Reducing CPMs and CPCs, while maintaining, and even improving, performance? Can you have your cake and eat it too? By budgeting digital advertising campaigns on a location-by-location basis, and creating custom audiences for each, you can indeed.
Use these 7 tools to reduce cost and increase efficiency, unlocking more spend into profitable campaigns that boost ROI.
*For more on location-specific digital planning, read our Case for Location Based Marketing Budgets: Why DMA Plans Fall Short (4 minutes).
Many brands unknowingly are artificially inflating
By reducing demand via the methods above, costs for keywords and ad inventory goes down. And that's not a one-time benefit, those decreases are efficiencies to be leveraged ongoing.
Reducing costs frees up budget for you to level-up in channels that are performing well, further driving down overall CPM and CPC.
Only conquest competitors that are in your immediate trade areas - exclude their locations in your market that your nearby customers are unlikely to visit. This reduces the Cost Per Acquisition of the customers of your competitors.
Consumers only give attention to ads when they know your location or service is within convenient reach. Over time they'll subconsciously give more consideration to your message, driving up engagement and conversion, creating further cost efficiency.
The tactics above free up budget to invest in specific, less common phrases that prospective visitors are likely to use when closer to the point-of-purchase. There is much less competition and demand for these terms, driving overall cost down further.
AI-driven smart bidding options such as Google’s Smart Bidding strategy allows advertisers to optimize their bids in real-time, focusing on auctions that are more likely to convert and avoiding overbidding on highly competitive keywords.
Ready to see the location based marketing experience on Hyperlocology?