Today, marketers consider digital marketing to be the most effective. According to a Nielsen study, chief marketing officers consider it to be more effective than advertising on traditional media, such as on a TV. About 31% believe that paid social media advertising is an extremely effective strategy.
If it works for them, it should work for you, right? Not necessarily.
The key to it - and everything else in life - is to do it right. Not sure how?
Let's take a look.
1. Set Your Paid Social Media Advertising Goals
It's never a good idea to go in blindly to something that costs money, so before you build your ad, make your campaign objectives clear first.
What's the end goal of your social media campaign? Is it to increase traffic or visibility? Perhaps you want to increase your sales and lead generation?
It's all about prioritizing your goals. Choose the first one to conquer, and then build your campaign around that goal.
The right choice of the social platform depends on your goals as well. For example, LinkedIn can be a good choice to promote a B2B product or service. Pinterest is great for consumer goods, such as clothing.
Whatever your goal, there's the right social media platform for it, which brings us to the next point.
2. Select the Right Social Media Platform
Other than your goal, there are a lot more factors to consider when choosing the right platforms. Each network has its own benefits, and each one further offers different advertising options for your brands.
To start, consider the demographics of that platform and if they match your brand. It's important that your target audience also uses that platform consistently.
Furthermore, see which platform your ad fits best. Are you planning to use a video, GIF, multiple photos, or other advertisement types? Which audience do you think will be more receptive to that kind of advertisement?
Another point to consider is if your competitors use the same platform for their campaigns. Remember, you can use more than one platform, so take the time to review and tailor your ads for each one.
3. Increase Your Quality Score
First, what counts as a quality score?
It's a Google metric that measures your ad quality and relevance, which affects your cost-per-click and ad position. Facebook calls it the "Relevancy Score," while Twitter calls it "Quality Adjusted Bid." In either of these platforms, a higher score results in more impressions and engagement at a lower cost.
So how do they measure your score?
Facebook gauges your post engagement rate; the higher it is, the higher your relevancy score. Twitter uses three metrics, resonance (user engagement), relevance (relation to user interests), and recency (freshness of a tweet), to come up with your score.
If you want to increase your engagement rates, first see which organic stuff is working and pay to promote them on a social media platform. The main point is to make sure your content boosts or ads are relevant to the audience and go to a relevant page or content when clicked.
4. Target the Right Audience
Keep in mind that your fans consist of different people with different backgrounds, ages, income, interests, and preferences. You'll get a higher engagement by targeting very specific people. Thankfully, social media platforms allow you to get specific to your target audience.
In Twitter, for example, you can narrow down your audience to the ones who use a certain hashtag. You can also ignore those using another hashtag. In Facebook, you can target a person based on their interests and the things they like and share. In Instagram, some users use automated social media tools similar to this instagram bot as well as hashtag targeting in order to reach and engage their audience.
5. Use Video Ad Campaigns
Want to engage your audience? How about a video?
A video engages your audience better than other media advertisement types if you do it right. As a matter of fact, videos will account for over 82% of internet traffic by the year 2021.
The reason why this happens is that people digest videos faster than anything else. A single video gets your whole marketing campaign message out in a matter of seconds and in a visual medium. This means people don't have to read long blocks of paragraphs to get the important message.
Not sure where to start? Consider using platforms like YouTube to your advantage. If you're not sure how to advertise using YouTube, do have step-by-step guides you can follow.
6. Test Your Ads First and Continually
Make sure you identify which advertisement types work best for your business and which ones bring the most profit.
Website builders like Divi feature A/B split testing. It lets them put two different site builds a try for a limited period of time. They can then run the numbers and see which version worked best for them.
You can do the same with paid social media advertising. Run a simulation first to check which campaign would be more profitable. This lets you find the more successful ads before you spend too much money on a whole campaign.
The good thing is that social media platforms like Facebook have tools for A/B testing. It supports A/B testing apps like AdsEspresso. Take time to study your variables and pour over the metrics as each version operates.
7. Consider the Customer Lifetime Value
You should first consider calculating the potential customer lifetime value (CLV) of your target audience. CLV is, in its most basic sense, the total amount of profit you can get throughout your future relationship with a consumer.
If, for example, you expect more customers between the ages of 18 and 30, your general lifetime targeting them amounts to 12 years. In those 12 years, how much do you think they'll spend on your products or services?
Doing this can ensure you don't overspend. You could spend hundreds of dollars to advertise to customers who would only spend less than a hundred on your business. It'll break your budget and you won't see returns. This number doesn't have to be exact, but you'll want an idea to help you estimate your advertising budget.
Launch the Perfect Paid Social Media Advertising Campaign Today
With these 7 tips, you can optimize your paid social media advertising efforts and see higher profits. You can generate more leads and bring more traffic to your website.
But don't stop there!
There are more advertising tips and tricks to master. Visit us today and discover our other guides, like this post showcasing how to advertise on Pinterest.