If you are a business owner, you are often told to follow the advice of your accountant, colleagues, or coach, that it is crucial to track and evaluate KPIs.
A lot of these KPIs are based on financials to measure the performance of your business in terms of profits, costs, or sales; however, there are many other crucial statistics that you can afford to not be aware of since they can, directly and indirectly, effect on the financial stability of your company. Without having to go through the entire list, let’s take a look at a simple measure of your marketing. This is the amount it will cost you to make sure that someone actually “sees” your advertisement. This is also known as the cost per eyeball.
Cost Per Eyeball
In simple terms, it knows the amount it will cost you to send your message to the world for people to read.
There are many ways of getting a foothold in the market through your marketing strategy, including online print radio, billboards, direct mail marketing via email, or social media.
Each comes with a typical cost per exposure, as well as methods to gauge the impact they have – some are better than others. Advertising on the internet can provide the most precise measurement of clicks, impressions, and conversions, whereas radio or print cannot provide a precise estimate of reach on the basis of circulation or listener numbers.
Let’s look at a few examples of how to evaluate:
Let’s suppose you accept an offer for the promotion that costs $1200 for a month’s worth of 40 advertisements.
The station claims to have a listening audience of 70,000.
This is the cost per person (potential), which is $0.017 cents. Instead of accepting this, you need to dig more.
What are the times your advertisements are being shown, and who are the target viewers of this specific time frame?
Let’s suppose it’s an hour’s drive, and the viewers are 25,000. That would put the cost for each listener (potential) around $0.048 cents.
Let’s suppose you decide to put an advertisement in your local newspaper in an entire page ad. It could cost you $3000 per page and the weekly print run of 50 000.
The expense per eyeball will be $0.06 per magazine.
In this way, it is impossible to know who reads it, if the printed magazines reach the user at all, or how many who read were aware of your ad! This means that it’s not always white or black.
The same method is applicable to taxis, buses as well as other print media techniques after you have an understanding of the overall reach numbers. This information should be given by the salesperson when they present their offer to you.
Advertising on the internet offers a variety of options to put up and pay for ads. You can pay per 1000 impressions or per click on your advertisement over a certain amount of time.
Typically, media outlets charge per 1000 impressions, whereas pay-per-click is more popular with platforms such as Facebook or LinkedIn advertisements.
Let’s examine CPM (impressions).
The possibility of buying 50 000 impressions in the course of a month. The cost per 1000 impressions is $30—the cost per eyeball is $0.03.
It’s great, but after your allocation has been exhausted, the ad stops and is no longer displayed however this is typically controlled by the vendor to provide a daily balance and advise that you have a budget running out.
With pay per click, you can set a daily budget of $50. You can then bid for your advertisement based on the market rate, which is $2.26 per visit. You will know the cost per click or eyeball. However, once your budget is gone, it’s your ad. When you have had 22 clicks on your advertisement, it’s been removed for the duration of the day. In this way, a specific and specific ad is required for an effective conversion strategy, such as an online lead page or landing page.
What I enjoy more than other forms of advertising is that the cost per click is minimal (if you choose CPM) as well as you are able to receive a report directly from the vendor that reveals the exact number of people who have seen the advertisement, as well as your own analytics, will show the inbound traffic to the site too.
These are only a couple of instances. However, the important thing is not to put your money into anything based on the claims of eyeballs, readership, or even circulation numbers.
Determine the most effective method of delivering the best cost per viewer. Then, the issue is in the design of the advertisement, along with the calls for action. There’s no reason to display the same ad over and over again if it demands nothing from the viewer.