TEMPE, AZ /ACCESSWIRE/January 19, 2022/ Without a display campaign, your marketing strategy is missing one crucial feature: its foundation.
As a leader in programmatic advertising, Genius Monkey knows that a well-balanced strategy includes display first, then other programmatic services added to complement the display. In fact, data shows that display campaigns are the backbone of nearly every successful digital marketing media plan.
Genius Monkey recently conducted a study in which we took a large sample of clients who used multiple programmatic mediums (display, video, audio, OTT/CTV, etc.) at once to analyze how each medium drove conversions while working together, and the results were no surprise to us! When an advertiser runs all services simultaneously, here are the results on the influence of each medium.
Audio affects 9% of all conversions
Display hits 58% of all conversions
Video affects 33% of all conversions
OTT/CTV hits 22% of all conversions
Retargeting, whether display, video or a mix, affects 27% of all conversions
The main takeaway? Having the right mix of programmatic media is essential, but display ads should be the foundation of any digital strategy. Why is it? Display has a wider reach and clearer influence, which is clearly seen in the fact that it reaches 58% of all conversions.
Display works so well in part because display has a much cheaper cost per thousand impressions than other programmatic media. This means you pay less each time the ad is displayed, which allows for a lot more impressions, branding, etc.
Display: CPM between $2 and $4
Video: $10 – $22 CPM
OTT: $29 – $55 CPM
Audio: $21 – $37 CPM
Part of the reason for the lower costs is due to available placements, which also explains the better performance, because more placements are available, display ads will have better reach. This means that for every video placement a website can have, there are approximately three other display ad placements available on that site.
Here’s what we found: If a marketer only uses online videos, they’re limited in the number of websites, apps, or inventory they can place those videos on. Online video ads also cost at least 8x more per impression than display ads, allowing for fewer impressions and therefore branding, thus extending time to conversion. This is why video, audio and OTT should be used as a medium to display advertising.
That said, we don’t discourage you from using other mediums, as those other mediums help with conversion. In fact, our data shows that when a user is running all 5 of our services at once, the average conversions that occur are impacted by at least 3 different mediums. This means that 56% of users who converted saw at least three different ad formats. In fact, different mediums can also help people move through the sales cycle (conversion funnel) faster and have other effects that can be used strategically when added to display.
In other words, Genius Monkey found that by adding media in addition to display, you can potentially shorten the conversion cycle, drive more conversions, drive different audiences, and drive other beneficial metrics. However, by replacing the display and only running these other mediums, you lose the foundation of your marketing and will tend to see performance drops. What does this really mean? Other digital marketing materials should be used to complement the display and not replace it.
look how genius monkey It did just that by shortening the cycle of a customer’s conversion path by adding programmatic OTT video advertising.
A real example with Advanced Training Institute
Through its agency, Magic Marketing, the Advanced Training Institute (ATI) began serving ads with Genius Monkey for just over a year and a half, using display and video to power its advertising efforts. One challenge they wanted to overcome, however, was the length of their conversion cycles. Relatively long conversion cycles are normal for education marketing, but ATI wanted to see if they could improve their cycle time.
After establishing a campaign baseline through the use of DISPLAY and online video ads, the team wanted to test OTT ads to see how they affected the conversion cycle. After adding OTT to the mix, attribution showed users converting faster than in previous years. Here are the results:
The path to conversion has become considerably shorter
The number of users who took more than 90 days to convert fell from 63.5% to 35%, a 45% improvement.
Users who took less than 2 days to convert increased from 5.1% to 22.6%, a 343% improvement
These results show why you should use additional services to complement display advertising. Diversity in ad spend and media buys is key to a successful digital campaign; However, it should all come back to display ads because display ads are the foundation for success. Without display advertising, the foundation you’re building on is far less stable, and you’ll never reach the heights you might otherwise reach.
THE SOURCE: Awesome Monkey
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