There are some great benefits to being a long-established brand. Consumers understand what you have to offer and the name-recognition is a hurdle long behind you.
One of the downsides to being so well known though is that you can start to become complacent. You know who your core audience is and you stick to focusing on their needs.
While it’s great to keep your loyal fans at the top of your list, if you’re not frequently searching for new customers, you prevent your brand from growing.
This is why strategizing about reaching new audiences and testing various ways in which to activate them will never get old.
Sometimes there’s a bandwagon for a reason, and that is why video is getting so much attention and love across digital advertising. It’s not just that video is engaging, but it’s been repeatedly proven to lower cost per acquisition (CPAs) and increase click-through rates (CTR).
The same goes for paying attention to new bidding and creative options that Facebook and other social platforms roll out for advertisers. Facebook wants your ads to succeed because then you’ll come back and create more (hopefully spending larger amounts the next time).
Any new features they add for advertisers is done with the intent of helping brands better reach their customers; if you are flexible enough to capitalize on these improvements, there’s a good chance they will unlock something new about your audience that you can build on.
Even if you don’t completely knock it out of the park, you’ll have a better sense of which audience and creative combinations work or don’t for your company.
It’s this kind of thinking that led one of our longstanding clients, Hallmark eCards, to switch their creative from static images to using video. They were also willing to try out Facebook’s new average cost bidding option, which rolled out earlier this year. These changes combined to wildly increase their CTRs while decreasing their CPA.
Check out the full details in the case study below!