Popular website Wedding Mapper is changing the way web advertising is conducted. In what is considered to be a first in the advertising industry, Wedding Mapper is going to start auctioning off space for web advertisements that will be placed on a variety of different local sites.
The President of Wedding Mapper said of the new web advertising scheme that “Most industry websites cannot afford to cater to small, local businesses due to the overhead required to penetrate such markets with a sales team. Because we are fully automated, Wedding Mapper can serve diverse markets and support large and small businesses delivering the industry’s most competitive pricing structure with stronger results.”
Wedding Mapper uses a sophisticated algorithm to determine price levels. This algorithm takes into account things like web traffic and even the city which the site might be geared toward. Any company that wants to participate in the web advertising auction is required to create a budget. After the bidding process is over, Wedding Mapper will chose the winners who will then receive premium advertising space.
Those that win the auctions will receive an update every other month which details how well their advertisements are doing. Various statistics are included in this report such as the click-through rate.
So far the auction scheme seems to be working out well for Wedding Mapper. The site has already received around 250,000 bids for advertising space which covers approximately 7,000 markets.