Navigating Rising CPMs: New Approaches and Opportunities for Marketers by DataDrivify

In today’s digital landscape, marketers are confronting a steady increase in Cost per Mille (CPM) rates on leading platforms such as Google and Meta (formerly Facebook). This reality prompts a need for a strategic rethink and novel approaches that can facilitate effective marketing without straining budgets. This article will explore three focal areas: Conversion Rate Optimization (CRO), emphasis on Customer Relationship Management (CRM) and Search Engine Optimization (SEO), and diversifying platform and channel mix.

1. Focusing on Conversion Rate and Conversion Rate Optimization (CRO)

As the CPM rates rise, it’s becoming imperative for marketers to optimize their conversion rates. Simply put, the more conversions you achieve per ad impression, the higher your Return on Investment (ROI) will be. This is where Conversion Rate Optimization (CRO) comes into play.

CRO involves understanding how users navigate your site, what actions they perform, and what’s stopping them from completing your desired goals. By understanding these factors, you can make informed decisions to modify your website and ads to better guide users towards conversion.

Some practical steps in CRO include:

• A/B testing: Experiment with different elements of your landing pages or ads (e.g., headlines, copy, images, CTAs) to see which versions perform better.

• User experience (UX) optimization: Improve your site’s navigation, speed, and design to enhance overall user experience and keep users engaged longer.

• Analyzing customer journey: Understanding your customers’ path can help pinpoint where users drop off and identify opportunities for improvement.

2. Harnessing CRM and SEO: The Twin Engines of Organic Growth

As marketers, it’s critical to look beyond paid channels and focus on organic growth strategies such as CRM and SEO. These channels might not yield immediate results but have the potential to deliver high-quality, sustainable leads in the long run.

CRM is a tool that helps you maintain a healthy relationship with your existing customers. A robust CRM system can aid in managing customer interactions, nurturing leads, encouraging customer loyalty, and providing personalized experiences. However, for CRM to deliver its full potential, you need a substantial customer base. This is where SEO comes into play.

SEO is the practice of increasing the quantity and quality of traffic to your website through organic search engine results. It allows your brand to be discovered by users who are searching for information related to your product or service. By improving your SEO, you can increase your visibility on search engines, attract more organic traffic, and build a substantial customer base that fuels your CRM efforts.

3. Diversifying Your Platform and Channel Mix

In the face of rising CPMs on popular platforms, another viable strategy is diversifying your platform and channel mix. Instead of focusing solely on Google and Meta, consider other platforms that your target audience might use.

You can explore platforms like LinkedIn, Twitter, Pinterest, or Snapchat, depending on where your audience is most active. Each of these platforms offers unique ways to engage with users, so you’ll want to tailor your strategy to each platform accordingly.

Also, don’t forget about non-social digital marketing channels. Email marketing, content marketing, influencer marketing, and affiliate marketing can all be highly effective ways to reach your audience.

Conclusion

Rising CPMs can seem like a daunting challenge, but they also present an opportunity. They force marketers to get creative, think outside the box, and explore new ways to reach their audience. By focusing on CRO, leveraging CRM and SEO, and diversifying your platform and channel mix, you can not only navigate these rising costs but also build a more robust, diversified, and effective marketing strategy.