This week we’re talking about all things ad spending—the $$ paid for advertising on social media. If you’re a social media user yourself, you’ve probably noticed firsthand that ad spending has continued to increase year after year. But with so many platforms, types of advertising, and varying costs, how’s a brand to decide the best course of action? Don’t worry—That’s where Media À La Carte comes in.
10 Key Factors For Succesful Ad Spending
Step one is the same as nearly every blog post we share: know your audience. Who exactly are you targeting? What are their demographics (location, gender, age, and level of education) and psychographics (behaviors and preferences)? Create one or a few brand personas that demonstrate your ideal customer. Now, when it comes to social media, where are your personas spending their time? If they’re Gen Z that might mean TikTok or Instagram while Boomers may be more inclined to use Facebook and LinkedIn. There are a lot of platforms out there and you want to make sure you’re directing your advertising efforts in the best way possible.
Once you’ve got a handle on your target audience and where they’re living, take the time to determine your advertising goal. Are you a newer brand that wants to build awareness? Or perhaps you’re a more established company looking to pivot in a new direction (and reach a new target audience)? Maybe you want to cultivate more leads, boost engagement, or gain more subscribers. No matter what your objective is, the important thing is defining it clearly and concisely.
Next is the sticky part: outlining your budget. Your budget will confine how exactly you’ll strategize your game plan, since it provides constraints to what you can achieve. Be realistic with your advertising budget, especially if this is your first go at social media ads. It’s easy to throw money in a bunch of different directions and just hope for the best (in marketing, this ‘method’ is called the ‘spray and pray’). But your return on investment will be a total gamble. That’s why steps one and two are SO important. Doing your research will ensure your budget is allocated in the most effective way possible.
With steps one through three in place, now’s the time to choose the kind of advertising content you want. Video ads tend to cost more than image or text-based ones, but they also garner the highest engagement. Strategize what types of ads align with your advertising goals and fit into your overall budget. You also need to decide where your advertising will go—on top-of-page or side banners, via in-stream videos, in newsfeeds, or in stories. Try a couple of different places to see where your audience is most likely to engage.
Regardless of what kind of content you use, make it good! Visuals and copy need to be captivating and memorable. Ads should all have a strong call to action (CTA)—that is, what you want the viewer to do (i.e. ‘Buy now!’ or ‘Sign up!’).
Like with anything on social media, use analytics to help guide your strategy. Utilize A/B testing to see what elements are most effective (copy, visuals, calls to action, etc.). Uncovering each element will help optimize performance and get you closer to your social media advertising goals. It’s also important to keep track of KPIs (key performance indicators) such as click-thru rates, cost per acquisition, conversion rates, and return on ad spend.
Practice retargeting—that is, circling back to hit social media users who have already engaged with your brand, content, or ad. They’re more likely to make a purchase.
Ensure your advertising is optimized in all the ways. Ads should be equally user-friendly on mobile devices as computers. Additionally, your ads should adapt to social media’s ever-changing algorithms. Use visuals, key words, and other optics that best function on a particular platform while also aligning with your goals.
Just like with your regular social media account, you should engage with your audience interactions prompted by your ads. Answer questions, comments, and messages to help build brand trust and authenticity.
Lastly, it’s important to understand the ebbs and flows of social media advertising. Some industries and spaces are much more competitive than others. Some of these include technology, entertainment, healthcare and wellness, and travel/hospitality. Likewise, certain times of year (like the holidays or back-to-school season) might drive up the cost of ads (this is called ‘seasonality’).
This was just a quick overview of social media ad spend. If you need more support, reach out to Media À La Carte to schedule a discovery call and learn how we can bring you and your brand up to speed.
