Ad serving strategies for a high inflation environment (part 2)
Just when we think we have some control over the pandemic, inflation is getting out of control. Governments around the world are trying to tame inflation with monetary policies like raising interest rates and tightening money supply. This is an on-going battle with many moving components at a big macro level that is very difficult to predict when it is going to end. It is beyond the control of any individual person or business so we need to be smart and learn how to deal with high inflation when serving ads online
. We talked about ways to manage expenses and use dynamic ads
in the previous article and will continue to discuss other ideas here.
Automate as much as possible
Many businesses are forced to streamline their marketing department in times of high inflation and rising costs. You do not want to pay someone on your payroll just to perform routine and mundane tasks that can be easily done by a machine or software. For ad serving
tasks, you do not want to maintain a calendar to remind you when to turn on or turn off an ad or sign into the account to check stats every day. It is possible to automate many things related to an ad campaign when using an ad server
. Ads can be essentially run on autopilot with a scheduled start and end time. Data and reports on the efficacy of the ads can be scheduled in advance to send to the responsible people or systems. These adserver's features can save you a ton of time and time is money.
Deliver certainties in uncertain times
Just like the businesses they shop with, consumers are always looking for certainties in everything they do. When they order something, they expect it to arrive soon and not get delayed, back-ordered or even canceled because of a sudden price increase. Everything they hear or read about is scary and so it makes sense that they want reassurance and predictability. It may seem impossible to offer, but there are some things that you can deliver that will make people consider buying from your business. We are talking about things like offering reliable and simple-to-understand warranties, locking in current prices for a certain period or sharing a predictable delivery schedule. It is not easy to do in many cases because many businesses rely on external suppliers that are not within their control. Therefore, if your business can offer some predictability then it is a powerful benefit to put into your online ads. Making predictability your competitive advantage and feature it promptly in your ad serving strategies
Use inflation as an incentive
You very often see ads out there with a timer ticking down, letting consumers know that the deal on offer is for a limited time only. Given the current situation with high inflation, people expect prices to keep going up and things are getting more expensive tomorrow. When they see a promotional offer with a limited time, it creates a sense of urgency and an incentive to buy before the price rises. Make them aware that buying now means saving themselves from the higher prices that are coming. However, do not mislead consumers just to earn a few extra bucks because if done incorrectly or abusively, your ads won’t be able to achieve a sustainable result.
- Stagflation effects on online advertising
"While we are beyond the worst of the pandemic, we are all well aware that things are still a long way off from the world getting back to the way it was before COVID arrived. The harsh reality is that we may never see a full return to what we considered normal before. " More
- Ad serving strategies for a high inflation environment
"There are many factors that come into play when running a business, all of which can have an impact on sales. The business environments have become even trickier during the pandemic because of supply chain issues, the rising cost of payroll and a sharp increase in inflation on pretty much everything. " More
- Effects of high interest rate on advertising
"We are in rather troubled financial times, with inflation and interest rates going through the roof. That has made things rather tight for consumers and businesses alike, with everyone keeping a rein on their finances until things begin to level out. " More