How Important is Social Media Advertising in providing revenue for businesses?
- 57% of consumers will follow a brand to stay up to date about new products
- 53.6% of the world’s population uses social media for over 2 hours a day
- Only 60% of digital marketers actively share their social media ROI results, according to LinkedIn research.
- 54% of social media browsers look for products to purchase.
The bottom line is Social Media Advertising is one of the most impactful marketing tools. It can increase your reach and bring in leads for your business.
Social Media Platforms Drive Product Discovery and Purchases
Which Social Media Platform Drives the Highest Product Discovery?
Facebook is the most popular social media platform for achieving product discovery. If you want your products and services discovered, leverage their platform.
Consider looking at other platforms if you have a younger demographic and you are repurposing your content.
- 55% of People Bought an Online Product After a Social Media Discovery
- 66% of Shoppers said Online Videos Helped Them With Their Purchase
Consider leveraging videos on social media platforms to introduce your products and services. These videos can be on from your own business or through other influencers. The more people talk about your product and service, the greater your reach and leads. You can use dedicated marketing video software to make it easier to stitch together highly engaging videos without being an expert.
Be Present in As Many Social Media Platforms as Possible
The most effective campaigns involve a blend of multiple social media platforms and better engagement with their group of followers.
- Focus on Facebook, YouTube, or Instagram as they are the largest social media platforms.
- Look at expanding on to other platforms once you have some base of followers and build out your systems.
- Leverage your followers and data on the platforms to increase ROI with paid advertising.
- Many platforms will have data on the demographic and interest groups you are targeting. You can leverage their platforms to increase ROI.
Find the places that your target audience is actively participating in. In most cases, they will already be congregating on Facebook, Instagram, or YouTube. In most cases, they will be on multiple social media platforms.
Every Social Media Platform Has a Different Demographics That Affect Your ROI
It’s Important to Understand Your Demographic
Social Media Platforms have various demographics and interest groups. Whenever you are looking at your audience, consider which social media platform you should target.
Different Social Media Platforms:
- Facebook – a wide audience to connect with old friends and interest groups
- Instagram – influencers have grown a wide network of followers
- YouTube – wide range of videos on multiple topics
- Linkedin – best for reaching out to businesses and B2B transactions
- Twitter – a microblogging network of quick messages to get the news out to people
- Snapchat – a younger audience that uses Snapchat for messaging
- Pinterest – females mainly use this platform on family, travel, food, and related categories
- TikTok – a younger audience that uses audience and video clips to engage audiences
Make sure to match your own audience with the social media platform. You will need to engage people with that specific content medium. Look at using video whenever possible to get the highest engagement with your audience.
Deciding Between Organic and Paid Traffic on Social Media Platforms
When you reach out to people on social media, people come in different stages. Whenever you are producing content through paid or organic means, you will be able to broaden your reach on these platforms. Look at converting people into traffic and into leads whenever possible.
Traffic your leads and how many you need to convert them into customers:
- Send traffic using your content or lead generation tool.
- Viewers will visit your website and convert it into a lead.
- Check your conversion rates as you bring in traffic.
Make sure to be aware of your conversion rates and how much you spent to generate this traffic. Each section needs to be carefully measured in order to know if you are profitable.
Facebook – The Largest Social Media Platform
Facebook has a Large Demographic and Different Interests.
Facebook is the largest number of social media users on a platform. They have gotten a lot of data and are an attractive advertising platform.
- 2.8 billion users are active online on Facebook
- Facebook reaches 59% of the world’s social networking population
Look at reaching a wide audience on a platform that is trusted by considering Facebook. They bought Instagram, and their platform extends to their platform as well.
BionicGym Leverages Facebook to Generate Sales
BionicGym is a story about how you can do exercise on your coach. Their product will make you cold in order to lose weight. It was targeting people that wanted to manage their weight and potentially exercise while doing it.
Facebook has a wide audience of people interested in their platform. If you can connect their ad manager platform and share a great story, it can lead to big results.
- BionicGym initially spent $200 per day (a $2,400 USD monthly budget) to a peak of $1,500 per day (a $45,000 monthly budget) with an average ROI of about 300%.
- Optimizing Facebook Ads Resulted in 5x their ROI
- Increase Your Spending When You Understand Your Numbers
It was important for BionicGym to understand their numbers and get a return on their investment. If you can understand your numbers, it’s not a problem to start scaling and making more money.
Instagram – The Platform of Influencers
Instagram is The Best Platform to Take Advantage of Influencer Marketing
Instagram is second to Facebook ads in social ads. Instagram’s greatest influence is the number of influencers looking to monetize on their platform. Businesses can connect with Influencers to promote their products and services. Many brands recruit Instagram creators to launch brand ambassador programs that help boost engagement and consumer trust.
- 90% of U.S. marketers name Instagram as the most important social media platform for influencer marketing.
- 500 million users interact with Instagram Stories
- Instagram brought $20 billion of revenue.
- $1.7 to $2.3 Billion Is Currently Being Spent On Instagram Influencers
Instagram is one of the most popular platforms for getting better engagement. Influencers have flocked to this platform in order to build their audience and monetize it for themselves.
SmarTrike Cast Study – Leveraging Influencer Marketing
SmarTrike is a company that manufactures vehicles that babies, toddlers, and preschoolers can ride. They sort their products by age so children can grow into the next product.
SmarTrike’s strategy was to work with influencers that had an audience of young parents. They would promote their products in an indirect way with images and a post. Some people will then check out their website and potentially purchase their product.
One influencer was able to get 19,938 likes and over 150 comments. By connecting with multiple influencers, it increases their brand awareness and ultimately more sales.
How to Connect with Influencers:
- Research the influencers that had a large audience of young parents.
- Connect with the influencer about their product.
- Negotiate rates and the type of post.
Whenever possible, look at their overall engagement levels. It will show if they are trusted by their followers. Sometimes offering free products is a good way to get influencers posting about your product. Consider how many influencers you want to target and if this is a strategy that will work for you.
YouTube – SEO and Recommended Videos
A Large Majority of U.S. Population Watch YouTube Videos
YouTube has a large audience that is popular with all age groups. It decreases slightly with age, but it’s still above 60% of the population on the high end.
- 70% of the United States Population Watches YouTube
- YouTube is the second most popular website in the world
YouTube functions as a search engine and recommends videos. Businesses can target different people with specific interests. Since it’s a platform of videos, you can get a lot of engagement and lead people to your website. This makes YouTube a great tool for businesses to increase their SEO ROI.
Tuft & Needle Case Study – A Mattress Company
Tuft & Needle is a mattress company that tries to have better transparency on pricing. In the beginning, their ads were $50-100 a day, but they have increased their advertising budget to expand their reach.
- Tuft & Needle Found they could extend their reach on YouTube with paid and organic traffic.
- Some of their videos have gotten over 1 million views.
- By creating a couple of great videos and pushing them through paid traffic, they were able to get a wide audience.
- A benefit is that YouTubers will later do reviews about their product and lead to more brand awareness.
YouTube is a great platform for products that are visually appealing. They give a lot of awareness to a brand. People will later search about your product in the future, and it can continuously lead to more sales.
LinkedIn – B2B Leads
LinkedIn Is The Social Media Business Platform
LinkedIn is a platform for businesses and employees. It’s used as a way to potentially hire and offer different products and services.
- 92% of Fortune 500 companies use LinkedIn.
- Sixty-three million unique mobile users were were signing on to LinkedIn monthly.
Large, medium and small businesses are on the platform. Marketers can directly message on their platform.
Design Pickle Case Study – Getting More People To Sign Up
Design Pickle designs all of a company’s needs. There are unlimited revisions, and they have a subscription model to get all their designs done by a professional designer. They have a fast turnaround time.
LinkedIn is a great advertising platform for businesses that are specifically targeting businesses. They can be a source of highly concentrated leads. Most people on this platform are looking for new resources and partnerships.
Smaller Social Media Platforms – Use Their Advertising Platforms and Connect with Influencers
These platforms are smaller than other social media platforms. They can have a specific niche that lends itself to your particular product or service better. You will need to consider if it’s better to use their ad platforms or reach out to influencers. These decisions can drastically change your ROI.
Twitter – A Quick Message to Followers
Twitter is a platform to send out quick messages out to a large group. A large majority of Twitter users are between 18 and 49 years old. It’s a good way to redirect people to content.
- Twitter boasts 192 million daily active users.
- $1.62 Billion Ad Revenue from Twitter in the U.S. in 2020
Twitter ad revenue has a lower conversion rate than other ad platforms. They get a lot of business from people that want to build up an audience. It can be a powerful platform if you are looking to build up a following.
Snapchat – Sending Quick Messages to Friends
The large majority of Snapchat users are under 35 years old. Snapchat is skewed towards a younger audience. It’ll be important to make sure your products and services target this audience.
- In Q2 2020, Snapchat generated $454 million in revenue, with an increase of 17% year-over-year.
- 45.98 million monthly users in the United States
Snapchat requires a $50 daily investment. It results in a $1500 budget per month. Compared to other social media platforms, it has a higher starting amount. It’s important that you create something attractive because it will only be a quick video clip to make a big impression.
Pinterest – A Gathering of the Female Population
Pinterest can be a great platform to place organic content. In a lot of cases, people will be willing to buy a product after being introduced to it on Pinterest. The large majority of users on their platform are female. It’s important to be able to connect with this audience.
The most popular topics are family, food, and travel. People will target this platform because of the search engine capabilities. It’s a good way to get found and then shared by people interested in a post.
TikTok – A Growing Influencer of The Young
TikTok mainly uses video clips from content creators. TikTok is popular with the younger audience. They will use engaging visuals and audio to connect with people.
- 689 million TikTok users internationally (monthly)
- The large majority of TikTok users are under 30 years old.
TikTok has worked hard to build up its audience and promote some of its biggest content creators. It’s only added to their platform as they try to increase their advertising platform.
TikTok Case Study: Charli D’Amelio and Hollister Partner Up
Charli D’Amelio did a branded post for Hollister. These clips can create a lot of buzz around a specific brand and lead to an increase in sales. Influencer marketing is becoming increasingly important for businesses to engage with their audience.
It’s best to pursue influencers that will promote your product and service. They can create clips that are engaging to their audience. They can give a boost to your brand and lead to higher sales.
Whenever possible, consider leveraging a blend of organic and paid traffic on multiple platforms. Create a blend of content that you can repurpose on other platforms. You’ll find that the advertising strategy that maximizes your ROI has a lot more to do with the quality of your advertisement and targeting strategies.
Check out Mention as a tool for your social media needs. Your social media posts can be planned and scheduled. As you make your campaigns, you will also start tracking when your brand, product, or service is being mentioned.