With the digital advertising industry booming, more and more individuals are investing their time and money into what is proving to be a popular, potentially revenue-generating field. However, being an entrepreneur in digital advertising is not as easy as one may think.
It requires a specific set of skills and ways of thinking unlike other communication industries. Altitude Digital’s CEO Jeremy Ostermiller was able to master those mental and physical skill sets to become one of Colorado’s top digital advertising entrepreneurs today, which is why we are sharing some of the essential qualities needed to achieve entrepreneurial success in the digital advertising field.
Don’t let data drive strategy – Often times, digital ad leaders and marketers are called to quantify the value of online display and multi-platform advertising in order to modify and adapt marketing strategies to increase leads. However, it is important to take a look at what the data gathered is telling us. The process of applying digital metrics like CTRs, conversion, and visitor frequency statistics typically only provide a snapshot of the available data. Instead of getting caught up in the metrics of the advertising initiatives and processes, think about what actually drives these processes. When looking at an ad, what do you do? Do you engage in a conversation about it online, go to the website to learn more about the ad just viewed, purchase the product or service advertised immediately? Or is there something else behind what drives consumerism of online ads. Don’t get caught up on the numbers, rather, begin to analyze and map out the psychology of the average consumer to understand how he/she goes from viewing the ad to purchasing the end product advertised. This kind of mental pathway will help leaders understand ad content, video length, ad placement, and platform options.
Stay Competitive – Thinking about where your company will fit within the broad spectrum of digital advertising services is important to stay competitive and ahead of industry trends and adoptions. Don’t just research and read about the industry’s latest news and technological developments but think about where the gaps are in the advertising sphere. Where do you see ads most often online and where are the places for opportunity? Think about your daily activities from commuting to work to vacationing and what kinds of advertisements you see and where. Since advertising is about reaching the consumer and turning viewers into purchasers of products/services, understands your “consumer” role first is key to staying competitive and thus, offering ad options not yet provided by your competitors. Who knows? Maybe someday, online ads will be a part of the transportation industry in GPS navigation. Sounds crazy enough to work.
Work Holistically – Take a step back from the analytics and metrics of ad rates and data to understand how your company will operate as a whole. What will it contribute or enhance within the field and how is it different from what currently exists for advertisers and publishers? Looking at the big picture will help digital advertising leaders get a sense of their company’s place in the industry and how it is offering something new or different than other like-minded companies. For example, take a look at the digital advertising purchasing process from start to finish. What steps need to be “taken” to get an advertisement from a trading desk to the consumer? Most likely, a lot of steps. how can you, as an advertising entrepreneur, cut out the middle man to streamline the ad purchasing process? These are the kinds of holistic questions and ways of thinking that can make your company a success.
To learn more about how Altitude Digital is leading the way in multi-device, brand safe content acquisition that generates revenue for publishers and advertisers, contact us.
Author: Frankly Communications, communication agency of record for Altitude Digital