In part 1 of this 2-part series on why paid ads are more important in web3, we looked at the different types of paid advertising that exists as well as a few benefits of using paid advertising in web3. If you missed it, you can find it here!
Now you’re all caught up, let’s dive into part 2 of this series.
Benefits of Using Paid Advertising – Part 2
– Increased Visibility
Standing out from the crowd is your make-or-break point in web3, let’s face it. If you can’t stand out from the crowd, then you’re going to drown in the noise – there’s a lot of it. But what you can do with paid advertising is fine tune your campaigns to only run at the specific times when your ideal community members are online and more likely to interact with ads. You can also run a bunch of filters and refinements on top of that to help you stand out even more, further increasing your visibility in the web3 world.
Best of all, some of the premier display advertising networks will work hand in hand with your advertising team to ensure that your campaign has the best visibility possible with your target base, meaning you’re not flying in the dark.
– Data Collection
If you’re going to be spending on growing your web3 brand, then you’d like to get a little more than just customers, right? When you run a paid ad campaign with Bitmedia, we’ll gather all of that juicy data on user interactions, geographies, interests and more to help you grow even more. You’ll be able to view your data in real-time and export it into Google Sheets so that you can analyze it to help you refine your paid ad campaigns even more.
If you fancy shaking up your brand a bit or doing some A/B testing on your landing pages, you could use this data to help make key choices there, further adding to your web3 brand offering. Now that’s the type of customization and user understanding that your community will love and reward you for!
How Effective is Paid Advertising and How Can I Understand the Results?
– Click-Through Rate (CTR)
When it comes to your stats and performance, CTR, or click-through rate, is one of the most vital metrics. If you’re looking to build users, you want them to click on your ads and navigate to your web3 landing page. CTR is essentially a measure of that traffic. The higher the CTR the better. This is usually shown as a percentage and is worked out as clicks ÷ impressions. So let’s say you got 5 clicks and 100 impressions that would give you a CTR of 5%.
– Cost Per Click (CPC)
Another way to measure your success is by checking your cost per click (CPC). This is the total price it costs you for each individual click. In general, if your web3 project is super niche, then you might experience fewer clicks, which leads to a higher CPC. But if you’re doing something more generic, then you’ll see a lower CPC. This is worked out as total spend ÷ clicks. So if you had a spend of $100 and you got 5 clicks your CPC would be $20. For niche and specific campaigns, it’s normal for the CPC to be on the high side, but that generally means the quality of those leads will be better.
– Conversion Rate
Conversion rate is considered the holy grail of paid advertising stats. This is how many of those clicks went on to sign up, purchase, or download your web3 product. The higher your conversion rate, the better your paid campaign worked. If it’s on the low end, then there’s a good chance that something wasn’t quite optimized. This is where the data you collected comes into play so you can refine your campaign. Conversion rate is worked out as Clicks ÷ new signups/sales/downloads
– Cost Per Acquisition (CPA)
Finally, we have the cost per acquisition (CPA). This is how much it costs you for each new user or customer. This is a solid metric for you to see how effective your campaign was. Just as we saw with CPC, the higher this is, the more niche or specific your campaign was. If you keep the promotion generic, then this will be lower. A higher cost indicates better quality lead. CPA is worked out as total spend ÷ new users/customers
The Best and Most Successful Examples of Paid Advertising in Web3
Binance
Binance has heavily leveraged paid advertising to become the global leader in CEX staking. There isn’t a single website or social media that you can go on as a crypto enthusiast and not see a Binance ad. These guys rule the crypto display ad world, and it’s paying off in a big way – how else do you become the number one crypto exchange in the world?
Near
Near has had a fantastic campaign running on CoinTelegraph over the past few months, working hard to grow their visibility. Rather than pushing you towards a specific product, the Near ads were more about building brand awareness, and it was done to perfection.
Start your Display Ad Campaign Today
There’s no time like the present to kick start your web3 display ad campaign. Sign up with Bitmedia today and start your own paid ad campaign in less than 5 minutes. Our experts are on hand around the clock to help you whenever you need them, as well as VIP managers to work closely with your project and help it achieve its full potential.
Good luck!
It’s time for advertising!
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