Getting Rich in Advertising
In today’s economic climate, marketers are faced with enormous challenges of managing slashed budgets and trying to deliver measurable results. Despite these increasing challenges, I see many companies sticking to the status quo of traditional media. Unfortunately, sticking to old methods while competitors are extending their marketing dollars through new innovative tactics is going to land many companies into bankruptcy. Companies that have been in business for decades such as Wickes, Circuit City, Levitz and others are examples of old-school businesses not adapting to the current economy. Obviously many factors are at play, but marketing and advertising are major components to the success of big brands. Today, many new tactics are available thanks to technology. Let’s explore one tactic that can help extend the life of your budget; online display advertising through rich media.
Online display advertising is fairly straight-forward. It involves placing banner ads in a variety of sizes within websites. Rich media is a method to create banner ads that attract and engage viewers at a much higher level than the standard banner. Rich media ads incorporate video, audio, animation, and interactivity for brand awareness. It is this additional layer that can help an advertiser stand out from the crowd. However, despite added exposure to your brand, rich media also can capture data within the ad and meet your lead generation goals as an added bonus.
In order to deliver rich media ads, a website publisher must be set up to accept these formats, which most major ones are, but they typically charge an additional premium. Another requirement is to work with the publisher’s partner that serves the rich media ads. This is necessary due to the technical aspects of managing and reporting on the performance of rich media ads. PointRoll is an example of a rich media provider that serves rich media ads to a network of partner publishers.
One of the most appealing aspects of rich media advertising is the level of engagement it provides. A viewer can roll or click on an ad and the banner can actually expand to reveal a larger panel presenting additional content. At this point, it is easy for the user to get immersed in the experience contained within the ad itself by watching a video, playing a game, or submitting their self-reported data in exchange for something they want. This creates additional value beyond just a banner impression and click-through. All activity within the banner or panel ad is captured and reported by the rich media ad serving company, allowing marketers to analyze the data and understand the ad’s performance on the website.
Rich media is the “killer app” for online display advertising. Advertisers are increasingly utilizing this technology and eventually it will become the standard. The next time you are persuing major media websites, pay close attention to some of the banners. Interact with them and I’m sure you will come across some well-executed rich media ads. Get some ideas for yourself and work with an expert to produce an award-winner that delivers big results.