I happened to attend a trial online marketing class some time ago, and the lecturer asked the class what is the one day cost of a typical media ad on one of the top twenty websites which she is working for. The students gave many answers such as $5000, $10,000, $2000 and such. And they will not even close.
I raised my hand and gave the lecturer perhaps to her, a silly answer. I told her that realistically speaking, such media ads banner should cost about maybe at most $5 per 1000 impression – this is because I am a frequent user of both Google and Facebook pay per click campaigns, and this website ranked below Facebook and Google by a wide margin based on Alexa ranking, so I figured this should be the appropriate pricing.
However, to my amazement, the lecturer proudly declined my answer and said that the media ad on her company website cost USD 500,000 a day. In my mind, I am shocked. I was asking myself who on earth would pay half a million US dollars to put a silly display ad on this website for just a day?
Half a million marketing dollars can diverted into others converting marketing campaigns such as a good social media brand awareness campaign. By splurging that half a million dollars doesn’t seem like a wise idea for the marketer.
Media spaces are highly lucrative cash cows for popular websites as they are able to pull in high ad revenue. However, in my opinion, it is totally not realistic and it is a big waste of money. Just like TV media advertisement, such media is very competitive. Online media buys can indeed generate some traffic to your website but it does not induce people to buy. Do a simple search on Alexa.com and see what the popular websites are; even if you have an enormous marketing budget, do not simply burn that budget away.
One reason why the media ads won’t induce the readers to buy your products and services is because these reader stumbled upon your ad when they visited that website in that particular day. Your website may got a relatively higher number of unique users traffic on that particular day but also doesn’t mean that your business will grow tremendously as the result. Just like when you saw an ad on your national newspaper, you will just say “Oh yeah, so’s what?
Smart customers today are different from yesterday. They think a lot. Unless they happened to need your products and services at that moment, they would simply ignore your ads even if you have paid half million dollars on producing and putting your ads on that popular website for the day.
All you need is to make the efforts to constantly educate the smart customers around your niche so that they will eventually buy your products and services willingly. Make them buy your brand willingly instead of selling to them. Online media buys may be good for brand awareness but it is not your best marketing tool when it comes to client conversion measurement.