6 top tips to increasing your digital income
As media agencies face more competition from online advertising like Google Adwords and Facebook adverts, increasing digital income has become essential. In fact, reports showed that UK national newspaper advertising revenue will return to growth this year as a result in rises in digital income across the industry.
So what can you do to bring in more income from digital channels? Here are our top six tips.
Know the market
If you’re going to successfully pitch digital advertising, it’s essential that you know what’s happening. There has been a lot of media coverage about the death of traditional media, but that’s simply not backed up by the figures
In truth, people are consuming a mix of traditional and digital advertising and often don’t distinguish between the two. In particular, there has been a huge rise in the number of people using mobile devices while they watch TV. In 2014, research shows that 78% of US Internet users accessed second screens during shows and 71% did so during ads.
That means media partners have a great opportunity to help their clients mix digital and traditional media to reach the widest audience.
Make sure you can offer the right formats
Most companies find the majority of their revenue comes from display advertising, with revenue growing by 27% in 2014. This should be your focus.
However, the market is changing, with mobile and video ads growing and sponsorship opportunities also on the up. It’s therefore important that your channels can support more than just basic banner ads, so your customers can buy the widest range of advertising formats possible and keep track with the latest innovations.
Offering a wide range of formats will also allow you to grow your revenue. Figures show that video display ad spending is growing at a faster rate than any other category, so you can increase your income by diversifying the formats you can offer.
Do you make the most of every opportunity to show adverts to your audience? Many websites now split content over multiple pages, allowing them to show ads on each page. This increases the amount of advertising real estate available, allowing you to increase your revenue too.
Look to competitions
We all know that well-targeted ads perform better so getting the right data on your audience is essential. That’s where competitions come in. Not only do they give you valuable data, they can also drive your revenue. Figures show that some media companies generate as much as 25% of their income through competitions and sponsorship content.
Invert your approach
As we said earlier, there is unfortunately a perception that traditional media is dying. If you usually approach your prospective customers and talk about TV, print and radio advertising, try switching your approach to start with digital formats.
Small businesses have often dabbled with Google Adwords and Facebook ads, so they are more likely to feel comfortable discussing digital adverts. Once you have their attention, you can then move on to talk about advertising more broadly and start selling in traditional media formats.
Consider offering packages
You could also consider whether your customers would respond to a package of advertising, where you bundle together traditional and digital media. This allows you to simplify the pricing for smaller businesses, helping them to predict and understand the costs more easily. It also lets you sell in more traditional media adverts, which may not be as appealing to small businesses when they are sold alone.
Whatever your business, we can help you develop an effective direct sales strategy. Make an enquiry