You didn’t start renting out venues for wedding, bar mitzvahs and other special moments in order to make a few easy bucks from monetization. However, now that you’ve learned it’s an option, why shouldn’t you tap a new angle to improve your bottom line? There are some websites that earn an impressive revenue for their owners from pay per click (PPC) advertising alone. However, for a special events site, you need to ask yourself a few questions before getting on board.
The point of PPC is directing ads towards a niche audience that’s already checking out your services and venue. That’s what makes PPC so effective, so you might have banner ads like nearby wedding planners, florists, DJs and the like. These ads aren’t your direct competition, but rather complement what you’re already providing. Your audience is probably following something like Real Simple’s wedding checklist, so you want to make sure you (and your ads) fulfill as many of these as possible.
Answer these questions before you sign on for PPC:
1. Do you offer a niche approach?
By virtue of being in the venue industry alone, that probably qualifies you as a “niche provider.” However, if the majority of your bookings are for weddings, graduations, or another special event, you’re even more “special” yourself. The PPC keywords you’ll be given are going to be less expensive the more niche you are, so it’s beneficial to both you and the advertiser. While sources like The Huffington Post are quick to tour the benefits of PPC, it’s not for everyone (like mass appeal sites).
2. How valuable are new customers?
You rent event spaces, so if you don’t have a single opening for another year, the value of a new customer isn’t worth much. However, if you’re clamoring to get dates filled, a new customer is extremely valuable. With PPC, your return on investment (ROI) is a key consideration. It’s simple to blow through your budget because, well, people are going to click on those ads. However, look past that first spend per transaction and figure out if that loyal customer is worth it and will lead to repeat bookings (if it’s for a wedding? Hopefully and probably not).
3. Are you driven by deadlines?
Some industries have a deadline factor and others don’t. The good news for you is that if someone is planning a big event, it’s going to happen at a certain date no matter what. Your customers might be browsing a number of sites, but they have 100 percent dedication to make a decision and a booking. You also have an emotional factor, so it’s a little easier for advertisers to tap into that (such as creating an ad showcasing the importance of wedding favors and reeling in an emotional bride). Selling with emotion is a big business, recently covered by NPR and only getting stronger.
4. Are profit margins healthy?
If your profit margins are high (which they probably are), there’s more wiggle room to soak up PPC costs of each sale. Strengthening that ROI is tougher with lower-priced items or services. You’re in a good spot as a venue site, but remember that PPC can still be a great choice even for lower profit margins. Keep an eye on campaign costs to make sure your profit margin stays in shape.
5. How varied is your product range?
Probably not very, but that’s okay. A site that sells thousands of different marketing swag, for example, is going to have a lot more keyword options. However, you can still capitalize on your niche with long-tail keywords and themes. Just steer clear of expensive, generic, short-term keywords and you’ll stay within budget.
PPC is a great option for certain industries, and event sites are often a good match. Honestly answer these questions first, and if it all looks like a go, then you might be on the fast track to a totally new earning avenue.
