5 Biggest Reasons to Advertise on Social Media
The reality of a post pandemic world is that life as we know it has transformed, from manufacturing supply-demand crunches to the restrictions on shopping, businesses have had to adapt to an uncertain environment at lightning speed in order to survive in this Brave New World.
The advertising space is no different, which has seen a massive transition towards social media globally, which has helped businesses of all sizes create better marketing strategies, at a lower price and track the engagement with their ideal customers.
If you’re looking to get up to speed with bleeding edge social media strategy or just looking to refresh yourself on the essentials, have a read of our 5 Biggest Reasons to Advertise on Social Media:
Targeting your people
The most essential step to maximise your marketing communication strategy is to know your audience and get your message out to the right people.
In setting parameters for demographics like language, location, age, gender and psychographics like interests, social status and political opinions, businesses have the power to fine tune their B2C & B2B lead generation strategies to get their messages to their ideal customers.
CPM Vs ROI
The low cost of entry into digital advertising makes it a sound choice for firms at any level. The cost of traditional advertising can range from a $300 USD to $100,000’s depending on the medium. Social media through sponsored posts have substantially lower costs, with an average CPM of $4.33 USD globally, it provides the opportunity to communicate to your ideal customers without blowing your budget.
Alternatively, brands can create content on Instagram, LinkedIn, Tiktok & Facebook for free, providing significant value at no cost.
It is however, essential to have your target audience narrowly set, particularly if you are in Australia, as the country boasts the highest fees of CPM in the digital space at $6.40 USD as of 2018.
Messaging & Branding diversity
Aside from the Big 4 platforms of LinkedIn, Facebook, Instagram & Twitter, the recent surge Tiktok & launch of new SM platforms such as Clubhouse & Twitter Spaces provide unique ways to engage with your consumers on a brand or personal level.
Given the dominance of video content on most platforms, there has never been a better time to showcase the personality of your brand and allow consumers to connect with your organisation in a genuine and authentic way that sidesteps the awkwardness of a sponsored Facebook side ad.
Alternatively, the launch of the audio only social media site Clubhouse brings the potential to develop unique, personalised and engaging marketing strategies in an experimental & innovative medium.
Tracking, Analysis, Insight Development and Future Planning
A frustrating thing for many businesses is the guesswork that goes into the marketing strategy review process following the end of an advertising campaign.
While businesses may have some idea how well a campaign performed on sales & website analytics, the precision offered by social media sites now is unparalleled. Facebook, Instagram, LinkedIn & even Tiktok all offer inbuilt analytics and data collection that provides you with all of the information you need to develop operable insights & effective marketing strategies.
From bounce rate to Pause time, page views & likes & engagement, your business has the ability to fully harness the power of your own data for free.
However, it is essential to have experienced people reviewing the campaign process, because operating on information without the right people to analyse it, can lead to huge sunk costs.
While Social Media does not guarantee “winner take all” dominance in digital advertising, an immediate threat for brands that decide to ignore social media is running the risk of fading out of the consideration set.
Cofounder of the $745 million organisation Buddy Media, Jeff Ragovin captures the trend that has been making and breaking businesses, “Brands that ignore social media… will die. It’s that simple.”
With 90% of consumers using social media to interact with their brands in some way, the potential to deliver value and generate conversions is ultimately in the hands of the willing.