Media buying has been one of the main marketing channels for 90% of the forex brokers and investment firms worldwide. This channels is mostly chosen due to its targeted audience for your specific focus industry and variety of media available, from banner ads to newsletter blasts and directory listing services. However, very few companies are actually seeing tangible results by means of converted clients and paying customers that came directly from the media buying initiatives. In this post, we cover some of the steps your company can take to elevate the ROI of your forex marketing effors.
1. GET THE STATISTICS
Be sure to always ask your prospective partner for the statistics of their media performance, being it a banner, an email, a text ad or any other format. Statistics will help you understand what to expect in order to (1) evaluate whether you should even consider this channel and (2) set the campaign targets.
2. NARROW THE TARGET
Targeting a niche audience is always recommended in order to ensure quality of the referrals and higher ROI on marketing budget. You can narrow the target of the campaign considering the following variables:
- Geography (e.g. target UK, Australia; exclude USA, India, Pakistan)
- Gender (e.g. only male)
- Age (e.g. 25-45)
- Device (e.g. Desktop only)
- Daily impressions limit (e.g. 3)
Note: narrow target usually leads to higher prices when running campaigns on CPM and CPC basis.
3. SET S.M.A.R.T CAMPAIGN GOALS
Before any campaign launch, your must set clear goals and objectives to understand your targets and then compare the actual results against your benchmarks. This will also help you negotiate a better offer with the media supplier. For the targets, keep in mind the following:
- Cost per thousand impressions (CPM),
- Cost per click (CPC),
- Cost per lead (CPL),
- Cost per acquisition (CPA).
Other important metrics that will help you evaluate the marketing campaign are
- Click through rate (CTR),
- Conversion rate,
- Bounce rate,
- Number of referrals,
- Net deposits,
- Return on investment (ROI).
4. ALWAYS RUN A TEST FIRST
No matter what, be sure to always test any marketing initiative before a full launch. This will help you analyze the performance of the channel you chose, the campaign materials and adjust if necessary before spending the big bucks. In most cases, you should also be able to settle on an eCPL deal with your media partner which will ensure you the lead coverage if you do not meet the target.
5. NEVER STOP OPTIMIZING
Be sure to closely monitor your active campaigns, get back to re-evaluate the results of the past campaigns and look for the new opportunities to further improve your marketing ROI. Our medai consultants always recommend to have a chat session with your media partner to discuss campaign feedback and optimization opportunities on ongoing basis.
What are your tactics to ensure the conversion on the media buying spent? Share your experience with us in the comments section below!