We’ve all seen it. A big “sorry you can’t have that” page when you or your shoppers are ready to click on the buy button. And there, lurking at the bottom of the page or elsewhere, are listings for similar products or services to the one you are searching for, strategically placed there by smart brands. Amazon has embraced the “you may like this” approach to advertising and is making it look good, which makes us wonder why so many other brands are so sluggish to incorporate private marketplaces into their digital strategies and banish these “sorry” pages?
We exist in a time where programmatic advertising is projected to account for 63% of display ad spend by 2016, according to eMarketer, forcing the people behind-the-scenes to think creatively about what strategies to employ. Private marketplaces have burst onto the scene with an option that allows for greater control, transparency and targeting than ever before, and we believe that much of the hesitation to adopt this approach lies in unfamiliarity.
As an industry, we’ve seen an impressive increase in the number of advertisers and publishers interested in using private marketplaces but hesitations still exist. Understandably so. The thought of placing links to competitors’ products or services on a company website is enough to give any advertiser pause. After all, once you’ve attracted a consumer to your website, you intend to keep them there and see a conversion – but what if that isn’t possible?
What if a specific item isn’t available? Or the service you’re offering isn’t the right fit for a particular consumer? You’ve exhausted your investment on this potential customer, only to deliver a “sorry page,” forcing them to leave your site and head elsewhere. This is where a private marketplace can solve some of your problems. Rather than letting a consumer leave your site unsatisfied, publishers still have the ability to monetize on that lost sale and advertisers have a second chance at making a sale. These considerations become even more pressing in times like these when our online strategies are kicked into high gear for the peak holiday season.
Taking a page from Amazon’s (e)book and how their sorry pages are still bringing in revenue regardless of the lost sale. Brands are opening themselves up to competitor advertisements and the added monetization opportunities they could see by selling that valuable real estate on their sites. Beyond the benefits to the consumer, both publishers and advertisers stand to gain from the increased transparency and will see ROI whether or not a consumer makes a purchase from their site.
Based on recent numbers, it’s safe to say that private marketplaces aren’t a fad but rather they are challenging legacy advertisers to look at their strategy through a different lens so they’re able to view the larger picture to see multiple opportunities for a return on their ad spend.
Are you using a private marketplace yet or are you still missing out?
This article was syndicated from Business 2 Community: The Unexpected Advertisement: A Farewell to “Sorry” Pages
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