As part of our series on funnels we start off this week with media buying. What is it, how it should be done and what is the relevance for luxury travel marketing. If you want to move beyond simple PPC advertising or traditional print, listen closely!
What we cover in this episode:
- Paid Media for funnels
- The difference between big media buying agencies and Jadewolf
- Styles of media buying:
– Niche direct media (formats)
– Native advertising
- How to evaluate the quality of the media
Why is media buying so important for successful luxury marketing online?
No paid media, no traffic. No traffic, no funnel. No funnel, no results. It is as easy as that. Of course you can also rely on organic sources of traffic like SEO, organic social media, public relations and word-of-mouth, but these tend to be slow, hard to built up and difficult to scale. So paid media is where all the fun is at.
But not all traffic is created equal. What kind of traffic will convert on when it comes to luxury travel products and services? Is there a hierarchy when it comes to what type of media you should invest in first? And what about formats and evaluating performance, isn’t media buying all about exposure?
Yes and no. In the world of brand marketing it is, and you can see it very well in hotel marketing in particular. If all you want is to create a luxury brand and anchor its pricing power through a series of beautiful editorials that make the whole thing seem ethereal, ancient and divine then go ahead. Just buy the prestige and forget about measuring outcome. But if you want to generate data, drive leads, sales and bookings and learn something about your high-net-worth customers that is rarely communicated verbally, then invest in the right formats, set up a proper funnel and make sure that EVERY step of their journey is being measured and optimized.