GDM 4 pitfalls to avoid

4 Pitfalls to Avoid When Optimizing Your Paid Media Strategy

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The Software Marketer’s Guide to Paid Media

Looking to optimize your paid media strategy amid budget cuts?

Mistakes can present a major setback when you need to adjust your strategy and do more with less.

Here are four common pitfalls you should avoid to make the most out of your paid media budget.

Pitfall No. 1

Source: 2022 Gartner CMO Spend and Strategy Survey

Despite market uncertainty, CMOs have prioritized budget allocation to paid media to support growth.

Drastically reducing paid media spend during economic downturn

of total digital marketing spend was allocated to paid media in 2022.

Marketers need well-defined ideal customer profiles (ICPs) to inform segmentation strategies and target the right audience.

Not targeting most valuable audience segments

Pitfall No. 3

Companies that invest in well-defined ICPs benefit from:

Faster sales cycles

Higher conversion rates

Greater customer lifetime value

Source: Gartner, The Framework for Ideal Customer Profile Development

Paid media budgets support short- and long-term goals evenly:

CMOs have to balance building long-term value through brand awareness while supporting near-term lead generation.

Underinvesting in brand awareness

Pitfall No. 2

brand awareness

49.8

Source: 2022 Gartner CMO Spend and Strategy Survey

performance media

50.1

A diverse channel mix is key to increasing reach and optimizing conversions at each stage of the marketing funnel.

Focusing on one or two channels

Pitfall No. 4

Technology providers that use more than 10 channels see a 7% increase in conversion rates.

Source: Gartner Survey, Use Multichannel Marketing to Generate More Demand

Ready to learn more about how to optimize your paid media strategy?

Download The Software Marketer’s Guide to Paid Media to get the most out of your budget.

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