How to Increase Advertiser Spend on Your Media
If generating revenue through ad buys is an important part of your business model, you need to find ways to increase advertiser spend. Fortunately, after the advertising decline in 2020, there is going to be a big boom in 2021.
According to Magna, a media investment and intelligence company, global advertising spend in 2021 will increase 14% to a total of $657 billion. This is an all-time industry high. You need your business to gain a share of this increase.
This guide will take you through the steps your publication can take to help convince your clients to increase their advertising budgets for your media outlets.
Key Takeaways
- Advertising revenue is a lifeline for newspapers and other types of print media.
- Giving your clients solid data and showing them how they compare to the competition can help convince them to increase their advertising spending.
- Be an advocate for your clients and show them how you can help solve their problems.
The Importance of Advertising Spending in the Media Publishing Industry
As subscriptions to newspapers, magazines, and other types of media decline, these types of companies must rely more heavily on advertising spend. According to the Pew Research Center, the estimated advertising revenue for newspapers in 2020 was over $8.5 billion, while the estimated circulation revenue was more than $11 billion.
Another interesting statistic from the Pew Research Center is that the share of advertising revenue that comes from digital sources has been steadily increasing since 2011. In 2020, it reached 39%.
Whether your business prints newspapers or you are in another type of media industry, these statistics can be applied to your business. As advertising spend increases across most industries, it is important for your company to do what it can to increase your share.
While searching for new customers is always an option, one important resource that some businesses overlook is their current customers. Work with the relationships you have, and you may be able to open new doors and find new ways to work together.
6 Ways to Persuade Your Clients to Increase Advertiser Spend
Even if your current advertising clients are seeing good results from advertising in your publication or online site, there is always room for improvement. These six steps will give you some strategies you can use to show your clients why it is valuable for them to increase their advertising spend with you.
1. Show Them Tracking Data
Businesses want to know that their money is being put to good use. Gather as much data as you can to show them how valuable advertising with your company is. This can include data from various sources:
- Text ads
- User behavior
- Display ads
- Impressions
This type of information is relatively easy to track in digital form. However, it can even be monitored with print ads using the following tools:
- Tracking web traffic during print ad campaigns
- Incorporating a social media hashtag into the ad
- Adding a promo code or unique tracking number to an offer
- Using a unique point of contact specific to the campaign
- Implementing QR codes
- Asking customers directly
With valuable data backing you up, you can show your customers how effective their advertising dollars can be.
2. Tell Them How Much the Competition Spends
Businesses care about their competitors and want to do what they can to outperform them. When you share how much their competition is spending on advertising with you, this could be a compelling argument to increase their own budgets.
You can use analysis tools to give them real numbers to compare. These are some of the most popular tools:
- SEMRush
- Adbeat
- iSpionage
- Serpstat
The data you get from these tools can help you prove to your clients that their competition is drowning them in the market because of their larger budgets.
3. Offer A/B Testing
A/B testing is one of the most common advertising strategies used today. It compares the performance of one type of ad to another with just one difference. For example, you keep the text the same but use a different image, or vice versa. However, you can also convince your clients to increase their spend by showing them that their budget is too small to do any significant testing.
4. Make Sure They Know All their Advertising Options
If you have a print publication, you probably have a website as well. Are all your clients advertising on all your marketing channels? If you have some holdouts, show them that their competition is reaching a wider audience by advertising in multiple markets.
5. Create New Goals
Talk to your clients about what their advertising goals are. If they have been consistently reaching those goals, convince them that it is time to set a higher benchmark with new goals.
6. Find Solutions for Them
Another way to increase a customer’s advertising investment is by showing them how you can solve a problem for their business. Ask them about their needs and what problems they are facing. Be an advocate for their goals and give them real-world solutions that show how your advertising can help them.
For example, if they say they are not reaching the right audience, talk about what your typical audience is and how increasing their advertising with your media can help get them in front of more potential customers. If they are feeling unsure about spending more, ask how much it would cost them if the problem isn’t solved.
This YouTube video walks through an effective role play on how you can convince low-budget clients of their value and why they need to invest more in solving their problems.
Boom Communications Group Can Help You Improve Your Ad Sales
If you are hitting a wall as you reach out to your current customers, Boom Communications Group is here to help. We specialize in producing marketing, printing services, and advertising to small and medium-sized businesses across the country. We can work with you to help convince your clients that your media outlet is the best fit for their advertising dollars.
Contact Boom Communications today if you are ready for growth in your advertising revenue.