Let’s take a deep dive into how we apply some of the strategies for revenue growth in my recent blog in a practical way.
Here are my broader thoughts regarding the understanding of our client audiences, our advertisers themselves, and the various platforms out there. Also, where do “value-added packages” and developing relationships fit in?
They all contribute to increased revenues.
“Knowing” is key
1. Knowing our audience(s) properly
Obvious maybe, but it’s one of the first steps to increase ad revenue is to know your audience well.
We need to collect and analyse data on who they are, what they want, how they consume our media, and how they respond to ads. This will help us segment our audience(s), tailor our content, and optimise our ad inventory. Tools like Google Analytics, Facebook Insights, or perhaps Nielsen ratings can measure and monitor our audience behaviour and preferences.
We also will have first-party data (remember: unique data that we own) which allows us to analyse who is actually making the purchase. From this data, we can start to build similar audiences to identify additional consumers who might be interested in the advertiser’s brands/products.
2. Knowing our advertisers
Another key success move is to know our advertisers and their goals.
We need to research and understand their market, products, services, competitors, and their challenges. We also need to identify their pressure points, needs, and expectations from advertising with us. This will help us with compelling proposals, relevant potential solutions, and demonstrate to them our value proposition.
Serving your advertisers (via a consultative sell) starts with a deeper understanding of their goals. By aligning our strategies with advertisers’ objectives, we can not only enhance our value but establish lasting and mutually beneficial/trusted partnerships.
It all leads to increased revenues.
3. Knowing our platforms
The third crucial focus is to know our platforms and their strengths, too.
We need to be aware of the different media channels, formats, and devices you can use to deliver your client’s ads, as well as how they perform in terms of reach, engagement, conversion, and retention.
You also need to know how to leverage the features and benefits of each platform, such as interactivity, personalisation, targeting, or analytics (via tools like Google Ads, Facebook Ads Manager, or Adobe Media Optimiser) to manage and optimise ad campaigns across the various platforms.
And a few bonus thoughts
Measuring is important: We must measure the results. Track key performance indicators (KPIs), such as click-through rates, conversion rates, and return on ad spend (ROAS). Use this data to identify what’s working, what’s not, and to make adjustments to your client campaigns as needed. (And see my recent blog on attention metrics for a growing trend we can’t ignore).
Create value-added packages: One of the most effective strategies to increase ad revenue is to create value-added packages that entwine different media products and services …and benefits. We can offer our advertisers more exposure, reach, frequency, or impact by bundling our ad inventory across platforms, formats, or genres. We can also offer them additional services, such as creative design, content production, and/or performance tracking.
By bundling ad opportunities with additional perks — such as exclusive access to targeted audiences, insightful data analytics, or creative content collaborations — we can provide advertisers with tremendous added value.
These packages will not only boost revenue but also help develop long-term partnerships. They demonstrate our commitment to helping advertisers achieve their goals and ultimately lead to more trust, more renewals, and more referrals.
Follow up and nurturing relationships: Finally, an essential strategy to increase advertising revenue is to follow up and nurture relationships with your advertisers. We need to maintain regular contact, provide feedback, offer support, and seek referrals. We also need to anticipate their needs, suggest new opportunities, and upsell or cross-sell our media products and services.
It’s important to tailor our content to where a consumer is in their buying journey. If they’ve visited our client’s product pages multiple times but haven’t purchased, we want to ensure we serve them a retargeting ad for that product (as opposed to an ad for a different product).
Overall, our media sales teams should be able to navigate the modern, dynamic media landscape and essentially position themselves to capture a larger share of the total ad revenue pie.
It’s what we can demonstrate we deserve … if we choose to deserve it.
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