What Paid Media Strategy & Channels are Best for Your Business in 2024
SUMMARY
So you’re a startup, new organization or seasoned business wanting to get into paid media? If it’s growth you’re after, paid media is a great way for you to achieve specific business goals. However, understanding which platform would work best for your business development goals is crucial to running a successful campaign.
TABLE OF CONTENTS
To understand which platform will work best for you, we need to investigate how users utilize each platform. This way, Ads can be tailored according to where they will work best in your marketing hourglass, today’s modern funnel.
EACH SECTION OF THE MARKETING HOURGLASS HAS A PAID MEDIA CHANNEL THAT PERFORMS BEST IN THAT AREA
1 | INTRODUCTION: MASTERING PAID MEDIA
In 2024, navigating the digital marketing landscape demands a robust paid media strategy. For startups, new organizations, or seasoned businesses exploring paid media, understanding which platform aligns best with your business development goals and within the marketing hourglass is key to launching successful campaigns.
THE ESSENCE OF A PAID MEDIA STRATEGY
A successful paid media strategy isn’t just about throwing money at ads; it’s a nuanced blend of paid social media strategy, paid owned earned media strategy, and earned media. It’s about selecting the right channels, targeting the appropriate audience, and aligning your marketing goals with user behavior and platform capabilities. This is where businesses should consider how and which channels will work best for them within each strategy. Today, brand strategy also plays a large role in how paid media strategies perform. Explore how this works in our brand strategy consulting guide.
UNDERSTANDING PAID, OWNED, AND EARNED MEDIA
These three pillars of media strategy work synergistically. Paid media, like PPC ads, drives immediate visibility and conversions, while owned media, such as your website or blog, builds long-term relationships, and earned media, including word-of-mouth and social shares, and enhances credibility while building brand recognition.
PAID MEDIA STRATEGY FOR DIFFERENT BUSINESS TYPES
Depending on the type of business, tailoring your approach within these three types of media is crucial. Whether B2B, B2C, startup or an established enterprise, selecting the appropriate channel along with a type of media is essential. For instance, a B2B paid media strategy might lean heavily on LinkedIn and industry-specific platforms, while B2C businesses might succeed more with Facebook and Instagram. This all depends however, on where in the marketing hourglass these businesses are looking to experience growth.
2 | NAVIGATING THE MARKETING HOURGLASS WITH PRECISION
Understanding where your target audience resides within the marketing hourglass and how they interact with different platforms is important when targeting growth. This insight allows for creating advertising strategies that fit seamlessly into the modern marketing landscape. Below you’ll find a number of suggestions on how each platform performs best within a basic marketing hourglass.
TOP OF THE HOURGLASS: BRAND AWARENESS AND DISCOVERY
The top of the funnel is about building brand awareness and discovery. Here, platforms like TikTok, Instagram, and Twitter perform best.
TIKTOK:
EDU-TAINMENT, VIRAL CONTENT, AND BRAND AWARENESS
Viral Potential: TikTok’s algorithm is uniquely designed to promote viral content, making it a hotbed for trends. Brands can leverage this to gain rapid visibility.
Community Building: Beyond viral trends, TikTok fosters niche communities. Brands can tap into these communities, engaging with users in a way that feels personal and authentic.
Innovative Content Formats: With features like Duets and Challenges, TikTok encourages creative content collaboration, offering brands innovative ways to interact with and expand their audience.
TWITTER
(A.K.A. X)
Real-time Engagement: Twitter’s real-time nature makes it a prime platform for brands to engage in current events and trending topics, connecting with audiences through timely content.
Building a Conversational Brand Voice: Twitter is ideal for developing a brand voice that is conversational and relatable. This is particularly effective for brands in sectors like tech and entertainment, where staying topical is key.
Customer Interaction: It’s a platform where customer service meets public relations. Brands can use Twitter to address customer queries and concerns promptly, enhancing their reputation for responsiveness.
INSTAGRAM: THE VISUAL STORYTELLER
Evolving User Base: Instagram’s demographic is broadening, encompassing not just younger users but also an older, more diverse audience. This evolution presents an opportunity for brands to reach a wider range of potential customers.
Feature-Rich Platform: With Instagram constantly updating its features – from IGTV to Reels – brands have an array of tools to create dynamic, engaging content that resonates with different segments of their audience.
E-commerce Integration: Instagram’s shopping features make it more than just a platform for discovery; it’s also a direct sales channel. This integration allows brands to seamlessly transition from brand awareness to sales, particularly for lifestyle, fashion, and beauty brands. For paid media, this is where you’ll be focusing most of your marketing efforts.
UPPER MIDDLE HOURGLASS: ENGAGEMENT AND CONSIDERATION
The upper-middle hourglass stage is critical in transforming initial awareness into active consideration and engagement. Here, Google Ads and Facebook shine as tools for guiding potential customers further down the funnel.
GOOGLE ADS: PRECISION TARGETING FOR HIGH-QUALITY LEADS
Advanced Targeting Capabilities: Google Ads offers robust targeting options including keywords, user demographics, and affinities, allowing businesses to reach their ideal audience at the right moment.
Conversion Optimization: It’s crucial to define and track the right conversion goals. Whether it’s signing up for a newsletter, downloading a whitepaper, or making a purchase, aligning your conversion tracking with your campaign objectives ensures that Google’s machine learning works towards bringing in leads that matter.
Customizable Ad Formats: Google Ads offers various formats, from text-based search ads to engaging display and video ads, each catering to different stages of the user journey. This versatility helps in addressing specific user needs and concerns, nudging them closer to a decision.
Remarketing Tools: Utilize Google’s remarketing capabilities to re-engage visitors who have interacted with your site but haven’t converted. This keeps your brand top-of-mind and increases the likelihood of conversion.
FACEBOOK: BUILDING ENGAGEMENT AND NURTURING LEADS
Diverse User Base: Facebook’s user base spans various demographics, making it an ideal platform for brands targeting a wide audience. Its detailed targeting options allow for the creation of highly personalized campaigns.
Engagement-Driven Content: Utilize Facebook’s range of content formats – from standard posts to stories and live videos – to create engaging, interactive content. This helps in building a connection with your audience, turning passive viewers into active participants.
Lead Generation Tools: Facebook’s lead generation ads enable brands to collect information from interested users directly on the platform. This is particularly effective for nurturing potential customers through follow-up communications or targeted content.
Custom Audiences and Lookalike Audiences: Leverage Facebook’s powerful audience tools to reach people similar to your existing customers (Lookalike Audiences) or re-engage with users who have already shown interest in your brand (Custom Audiences).
MIDDLE: DESIRE AND ACTION
In the lower funnel, where the focus shifts toward driving definitive actions such as purchases or sign-ups, the strategic use of Instagram (especially for ecommerce) and Google Ads (for lead-gen and ecommerce), becomes crucial.
INSTAGRAM: THE DIGITAL SHOWCASE FOR IMMEDIATE PURCHASE
Shoppable Posts and Stories: Instagram’s shoppable features transform your feed into a visual storefront. Users can discover and purchase products directly within the app, streamlining the path from desire to purchase, especially for fashion, beauty, and lifestyle brands.
Influencer Collaborations: Partner with influencers to showcase your products in a relatable and aspirational context. This not only boosts product visibility but also leverages the trust influencers have with their followers, driving desire and action.
Targeted Product Promotion: Utilize Instagram’s targeted advertising to showcase products to users who have shown interest in similar items. This personalized approach makes the ads more relevant, increasing the likelihood of conversion.
Engaging Visual Content: Use high-quality images and videos to create compelling narratives around your products. This helps in building an emotional connection with the audience, turning interest into desire.
GOOGLE ADS: DRIVING TARGETED ADS WITH PRECISION
Search Intent Targeting: Utilize the power of search intent. When users search for specific products or services, Google Ads can ensure your brand appears at the top of search results, capturing high-intent traffic.
Conversion-Focused Campaigns: Optimize your campaigns for specific conversion actions, whether it’s making a purchase, signing up for a newsletter, or downloading an app. Tailoring your ads and landing pages to these goals increases conversion rates.
Remarketing Strategies: Implement remarketing campaigns to target users who have previously interacted with your website but didn’t convert. This keeps your brand in their consideration set and often nudges them towards completing the action.
Performance Tracking and Optimization: Continuously monitor and adjust your campaigns based on performance data. This iterative approach ensures that your ads are always optimized for the highest possible conversion rate.
TIKTOK: EMERGING E-COMMERCE POWERHOUSE
TikTok is rapidly emerging as a key player in the e-commerce space, blending its signature engaging content with new shopping features. Shoppable videos and hashtag challenges on TikTok offer unique ways for brands to showcase their products, encouraging both engagement and direct purchases. This integration of commerce into the user experience, combined with TikTok’s massive, engaged audience, makes it an increasingly important platform for brands looking to convert interest into sales, especially among younger consumers.
LOWER HALF: EMAIL MARKETING & NURTURING LOYALTY
Beyond the traditional paid media channels, email marketing plays a critical role in nurturing loyalty and advocacy. Personalized emails and exclusive offers help maintain a connection with your audience, encouraging repeat business and referrals.
BOTTOM: ADVOCACY
At the base of the hourglass, customers evolve into brand champions, a pivotal element in sustained brand growth. Social proof through reviews and testimonials plays a pivotal role in building advocacy. Encouraging customers to share their positive experiences. These testimonials serve as a beacon for new customers, validating their decision to choose your brand.
Referral Programs: Rewarding word-of-mouth. These programs incentivize customers to become active participants in your brand’s growth, creating a community of advocates.
3 | EXPANDING THE PALETTE: OTHER CHANNELS
For industries like home decor, DIY, and fashion, Pinterest offers a unique blend of inspiration and action.
INFLUENCER PARTNERSHIPS: A DIFFERENT TYPE OF PAID MEDIA
Aligning influencers who resonate with your brand’s ethos is a new type of paid media emerging from social networks. Their endorsement is a powerful stamp of approval, extending your reach into new audiences.
4 | INDUSTRY-SPECIFIC PAID MEDIA STRATEGIES
STARTUPS
Startups, particularly in the tech and SaaS sectors, often operate with limited budgets. Google Ads has been a favorable channel for them, offering high ROI. The focus is on creating highly targeted campaigns that reach potential customers who are actively searching for solutions that the startup offers.
SAAS LEAD GENERATION
For B2B SaaS solutions, a combination of LinkedIn and Google Ads has shown great effectiveness. LinkedIn’s professional network allows for targeting specific industries, job titles, and companies, while Google Ads captures users actively searching for SaaS solutions.
SERVICE-BASED LEAD GENERATION FOR AGENCIES
Agencies offering services such as marketing, design, or consulting can leverage platforms like LinkedIn for reaching business professionals and decision-makers. Coupled with Google Ads, they can effectively target both those in the discovery phase and those with immediate needs.
SERVICE-BASED BUSINESSES
Facebook and Instagram are excellent for service-based businesses, from beauty salons to legal consultancies. They excel in showcasing services through visually appealing content and storytelling, which helps in building a connection with the audience and effectively communicating the value of the services offered.
E-COMMERCE
E-commerce businesses can utilize a mix of Instagram, Facebook, and Google Shopping Ads to drive sales. Instagram and Facebook are ideal for visually showcasing products and targeting based on user interests, while Google Shopping captures high-intent users ready to make a purchase.
NON-PROFIT
For non-profits, Facebook and Instagram Ads can be instrumental in raising awareness and driving donations. These platforms allow for emotional storytelling and targeted appeals to audiences who are likely to support their cause.
FINTECH
In the fintech sector, LinkedIn and Google Ads are powerful tools. LinkedIn allows for targeting professionals who may be interested in innovative financial solutions, while Google Ads can capture users actively searching for financial services.
REMINDER: ALLOCATE BUDGET AND RESOURCES WISELY
Distribute your budget across various platforms according to their performance and your business goals. Multichannel paid media strategies also work best when you have a solid data strategy in place. So when initiating this, consider all the necessary resources, including tools, a CRM, CDP, and team expertise to manage and optimize your campaigns.
PAID AND ORGANIC SOCIAL MEDIA STRATEGY: A BALANCED APPROACH
Combining paid and organic social media strategies can yield better results than relying on one alone. While paid campaigns boost visibility and reach, organic strategies build relationships and trust with your audience.
ORGANIC VS PAID SOCIAL MEDIA STRATEGY
Organic content helps establish your brand voice and foster community, while paid content drives specific actions and targets users outside your existing audience. Take care to distinguish which content is used for paid media and organic to accurately target clients along the different stages of the marketing funnel.
ALWAYS-ON PAID MEDIA STRATEGY
An always-on approach ensures consistent visibility and engagement, keeping your brand top-of-mind with your audience. Be sure to craft branded campaigns if your industry is highly competitive.
AMAZON PAID MEDIA STRATEGY
or businesses selling on Amazon, a specialized approach is needed:
Optimizing Product Listings: Use Amazon’s advertising tools to boost product visibility and drive sales directly on the platform.
Targeted Amazon Ads: Leverage Amazon’s rich customer data to target your ads effectively to the right audience.
5 | CHANGES IN PAID MEDIA STRATEGIES: STAYING AHEAD
The digital landscape is continually evolving, which means strategies must adapt:
Adapting to Platform Changes: Stay updated with algorithm changes and ad formats across platforms to keep your strategy effective.
Emerging Platforms: Keep an eye on emerging platforms like Discord, Threads, or Lemonade to explore new opportunities for engagement.
CRAFTING A FUTURE-PROOF PAID MEDIA STRATEGY
As we look toward the future, paid media strategies will continue to evolve with changing technologies and user behaviors. Businesses must remain agile, continuously learning and adapting their strategies. Whether it’s leveraging the latest in social media paid advertising strategy or experimenting with new platforms, the key is to stay focused on your goals, understand your audience, and use data to guide your decisions. With the right approach, paid media can be a powerful tool to drive business growth and success in 2024 and beyond.
6 | PARTNERING WITH BALD FOR PAID MEDIA STRATEGIES
Ready to jumpstart your paid media strategy? Get in touch with Bald.Agency to fulfill your business goals. Our experts will give you a paid media strategy template to narrow down which channel will work best for your business.
WHY CHOOSE BALD?
At Bald, we understand that a one-size-fits-all approach doesn’t work in the dynamic world of digital marketing. That’s why we offer tailored strategies that align perfectly with your brand’s unique needs and aspirations. Here’s what sets us apart:
EXPERTISE ACROSS CHANNELS
Our team isn’t just proficient; we’re experts across many platforms. Whether it’s the fast-paced world of Twitter, the visual appeal of Instagram, or the targeted precision of Google Ads, we have the know-how to maximize your presence and impact.
DATA-DRIVEN STRATEGIES
We believe in making decisions backed by data. Our approach involves deep analysis of market trends, audience behavior, and engagement metrics to ensure that our every move is calibrated for maximum effectiveness.
CREATIVE EXCELLENCE
At the heart of Bald.Agency is a passion for creativity. Our campaigns don’t just reach audiences; they captivate them. We blend innovative ideas with stunning visuals to create campaigns that resonate and leave a lasting impression.
HEAD OF PERFORMANCE MARKETING
