What Is Social Media Advertising and Why Is It Important?
Social media is not only a form of connecting to each other through social online networks, it’s also a way for businesses to get in front of their target audiences and increase their revenue. With over 70% of the entire world’s population participating in social media, it makes perfect sense to find your customers on online digital platforms such as Facebook, Instagram, Twitter, YouTube, LinkedIn, TikTok, and Pinterest.
Which advertising platform is right for you? This all starts with several simple key factors to keep in mind:
What kind of content do you plan on providing
Who your target audience is
What kind of product or service you are advertising
What are your advertising goals
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Let’s layout a perfect example. If you are a chef who wants to advertise their recipes, branded products and host a cooking show to highlight these 3 things, then YouTube would be an ideal platform for you and your business. YouTube is the number one platform for video hosting on the internet, so this makes perfect sense.
Over 2 billion video watching users utilize this social media application every month with over one billion hours of video being watched every day. Not only are they logged in and watching, but they are using the streaming services as well. This is the perfect place for your ad to be in front of users as they search online or browse the content they desire. Last year alone, 70 percent of users actually purchased a brand after seeing it advertised there.
For more detailed information on how video marketing is important, CLICK HERE!
How is all of this important for your business? One of THE most important aspects is using the advertisements to get your message out there and ultimately draw in leads. Leads will begin to turn into sales and sales turn into profit to invest back into your business as you watch it grow. If your business isn’t making money or growing, then it won’t be a business for very long.
Another important part of social media advertising is timing and consistency. By doing your market research and identifying your target audience, you should be able to pinpoint the best times and places to show your ads. For example, if you are selling colorful wine glasses with a more feminine brand on Etsy, your target audience could be females over 21 who are wine lovers and the time to advertise might be from 9 pm instead of 6 am. Once you have the appropriate data, you should be able to display your monthly specials when your customers (or potential customers) are most likely to see them and make a purchase. This eliminates the guesswork and puts your advertising dollars to their best and most effective use.
Gaining NEW customers is absolutely fantastic but let’s not forget how advertising can help your CURRENT loyal clients too. Social media advertising is great for customer retention if done right. Advertising to current clients can be done through social media advertising about:
Referral Incentives (Refer a friend and receive 10% off of your next purchase)
Reward Programs (Spend $20 and earn $5 off your next item)
Flash Sales for Loyal Customers (Type in code SALE10 and receive 10% off)
Point Programs (Spend $100 and earn 200 points toward your next purchase)
Rebates (Upgrade your current phone for a $100 rebate on your next phone)
Recommendations (We see you bought a purse, we recommend purchasing this matching wallet to complement it)
These types of advertisements keep your clients coming back and help to guide them through the purchasing process. With our lives becoming increasingly busier, staying in front of your audience reminds them that not only are you still here but that there are even more incentives to keep buying from you. These types of ads can also be used to convert new customers into long-term & repeat customers as well. As we all know, loyal customers also are an amazing referral source for your business, your brand, your products, and the services that you offer.
Now that you know where to go, who you are advertising to, why you’re there, and what type of content to advertise, how do you begin to formulate a plan? Most people don’t know where to even begin but don’t fret just yet. We are here to help. Without a monthly or quarterly plan, you can easily find yourself frustrated or begin to see very poor results. Anything worth doing is worth doing right.
Begin by setting a budget. We recommend setting a minimum spend and setting a maximum spend to keep you focused and to keep you from spending more of your budget than planned. With your designated and planned budget, focus on spending more on days that will yield higher online traffic. This means your dollar gets stretched further and can reach a wider audience depending on who your target audience is. Facebook and Instagram are great for recommending which of your posts should be boosted and you can use those posts to gain followers, buy products, or gain the attention you need to grow your social media channels.
Finally, it’s time to get out there and show the social media world what you are all about. This means having professional, customized, and eye-catching content. In the marketing world, we always use the phrase “Content is king” and it always tends to ring very true. Your ads should be entertaining, informative, and memorable.
Older generations tend to be more influenced by advertising that:
Gives lots of information.
Has practical uses
Offers savings or discounts
Younger generations tend to be more influenced by advertising that is:
Colorful,
Faster paced
Entertaining
Personalized recommendations
Create your ads accordingly, and you are more likely to increase your chances of interactions with the intent to purchase or participate. If your ads appear to be disruptive, excessive, or not relevant, your dollars are as good as being flushed down the drain. The bottom line is when done well, your social media advertising can be a very cost-effective game changer for you and your business. Make sure you test and measure whatever it is that you do so you can duplicate the things that work and scrap the things that don’t serve you or your brand. For everything else, we suggest hiring a reputable marketing company that can save you time by providing the professional services you need for those who just don't have the time.
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