5 Ways to Eliminate Wasted Ad Spend

Five ways to eliminate wasted ad spend.
You're running tons of ad campaigns,
but how many of them are actually getting you
some kind of return on your investment?
According to Next&Co digital media's waste report,
the numbers on wasted ad spend are simply staggering.
In Q1 of 2022, an average of 40% of media spend was wasted.
You're talking about billions of dollars here.
Google found that more than 56% of ad impressions
are never even seen by customers.
Proxima estimates $37 billion of worldwide marketing budgets
are being wasted on poor digital performance.
So what can you do to make sure that you stand out
from the majority of other advertisers out there?
This sounds tricky, but it's possible to make sure
that you're not just blowing all your ad budget.
Here are five ways that you can do
to eliminate wasted ad spend
and make sure your ads actually get seen.
Strategy one, this one's simple.
Target your audience effectively.
66% of customers expect companies
to understand their unique needs and expectations.
From looking at who your audience is
to doing look-a-like campaigns to uploading your email list
to letting Facebook and Google learn
based on where you're getting conversions,
this all helps you target the right people.
The last thing you want to do
is show your ad to the wrong customer.
Think about your user persona.
Who's your ideal customer?
Only show those people ads and remove everyone else.
Once your ads become more and more profitable,
and as you scale them up, then you can expand your audience.
But first, have laser focus on your ideal customer
before you go more broad.
Strategy two, retarget users
at different points and parts of your funnel.
Consumers are 70% more likely to convert
after clicking on a retargeting ad campaign.
Here's what I mean by this.
Look, if someone comes to your website,
let's say you're selling mattresses,
they add that mattress to their checkout.
They don't buy, though. You're devastated.
You show them a remarketing ad for that mattress,
so whenever they browse the web on different sites,
they see ads for, guess what,
your mattress that you're selling.
And you know what?
That ad also showcases how it's %5 or 10% off.
They click, they buy.
That's a great way to generate more sales
because you're targeting the right type of people.
If someone added something to their cart,
but they didn't convert, you know they're interested.
Or if you're in B2B,
and someone went to one of your lead form pages,
filled it out partially or all the way,
but they didn't click the submit button
because they changed their mind,
remarketing them will increase your odds of converting them.
Strategy three, leverage a cross-channel approach.
Brands using three or more channels in a campaign
enjoy a 287% higher purchase rate
than those with a single-channel campaign.
Plus, here's the beautiful part.
You can take all the learnings
that you have from one channel, like Instagram or TikTok,
and apply it to Facebook and Google, and the other channels.
That's what we do.
That's how you can run so many more ad experiments at once.
And then, figure out what's working
with your ideal audience,
and then fine-tune your campaigns
for all the other channels or platforms,
and get the most ROI.
Strategy four, use my ads grader tool.
Go to neilpatel.com/blog.
In the navigation, just click on tools.
And then I want you to click on my ads grader.
You know, go through the forms and the processes.
It's really easy, you just have to click some buttons,
and boom, you're off into the race,
and it'll analyze all that you're doing with your ads
that are right and wrong and tell you what to fix.
And best of all, it's free.
Strategy five, run ads at the right time.
An ad run at the right time can help you generate sales.
An ad run at the wrong time will just cost you money.
Let's say you're in B2B
and you're trying to get more phone calls
for your call center or your salespeople,
and you show your ads Monday through Sunday,
in essence, seven days a week.
But if your people are only there
to answer the phone calls from Monday through Friday
from 9:00 to 5:00 p.m., well, the rest of the time,
you're paying money,
and no one's there to answer the phone call.
Same with B2C.
If you're advertising for your store or your company
and you're not around 24/7,
then you're going to end up losing money.
This is what's called dayparting.
It's a simple way to save money
if your business is not operating during all times,
especially during times like the holidays
when you should be turning off your ad
if you have nothing to sell during those periods.
Now, if you need help
maximizing your return on your ad spend,
and you don't want that big wastage,
check out my ad agency, NP Digital,
where we won Paid Ad Campaign of the Year.
And if you have any questions, leave a comment below.
We're here to help.
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Thank you for watching.