If you’re reading this, hopefully you know what Rich Media ads are, but if not here’s a super quick description – Rich media ads are a type of online advertising that includes interactive and engaging elements such as video, audio, animation, or games.
RICH MEDIA BENEFITS
Rich Media ads offer several advantages over standard banner ads, which are static image or text-based ads. Here are some reasons why you should use rich media ads instead of standard banner ads:
• Rich media ads are more attention-grabbing and immersive than standard banner ads, as they incorporate visually appealing elements such as videos and animations.
• Rich media ads offer more interactivity and engagement for users, as they allow users to interact directly with the ad, such as playing videos, swiping through image carousels, or submitting forms within the ad itself.
• Rich media ads have higher performance and effectiveness than standard banner ads, as they tend to have higher click-through rates and conversion rates, mainly due to their interactive and immersive nature.
• Rich media ads provide more creativity and customization options for advertisers, as they can mix and match different types of media and designs to create unique and memorable ad experiences.
Don’t get us wrong, there are instances where standard banner ads make sense to use over Rich Media ads. So when should you use standard banner ads for your digital ad campaigns?
• You have a limited budget or resources for creating and hosting rich media ads, as they tend to be more expensive and complex than standard banner ads.
• You want to reach a wider audience or more devices, as some rich media ads may not be compatible with certain browsers, platforms, or screen sizes.
• You want to avoid annoying or distracting users with too much interactivity or animation, as some users may find rich media ads intrusive or irritating.
• You want to complement your other digital marketing strategies, such as SEO, content marketing, or social media, with simple and consistent banner ads that reinforce your brand message and identity.
However, these situations are not absolute, and you may still benefit from using rich media ads depending on your campaign goals, target audience, and creative vision – you might even want to consider using both and optimize accordingly!
RETURN ON AD SPEND?
Unfortunately, the exact ROAS for using rich media ads compared to standard banner ads cannot easily be determined, as this metric depends on various factors such as your campaign goals, budget, industry, audience, and creative quality. However, here are some general information and estimates that might help:
Rich media ads have an average CTR (click-through-rate) of 0.44%, which is 267% higher than the average CTR of standard banner ads (0.12%). This means that rich media ads are more likely to generate clicks and traffic to your website or landing page than standard banner ads. Another source states that rich media ads have an average conversion rate of 2.8%, which is 400% higher than the average conversion rate of standard banner ads (0.7%). This means that rich media ads are more likely to generate leads, sales, or other desired actions from your website or landing page visitors than standard banner ads.
Based on this data, we can estimate the ROAS for using rich media ads compared to standard banner ads by using the following formula: ROAS = (Revenue – Cost) / Cost
Assuming that your average revenue per conversion is $100, your average cost per click is $1, and your average cost per impression is $0.01, we can calculate the ROAS for both types of ads as follows:
• For rich media ads, the ROAS is ($100 x 0.028 – $1 x 0.0044 – $0.01 x 1000) / ($1 x 0.0044 + $0.01 x 1000) = 1.76
• For standard banner ads, the ROAS is ($100 x 0.007 – $1 x 0.0012 – $0.01 x 1000) / ($1 x 0.0012 + $0.01 x 1000) = 0.59
This means that for every $1 you spend on rich media ads, you get $1.76 back in revenue, while for every $1 you spend on standard banner ads, you get $0.59 back in revenue. Therefore, rich media ads have a higher ROAS than standard banner ads by 198%.
However, these are only rough estimates based on average data from different sources. Your actual ROAS may vary depending on your specific situation and performance. Therefore, I suggest that you test and measure your own ROAS for both types of ads and compare them to see which one works better for your business.
EVALUATION & OPTIMIZATION
There are different ways to test whether rich media ads are good for your advertising efforts, depending on your goals and resources. Here are some possible methods:
This is a method of comparing two versions of an ad, one with rich media and one without, to see which one performs better in terms of metrics such as click-through rate, conversion rate, or return on ad spend12. You can use tools such as Google Optimize or Facebook Ads Manager to conduct A/B testing for your ads.
his is a method of collecting opinions and preferences from your target audience about your ads, such as how they perceive your brand, how they interact with your ad, or how likely they are to take action after seeing your ad. You can use tools such as Google Forms or SurveyMonkey to create and distribute surveys or questionnaires to your users.
This is a method of measuring and analyzing the data and results of your ad campaigns, such as how many impressions, clicks, conversions, or revenue your ads generate, or how your ads affect your website or app traffic, engagement, or retention. You can use tools such as Google Analytics or Adjust to track and report the performance of your ads.
These methods can help you evaluate the effectiveness of your rich media ads and optimize them for your desired outcomes. However, you should also consider other factors that may influence your ad performance, such as your ad design, copy, placement, frequency, budget, industry, and audience. You should also test and compare different types of rich media ads, such as banner, interstitial, or video ads, to see which one works best for your business. Take a look at some Rich Media examples here.
Are you ready to stand out from the crowd and captivate your audience with your online ads? Contact us today and let us help you create stunning Rich Media ads for your business!
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