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Brand Awareness & Retargeting
4 Plays11 months ago
In this episode of the Onya Mike Podcast, Ashley Monk discusses the significance of brand awareness and retargeting in paid media advertising, especially for those with limited budgets. She emphasizes the need for businesses to create recognition and trust before expecting conversions and outlines effective budget allocation strategies for advertising campaigns. The conversation highlights the importance of understanding the advertising landscape, including competition and bidding strategies, to maximize the impact of marketing efforts. Takeaways
- Brand awareness is crucial for gaining exposure and recognition.
- Retargeting helps push potential customers over the finish line.
- A balanced budget allocation is key for effective advertising.
- Video content is becoming increasingly important in marketing.
- Understanding your audience's behavior is essential for targeting.
- Brand awareness should not be neglected in favor of conversions.
- Lower intent objectives can be more affordable and effective.
- The advertising landscape is competitive, similar to the stock market.
- Adjust your marketing strategies based on your sales cycle.
- Engagement and trust are vital for successful advertising campaigns.
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Transcript
Introduction to Anya Mike Podcast
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Welcome to the Anya Mike podcast, a podcast where we discuss the ins and outs of marketing, running a business and tips and tricks the industry may just not be telling you, but we will.
00:00:14
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If you're looking for inspiration on exactly how to grow your business with ambition, innovation and confidence while creating maximum impact to influence your clients like never before, you're in the right place.
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Grab your AirPods, pen, paper, or laptop, and let's get on your mic.
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Get set and grow.
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And now, here's your host on the mic, CEO Ashley Monk.
Why is Brand Awareness Crucial?
00:00:43
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Welcome back to the Anya Mike Podcast and we are talking more about paid media from the art of brand awareness and retargeting or as I like to call it, how to go to market with paid advertising when you have little dollars to be able to spend or you're trying to maximize them in this period of time.
00:00:59
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So,
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What are brand awareness and retargeting and why do they matter?
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We're going to talk about why I probably wouldn't recommend conversion tactics if you don't have enough money or enough budget and how do we even define what enough budget is and then how to deploy these effectively.
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So what's brand awareness?
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What is retargeting?
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Brand awareness gets a bad rap because a lot of times it's used poorly, to be quite honest.
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Brand awareness is getting exposure and getting recognition for your brand.
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And so often I hear people say, well, I want to see an ROI.
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I want conversions.
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But why would someone buy from you if you're going after a new market if they don't know anything about you?
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Would you off the street if you saw a brand new store open up and you're not seeing anyone in there and the lights are off and no one's home and
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It looks pretty sketchy.
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Would you want to go in if you hadn't heard anything first?
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Or would you at least be skeptical to buy a new product that you saw an ad for on Amazon that you didn't see any reviews for?
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That is how people feel and the market feels when you don't have the right brand awareness.
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Now, I'm not saying all of your budget should go here.
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I think that's where people get caught up, but they have budget and they don't spend any money on brand awareness.
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And this is a problem because you do need to create know, like, and trust content.
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and affinity for your brand.
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It can't always be transactional, can't always be about conversions.
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Granted, we want to prioritize them.
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I usually recommend spending 80% of what you are going to spend on advertising to generate some kind of result if you're first starting and you really need to get people in the door.
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And then once we've got that flywheel turning, you've got leads coming in, I dropped that number to 50%.
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Because I believe brand awareness and retargeting are that important for you because they're going to bring the costs down to get conversions.
How Retargeting Reduces Costs
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It sounds backwards.
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It sounds counterintuitive.
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But brand awareness and retargeting overall are going to keep your pipeline full with more people coming in and more exposure, bringing down the cost per lead and retargeting.
00:02:44
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Now, again, time and place.
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Every context is different.
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Every marketing funnel is different.
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But brand awareness is going to be really important to get you that exposure.
00:02:51
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So is retargeting.
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What's retargeting?
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I always like to say retargeting is that you feel like the algorithm is listening to you.
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You clicked on a website to buy your spouse something for Valentine's Day or for their birthday or for the holidays, and then you see that ad over and over and over again.
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Sometimes, too, your spouse, your partner, your friend will engage with something, and it'll show to your network, too.
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And sometimes social advertising platforms will kind of trace that back, and they'll serve you as they're interested in because they're betting that your interests are similar or maybe you're buying a gift for someone.
What is Retargeting?
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That is the power of retargeting.
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I like to say it's pushing you over the finish line.
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If you haven't figured out Anya is for Anya Mark, it's that grow.
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Anya Mark, that's going to be our brand awareness and our top of funnel.
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How do we get ready?
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How do we get the person prepared to be able to advertise?
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Get set.
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Let's get those things rolling in.
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Let's get those conversions.
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Let's get that awareness going and then go and grow in our case.
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Let's see those retargeting come through.
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That is the power of brain awareness.
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That is what retargeting is.
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They both really do have a time and a place.
Competing with Big Brands
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So where do they fit in the funnel?
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Why are they good when you don't have budget?
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Here's the thing about advertising.
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I think most people forget that advertising is very similar to the stock market.
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You are bidding for your place to show up against other brands.
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Your competitors in all cases might not always be who they think.
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They're not always the same institutions, practices, organizations, companies that are going after the same client.
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You're also competing with the big guys.
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You're competing with Coca-Cola.
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You're competing with Salesforce.
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You're competing with huge companies that are also putting their ad dollars in the auction to bid on getting you and I our attention.
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And so that's what's really important to remember is that when you're setting your daily minimum bid, when that platform recommends what to spend each day, you usually, unless you really know what you're doing and you're retargeting or you're going after a low intent objective, you want to hit that minimum bid because that minimum bid is what most conversions are going for.
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And if you're bidding under that, you might just be lighting your dollars on fire because you're not bidding enough to get the outcome that you want.
00:04:49
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If you're going to invest in the S&P 500, so index funds that are going to see a return,
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of 8% over the longevity, not a stockbroker here, I'm an advertiser, you're going to need to spend more money on a share versus a new startup company that there's a little bit more risk there.
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Same is true of advertising.
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So if you have peanuts or lower dollars to spend, you don't want to spend all of that on a high intent objective because you're likely not meeting the minimum bid to spend enough money.
00:05:17
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So what you'll want to do instead is either focus on awareness or focus on retargeting.
Balancing Brand Awareness and Retargeting
00:05:22
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If you need exposure for a new product line, a new program, if you're a school opening a new location, if you're a healthcare practitioner, um, a new pro yeah, so many different things.
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Brand awareness is going to be your play.
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You're going to want to create trust, visibility, and spoiler alert video views is usually the cheapest objective to do that because more brands have don't have as many video assets.
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It's also video is the future.
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We know that we all consume short form video and most people are too.
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So that's what to remember about brand awareness.
00:05:52
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Retargeting is going to be the play also with lower spend.
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But if you've already got a really established customer base, your sales team is not closing.
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You're not seeing the conversions that you want on the back end.
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That's where retargeting is going to come into play and it's going to cost even less.
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So the typical funnel that I'll say is...
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20 to 30% of your money should be top of funnel for brand awareness.
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50% would be for conversions and 10 to 20% would be for retargeting at the bottom of the funnel.
00:06:17
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That framework is going to change based on your sales cycle.
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So we work a lot with higher education.
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Those ratios change based on the time of year because we know for traditional undergrad, they're going to be making those decisions in the fall.
00:06:29
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And then we might have some stragglers late in the spring that haven't decided or even summer that we're trying to get them across the finish line, particularly with smaller schools.
00:06:37
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But that's going to be very different for health care, whereas like they might be trying to hit their deductible toward the end of the year.
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So like, let's get them in.
00:06:43
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Let's retarget them versus newer the year.
00:06:45
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We might try to get them to change our mind on where they might go.
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Etc.
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You get the idea.
Cost Implications of Marketing Objectives
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So you really want to marry that framework based on your cycle and you're going to know better than anyone else.
00:06:55
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And so those efforts, though, because they those audience sizes are typically smaller, like a retargeting audience, since you're only marketing to existing customers, that's going to be less expensive because you're serving ads to a smaller segment of the pie.
00:07:10
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Brand awareness, because it's a lower intent objective, so you're not measuring a lead or a conversion per se, also going to be very affordable.
00:07:19
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It's those conversion-based objectives that I love because they're quantifiable and we're usually able to attribute a result to them, but they do cost more money.
00:07:27
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So if you are strapped on dollars, you're wondering where you should invest, you need to see more people come through, you want to do something and you're not sure, usually that brand awareness or retargeting play is going to be the one for you.
Listener Engagement and Feedback
00:07:39
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All right.
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I want to know what you think.
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Which of these tactics are you going to deploy?
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If any, I want to hear from you.
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But until I see you next, I hope you have a great week.
00:07:50
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Thanks for joining us this week on the Anya Mike podcast.
00:07:54
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We'd love to hear from you.
00:07:55
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Make sure to visit our website, anyamark.com, where you can subscribe and never miss a show.
00:08:01
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While you're at it, if you found value in this episode, be sure to drop us a five-star review on iTunes and share the show with a friend to help us to continue to influence more people to create maximum impact.
00:08:12
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Tune in for next week's episode and we'll see you then.