Google has announced a commitment to $340 million additional dollars in advertising credits awarded to small businesses in the wake of the COVID-19 pandemic to alleviate some of the economic impact during this time. The MediaCrossing team is here to help with best practices when working with an influx of advertising credits to maximize the use of your grant.
Small businesses who do not qualify for this grant (only applicable to companies running Google Ads in 2019) should consider using these best practices to maintain or get back in business. MediaCrossing provides a local digital advertising package for small businesses looking to focus on running lean advertising with a focus on getting a return for your business. You can find more information about the program here.
With resources scarce, why run Google Ads during and after the COVID-19 crisis?
- Research shows that consumers have been trending towards using Google as a utility (over 90% market share) before making a purchase either online or in-person. With the increase in stay-at-home orders globally, consumers have adopted technology as a utility even further.
- The pre-COVID data shows that 76% of users who searched for a nearby good/service visited that local business in a day. 28% of those visitors made a purchase during the same visit.
- Additionally, Google reports an average of $8 for every $1 spent on the platform (variable by industry).
If your business has not advertised with Google in 2019, then you are not eligible for the relief credit. Google will also determine who receives this package, as there is no application program at this time. We recommend taking the following actions if your business is looking to advertise:
- Use the Google Ads Coupon voucher to get started. Google will match new advertising spend up to $150 USD when you open an account.
- Start gathering your resources: determine the average cost per action (sale, lead generation, inbound call, for example), pool together existing creative resources, engage with experts who can provide guidance for your process. Contact us to learn how MediaCrossing can help you get started.
What is the best approach to running a Google Advertising campaign during this time?
- Initially, evaluate your role in the current marketplace and again, your role in the marketplace 6 months to a year from now. Determine if your advertising strategy and messaging will have to evolve over the course of a year and plan accordingly.
- Create a campaign that focuses on lean conversions. We recommend focusing primarily on your individual bottom line. For retail, which products provide the greatest ROI with the lowest friction from action to purchase? For local food services, it makes more sense to focus on delivery service orders than on website visits. Calculate your projected cost-per-acquisition and set your strategy accordingly.
- Advertisers at this time are seeing a decrease in cost-per-click as businesses are pausing operations to restructure. This may be an opportune time to attract new market share as consumer buying habits are in flux.
- Keep in mind that while Google Ads allows for flexible spend and structure (you can pause at any time with no spend commitment), you can also spend upwards of 2x your set daily budget depending on the competition.
- Have a dedicated resource managing your Google Advertising campaign daily if possible during this volatile time. Due to the fact that consumer tastes and preferences are evolving with respect to changing mandates and societal shifts, your account needs to be monitored to ensure messaging and delivery remain strong for brand integrity as well as spend efficiently. Monitoring negative keyword lists (banning certain phrases or associations) as well as geographic targeting with respect to limitations will help ensure success.
MediaCrossing focuses on results-driven advertising for small and mid-sized businesses in addition to our enterprise clients. Interested in running on Google platforms? Reach out to us to learn how we can help bring you success.