The entire process of custom-selecting ads for online viewers is understandably complex. The advertising industry was engaged in figuring out a way that would maximize audience conversions.
From numerous trials and errors by media agencies and data analysts, real time bidding (RTB) emerged as a productive programmatic solution for ad agencies. When you buy and sell ad impressions in online auctions these days, you are involved with real-time bidding (RTB).
The entire process of automated bidding is executed within a couple of milliseconds and in real-time, just before a user opens a webpage.
The calculation of bid price is based on the buying price of media and kind of audience being targeted. To make the RTB process effective, agencies use Big Data on online user activities to decide the probable bidding rates. Hence, the publisher takes the highest bid from the bidders and places the ad on user’s webpage. Depending on the lead’s quality, the bid price gets calculated, helping the advertiser maximize ROI.
If an advertiser has done the good job of correctly defining the campaign targets, programmatic solutions will be able to identify the best ad impressions for the advertiser. The entire scenario around RTB has changed the look of online advertising completely. Marketers no longer need to waste time and money on placing ads can’t convert or indulge in money and time-wasting brand engagement.
How to make the best use of RTB / Real Time Bidding?
#1 Start with a robust strategy
To make a successful campaign, the first move is to define your target audience, objectives, and campaign goals. Depending on your campaign objective, media planners will suggest the best possible media sources where you can send your ads. The planners study from a bulk of historical data and estimate the conversion rates your campaign can achieve. This helps set the perfect bid price for each click and achieve the required productivity.
#2 Get into a rigorous learning process
Never make assumptions about your target market if you want conversions. You need to expand your target, and by using the trial-and-error method, you can decide a strategy that will create maximum leads and hence, conversions. When you use programmatic solutions to target new users segments, you get to learn about your new targets for the product or brand. This method has proved to be successful for advertisers using online portals for marketing.
#3 Learn the technology
Almost all trading agencies and demand side platforms (DSPs) worked intensively with artificial intelligence (AI) and data till 2014. This hindered the ability of high-quality analysis and the effort that had to be put in for better results. Using programmatic buying, you are combining data with algorithms to analyze and interpret at higher levels. When you know RTB technology, you can easily use past human events to predict a user’s future behavior.
Of course, machines will always work out a set of possible predictions based on how you program the software. Even when that error within a prediction is narrowing fast, media buyers need to connect with media-buying experts within the programmatic environment. They will provide productive strategic decisions, analyze huge piles of data as accurately as possible, and correct the errors.
With all these parameters taken care of, you can rest assured that a great part of your media buying fetches ROI. Of course, each media agency will have its own specialty. The best way to get maximum conversions is to use your strengths properly.
For the success of your media plan, you need to test your sources on whether they meet the benchmarking set by the industry. Keep your budget to the maximum and provide funds to let resources perform. You may also need to diversify to mitigate risk and receive maximum ROI. To conduct a risk-free and sustainable campaign, the best possible way is to diversify the media sources.