstate it once the prices subside.
Though you might be giving up exposure due to the reduced ad presence, remember that the holiday season often means less activity in the business world, anyway. Since people often go on vacations during this season, and most businesses slow down operations, it is an opportunity for you to save a buck in your holiday B2B marketing.
Make Use of Urgent Text Ads
Text ads are similar to display ads in that they should contain self-gifting information that reflects the respective holidays. People are writhing with enthusiasm because of the holiday festivities, and your text ads should include copy that stimulates urgency and excitement among your target audience.
Instead of promoting your entire company, focus more on advertising specific products and services and relating them to the festivities. Frequently make updates on your ads throughout the holiday months to communicate the ever-changing deals and promotions.
Look for Cheaper Ad Prices
Now that ad prices are bound to be on the rise, it is the perfect time to shop around for a reputable marketing network with a low cost-per-click rate. As we steer closer to the holidays, take a keen interest in your marketing budget and return on ad spend. If any of your channels are losing you money, back out and look for better and cheaper alternatives. But if everything seems in order, allocate your budget appropriately for the big holiday sales.
Optimize Your Target Holiday Market
Marketing is always rewarding when targeted to the right audience. It is never the wrong time to improve your targeting, but the holidays couldn’t offer a better chance. With the cost of ad marketing bound to be on the rise, there is no better time to focus your holiday marketing strategy to your preferred audience.
Get rid of the holiday marketing tactics you find too broad and keep those that speak to a specific audience. That way, you do not spend more on people who have shown no interest in your niche or product and invest your marketing efforts on those that are likely to become loyal customers. After the holidays, the costs of ad marketing are likely to subside, and then it’ll be time to rethink your marketing budget again.