“Not Investing in Advertising to Save Money is like Spending Millions of Dollars in Making a Movie but Never Releasing it”
In a fast-paced and digitalized world like today, businesses constantly adapt new approaches to enhance and expand themselves. Branding is also a part of a business’ campaign to introduce and put themselves out in the market. For any business, their main objective is always to bring more people to invest in their business. The number of people who are aware of your business is directly proportionate to the number of potential investments in your business. Advertisement and branding is done to serve this very purpose.
What Is Branding and Why is it Important?
If you are someone who is studying in England and you need online assistance to write your dissertation, you would simply just search for any custom dissertation writing services UK students go for. When settling on a website, you are more likely to choose the one which makes a good impression on you, as a customer. Why is that? It is because when you go through a website that has an effective online presence, you inevitably perceive the business as one that is professional, and delivers quality. Branding also serves this very purpose.
In simple terms, Branding is a continuous process that creates and manages those resources and actions of a business that build the image of the brand or product in the eyes of the stakeholders. Setting brand goals is imperative when you are doing business because:
It has an overall influence on your company or business.
Builds Reputation of a Company.
Attracts new customers.
Changes the outlook of your brand.
Brand value is increased.
Most Suitable Bidding Option for an Advertiser Focused on Branding Goals:
Before jumping into what option is the best for an advertiser whose objective is branding goals, understand what bidding means in terms of advertising. Bidding is the amount of money you are willing to spend or pay for a particular action. There are different types of bidding such as:
Cost Per Click
Effective Cost Per Thousand impressions (CPM)
Cost Per Acquisition (CPA)
Cost Per Click
Viewable Cost Per Thousand Impressions (vCPM)
Out of those options, the best-suited option for someone who wants to maximize their branding is Viewable Cost per Thousand Impressions (vCPM).
What is Viewable Cost per Thousand Impressions?
vCPM is also broadly known as Cost per Thousand Viewed Impressions. CPvM advertising is different from other options. When an ad is viewed 1000 times, the amount which is paid is known as the CPvM price. There is an emphasis on the word viewed here. It is because if an ad has not been viewed according to the standards, then it isn’t going to get paid.
For instance, you received a cumulative 100,000 viewed impressions on your ad, at a CPvM price rate of 5 dollars per thousand impressions. Then, you are going to owe a total of 500 dollars.
Even though the most widely used option is CPM, CPvM varies in the way that the amount paid is only paid if thousand people have viewed the Ad. On the other hand, if you acquire CPM, it means the advertiser would be paying for every 1000 times an advertisement is loaded. It does not matter if it has been viewed or not. Sometimes, ads are placed someplace near the lower end of the page, so viewers can only see the ad if they scroll down. Most of the time the viewer does not scroll and the ad, which, even though is loaded, cannot be seen.
This new model of Bidding was introduced to solve an issue that typically arose when CPM was used. There is no assurance or guarantee of quality, it just delivers quantity. The ads are not even viewed most of the time. It is almost like you hired and paid some British assignment writers and not even got your work done.
Despite all this, CPM is used more than CPvM because there is still a debate over the definition of viewing. This ambiguity has resulted in most companies and advertisers choosing CPM over vCPM even though the latter is wiser.
Keeping brand goals as your priority means your objective is to increase brand awareness and shape the perspective of your company. Going for CPvM is a sensible choice because it best suits your purpose. It prioritizes viewing over just any interaction.