The landscape of ad spending has changed significantly in recent years. We have seen a major shift in marketing campaigns from before the pandemic to now. Everything from graphic styles to personalization has evolved, and so has spending. With more brands in the mix, advertising spending is consistently rising.

The question is, why are some still hesitant to adjust their spending? The simple fact is that budgets must change over time. If your budget doesn’t evolve, you won’t be able to compete with the growing number of brands advertising online.

Let’s break down what you need to know if you plan to keep up in the increasingly competitive advertising landscape.

Related: Is Your Advertising Spend Going to Waste? If You Don’t Fully Understand This Metric, It Might Be

Supply and demand dictate spending

Let’s begin with the current situation. Advertising rates are increasing, which means you’ll need to increase your budget to attract the quality of traffic you want. The cost of effective online advertising is determined by supply and demand. When more companies vie for the same ad placement, the price for that placement goes up.

What are the reasons for this recent rise? Firstly, the pandemic fueled a surge in e-commerce as consumers shifted from brick-and-mortar stores to online retailers. However, this boom has been met with challenges. When the world shut down, brands significantly decreased — or even halted altogether — their marketing costs. Now that the economy has picked back up, competition has returned with a vengeance. The dominance of Google Ads and Facebook Ads has also created a double-edged sword for advertisers. While these platforms offer massive reach and targeting capabilities, their popularity has driven up advertising costs. This is due to a classic case of supply and demand. With more businesses vying for the same ad space on these platforms, bidding wars erupt, inflating the cost per click or impression. This trend is further amplified by limitations on data tracking, making it harder for advertisers to pinpoint their ideal audience. The result? Steeper costs for businesses to reach their prospects online. Additionally, the increased popularity of online shopping has attracted more advertisers, driving up competition for consumer attention and inflating the cost of advertising space. These factors are creating a complex landscape for e-commerce businesses, demanding innovative strategies to navigate the new realities of the online marketplace. That, combined with a growing population of advertisers, as well as many brands having moved their marketing online due to remote culture, means costs are, and will only continue, climbing.

Take advantage of technology and automation

Although many business owners decide to take the DIY approach due to cost, the opportunity cost of not knowing how to properly target an audience, use tools to improve your outcomes, and reduce your per-click and per-impression costs is typically far more expensive than working with an expert. One way to produce highly relevant ads is to take advantage of today’s technology. Artificial intelligence can learn more about each subset of your audience than you likely ever could imagine. Moreover, the best AI marketing tools make it easy to use your data to create highly relevant advertisements. So, if you’re still combing through spreadsheets, hoping to find a trend, it’s time to upgrade your technology.

Smart marketing tools and marketing automation are your biggest allies in navigating this challenge. Automation can take the reins on managing your ad spend, constantly searching for the best inventory based on past performance, as well as ongoing ad rates and top-performing channels. Identifying and prioritizing these top-performing channels ensures your budget is directed toward the most impactful avenues. Marketing tools can further serve as cost-cutting allies by pinpointing the most precise targeting options, taking the guesswork out of online advertising and giving you time and energy to take back to other areas of your business. This laser focus eliminates wasted ad spend and time, ensuring your message reaches the exact audience you desire and ultimately reduces your overall ad spend.

Related: 4 Marketing Budget Hacks That Will Boost Your Business in 2024

Plan in advance for disrupted seasons

The holidays may be far away, but from an ad fund standpoint, it’s something you’ll want to be prepared for long before they’re right around the corner. Brands can adhere to various holiday seasons, some may want to up their ad spend tremendously during this time and others may want to reevaluate it. Beyond the holidays, other seasonal events can significantly impact advertising costs. Events like major sporting competitions (e.g., the Olympics, FIFA World Cup), award shows, and even back-to-school season can see increased competition and higher ad rates. These periods of time play a significant role in driving up the cost of advertisements. It’s no secret that consumers like to spend more money during the holiday season compared to their typical spending behavior. As such, it’s important to stay ahead of the curve for your yearly holidays and to note that those periods are when advertisers are most interested in attracting their target audience. That means demand for advertising typically sees significant increases on an annual basis, but keeping an eye out for this and planning ahead will keep you at the forefront. It’s important to make these periods and planning part of your overall marketing strategy.

Over the years, marketers have watched demand climb during the holiday season and seemingly fall after the holiday season. However, that seasonal drop seems to be shrinking each year. Ultimately, marketers seem to be anticipating the drop in demand following the holiday season, and as such, many are saving meaningful amounts of money for this period. This causes an increase in demand that rivals the holiday increase, which in turn means you should continue to consider adding more to your ad fund during these times. Having a marketing automation partner can help set you up for success by automating the process for you.

The bottom line

The bottom line is that the marketing industry has a history of fast-paced evolution, and that evolution isn’t likely to end anytime soon. As more and more advertisers join the fray, demand will likely continue to grow, leading to inflated advertising prices. Make sure your brand is keeping ahead of the competition by planning for the future and potential shifts in advertising.

Several years ago, I was involved in a professional conflict that consumed all my energy, focus and time. I was working with a colleague I had known for years. It was an important project to me, and part of it became a point of contention between us. I passionately believed that my approach was the right one, and I was determined to see it through. My colleague disagreed and felt her approach was more robust than mine.

The more I pushed, the more resistance I encountered. Our meetings became tense, the emails we exchanged seemed filled with increasing sharpness and the project’s progress slowed to a crawl. It wasn’t just about the project anymore; it felt like a personal battle I had to win. I was convinced that if I didn’t fight for this, the entire project would fail, and I would wonder what could have been.

However, as the weeks dragged on, I realized that this battle was taking a toll on the project and me personally. My stress levels were through the roof, my relationship with my colleague was deteriorating and the project that we had been so excited about turned into a source of dread. The breaking point came when I confided (okay, complained) to a trusted friend who asked, “Is this fight worth it? What are you trying to win here?”

That question hit me like a ton of bricks. I had become so focused on winning the battle that I lost sight of the bigger picture. Ultimately, I had to step back, reassess and make the difficult decision to let go of my stance for the greater good of the project and my relationship with my colleague. It wasn’t easy, but it was the right decision.

That experience taught me a crucial lesson about leadership: not every battle is worth fighting. As leaders, we must learn to choose our battles wisely, knowing when to push forward and when to let go.

Here’s how I approached this delicate balancing act.

1. Evaluate the impact on the bigger picture

One of the most important considerations when deciding whether to fight a battle or let it go is understanding the impact on the bigger picture. Will winning this battle benefit the project, the team or the company in the long run or is it more about personal pride?

Leaders who consistently focus on the bigger picture rather than getting bogged down in minor details seem more likely to navigate complex challenges successfully. I’ve watched other leaders gracefully step back even when I knew they believed they were right in that situation. It’s essential to stop and assess whether the battle you’re fighting is aligned with the project’s overall goals and vision.

Related: 3 Signs You’re Letting Pride Get in the Way of Being Successful

2. Assess the possible cost of the battle

Every battle comes with a cost—time, energy, relationships or resources. Before engaging in any conflict or disagreement, it’s essential to weigh these costs against the potential benefits. In my case, the price was the deterioration of a long-standing relationship with my colleague and the stagnation of the project’s progress.

Research from the University of California (their various studies on conflict and leadership) found that leaders who weigh the costs of conflict before engaging in one are more effective in maintaining a cohesive team and driving long-term success. This means you should consider the immediate fallout and the long-term consequences of engaging in a battle.

3. Determine what’s truly at stake

It’s easy to get caught up in the heat of the moment and lose sight of what’s really at stake. Is this battle about a critical issue that will significantly impact the success of the project or company, or is it more about your ego and proving your point is correct?

In my experience, many uncomfortable situations that seem important now are driven by personal pride rather than business necessity. By stripping away the emotional layers, you can focus on what truly matters. I have found that when I focus on objective outcomes rather than emotional satisfaction, I’m more successful in conflict resolution and decision-making.

4. Recognize when to let go for the greater good

Sometimes, the best decision a leader can make is to let go. This doesn’t mean giving up; it means recognizing that your energy and resources might be better spent elsewhere. Letting go can be an incredibly difficult decision, especially when you’ve invested a lot of time and effort into a particular project, but it can also be the most strategic move.

In the end, letting go allowed me to refocus on the larger goals of the project and rebuild the strained relationship. Letting go when necessary makes one more adaptable and better equipped to lead, a key trait of successful leadership.

Related: Conflict Is Inevitable But Necessary. Here’s How to Stay Calm During an Argument and Rebuild Afterward.

5. Learn from the battle

Whether you fight a battle or let it go, there’s always a lesson to be learned. It’s crucial to reflect on the experience, understand what worked and what didn’t, and apply those insights to future decisions. Every battle, win or lose, is an opportunity for growth and learning.

An article from the Center for Creative Leadership stated that leaders who regularly reflect on their decisions and learn from their experiences are more resilient and effective in their roles. This practice of reflection helps in making better decisions in the future. It also enables you to look at things differently — ensuring you’re not just fighting battles but choosing the right ones.

Looking back on that challenging time when I was butting heads with my colleague, I realize that learning how to choose my battles was a valuable lesson in my leadership journey. It’s easy to get caught up in the details and fight for every inch while losing sight of the larger goals. However, authentic leadership is about making strategic decisions that benefit the team and the project.

As leaders, we must step back, assess the situation clearly and decide when to push forward and when to let go. This isn’t about avoiding conflict or backing down; it’s about being wise, strategic, and focused on what truly matters. By choosing our battles wisely, we can lead more effectively, build stronger relationships and achieve greater success.

Ultimately, the battles we choose to fight — and those we choose to let go — define us as leaders. It’s in these deciding moments that we demonstrate our true leadership capabilities.

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