Programmatic advertising allows you to automatically target users who are likely to be interested in your products or services. Modern digital advertising allows you to target by location, gender and a whole host of other demographic information. Given that so much goes into a programmatic campaign, it is important to optimize the key aspects to maximize your ROI. Here are 3 steps to optimizing your digital programmatic campaigns.
Step 1: Gather Insights
It all starts with gathering useful data on your campaigns. One of the programmatic optimization strategies is to split your campaign into different iterations and run them during different times of the day and different days of the week, with differing frequency caps. Keep a note of what times of the day you get the most engagement. In addition, track the creatives that fetch the maximum engagement.
It is important not to bundle the iterations of a campaign and calculate cumulative engagement rates. The goal here is to discard ineffective iterations.
Step 2: Adjust Your Bids
Once you have identified the creatives, days and demographics that are garnering the maximum engagement, it is time to optimize your ad spend. This can be done by any or all of the following ways:
- Bid higher for publishers that fetch you higher engagement. Alternately, you can allocate more budget to such publishers.
- Bid higher for the most engaging times of the day or the week. For instance, during Ramadan, Indonesians are most active on e-commerce sites between 3 a.m. and 6 a.m.
- Bid higher for the best-performing keywords and/or demographics to optimize your campaign for the web.
- Use retargeting and increase your bids for people who, you think, are closest to conversion.
- In the case of mobile advertising, location can be a key factor to optimize.
Mix and match between the strategies above until the campaign ends. It is important that you don't optimize too much, though. If you are spending too much time on the finer details, you are doing programmatic advertising wrong.
Step 3: Post-Campaign Analysis
Once the campaign has ended, it is time to analyze the results. Note the targets that you met, and try to come up with reasons for the success. The same goes for failures. You should also compare your engaged audience with the target audience to better understand the people who are more likely to buy from you.
Some key questions to answer at this stage are:
- Where does your target audience spend most amount of time? If your target audience is more mobile friendly, it might be a better idea to focus on mobile programmatic advertising than adopt an omnichannel approach.
- Is your mobile DSP delivering enough high-quality inventory? If not, it might be time to switch to a Private Market Place or a mobile DSP offering programmatic guaranteed.
- Can you use special targeting options such as hyperlocal to further optimize your campaigns?
Ultimately, to win at programmatic advertising, you should be willing to fail fast and learn from every failure that you encounter. Optimizing digital advertising campaigns is an iterative process. With every iteration, you should be able to replicate your successes with more frequency.
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