Digital Advertising in times of COVID-19
I’m Thiago Neres, Product Marketing Manager for Marketing Services here at Vendasta.
A few weeks ago, I interviewed Mike Vossen, our in-house Product Expert for Digital Ads. We talked about the impact of COVID-19 in the digital advertising industry and you can read Mike’s great insights in this blog:
If you’re selling digital advertising solutions, I’d love to know more about how your clients are reacting to COVID.
Most clients of ours are increasing their advertising, even if mandated to be closed, since we can still be building relationships.
Especially true when the cost of traffic is so crazy cheap.
Super interesting, @dennisyu. We’re hearing the same thing from a number of our partners.
And it only makes sense - more eyeballs online than every before while people are at home, but budgets are being pulled back. We have the simultaneous effect of supply increasing and demand decreasing.
Here’s what we’re seeing at Vendasta: we’ve accomplished some massive performance marketing feats despite the current economic climates. Although the industry has analyzed PPC costs dropping by ~30%, we have seen a 59% decrease ($112 to $46) in cost per lead (March vs. April). We cut our ad spend by 64% while maintaining similar lead volumes despite the heavy pull back on ad spend. Lead quality is obviously a lagging metric but we did break our highest # of closes in April indicating that quality has been consistent.
@Andrew_Vendasta I know some of your partners have really been upping their advertising lately. What’s driving that? @mwatkins any trends across our overall partner base?
We are seeing some amazing results with Video and OTT. Search and Social still are having wins but not the same as video. Overall many categories are seeing much more browsing not buying, so it is important to capture the leads and in those cases keep the story alive so the when the bounce back happens the business is ready to receive the transaction with open arms.