Ivan Ivanov posted on 26 February 2018
Social media is often described as being “the face” of a company. Profiles on different networks are used to present a brand in all its glory and at rare occasions to get in touch with the customers directly.
At this point in time, most digital marketers would say that if you are not spending on social media marketing you are wasting your hard earned dough. But, how do you invest in social media? Do you simply buy ads and promoted posts?
Even if you hire a digital marketing company, how do you know they are taking the full advantage of what social media can do for your business? The answer is straight and simple.
Understanding the basics that make up the marketing opportunities social media provides us with is a crucial step towards a successful social media paid advertising campaign. And we are here to help to the best of our abilities! Let’s get right ahead and discuss how you spend on social media today to earn more in the future.
Part of a digital marketing agency? This piece of content is great for new prospective clients or for trying to explain certain opportunities presented by social media to your existing clients. Check out our blog and contact us for more info on how Locowise can help you with beautiful and amazing big data analytics on social media for your social media marketing solutions, right here!
You’ve probably heard the old saying that “An apple a day keeps the doctors away!” Well, the same is true for social media marketing with the little tweak that you should already have started doing it.
There’s one prevailing issue with most businesses that keeps them unable to take advantage of a social media strategy and it is often defined as simply as “waiting for the perfect moment.” When you check out the social media profiles of the biggest brands, you might be a tad jealous about how they look. (This is especially true if you are checking out the top shoe brands on Instagram.)
Yet, the fact of the matter is that a perfect profile is always achieved through trial and error (or a repeat and adapt process, for those interested in social media marketing.) The more data you have available on social media, whether that would be in terms of posts, audience numbers or likes, the more you will be able to adapt your social media strategy to grow those numbers. And the more data you have, the more you can learn about how your business can prosper.
One of the most popular uses for social media is for brand and business promotion. In terms of social media ads, popular platforms allow you to increase your reach within seconds and attract your target audience to gain potential new customers within seconds of creating your social media profiles.
Considering the microeconomics involved in the decision process of advertising targeting, as long as your marketing strategy is sound and you are targeting the right people with related content, chances are you’d see great return on investment with advertising on social media.
Just some of the benefits of advertising to increase your social media reach include the following.
● Easy Target Audience Selection
● Microtargeting Based on Specific Target Audience Interests
● Instant ROI analytics
● Ability to switch campaigns, based on results (easy review and adapt process)
Of course, that is not to say that there aren’t downsides to choosing social media instead of other means of advertising. For example, depending on your industry, your target audience group might not be using social media as often or at all. Plus, you have to spend more resources on marketing research about your target group’s involvement and related activity on the most popular platforms of your choosing.
PRO tip: One great way to tackle a social media advertising campaign, while avoiding spending your budget on research is to check the analytics of your top competitors. For example, with Locowise, all you have to do is type in the names of the selected brands you desire and you will be able to create a report based on the top social media platforms and your competitor brands within seconds. This will give you all the valuable insights you need to start your social media advertising campaign, without the need of prior user activity and target audience research and might even help you better adjust your overall target audience group and marketing plan as a whole.
Another way you can use social media advertising is for the further developing processes of a business. The way you would do so is through specific marketing and advertising campaigns that further your marketing agenda. This could be anything from increasing your brand reach, promoting a new product and/or service, acquiring new customers by improving your conversion rates and much more.
For a proper social media campaign related to business outreach, you will need to have highly specific goals in mind. As a whole, you would pretty much tackle the same issues you would in the promotion of your business. Yet, there are certain strengths in social media advertising that might benefit you much more than other means of digital or non-digital advertising.
Such cases include the promotion of a certain event, cases that require actionable content and the promotion of products and services in specific industries, including clothing, IT and software, IOT, Technology and Hardware, pop-culture and media and many more.
The benefits of using social media advertising in the development process of a business are relatively similar to a social networking platform promotion.
● Higher ROI, Less Risk
● Actionable Campaigns
● Direct Analytics based on Audience Engagement
PRO Tip: When using social media advertising for the development of your business, you need to have specific goals in mind. Start smaller and build from there, depending on the analytics provided by your marketing campaigns. One of the biggest benefits of social media advertising is that it allows you to constantly adapt your content to best fit the response of your audience. Make sure to take advantage of that by running multiple campaigns related to a specific goal on a slimmer budget, instead of spending big on one single campaign. This is especially true if you don’t have prior data related to how your target audience responds to certain types of information and content.
One of the best benefits of social media platforms is their ability to serve you as a marketing insider and expert. Available at your convenience, social media analytics can provide you with a direct reflection of your industry, brand and business without the need of spending any additional revenue.
In fact, this is also one of the main reasons why spending your marketing resources on social media is always the best ROI option for your business. Regardless of the success of your specific marketing campaigns, you will be able to receive much more data on the response of your audience than you would with any other means of advertising.
In terms of marketing insights, the results that you might get are directly related to the industry you are in. Nevertheless, social media analytics can help you uncover insights from your competitors and your current industry that will help you develop your business with much more confidence in the success of your marketing efforts. With that in mind, spending revenue to increase your social media outreach is a great way to boost your audience engagement, not just for the numbers, but so that you are able to receive better marketing insights from social media.
PRO TIP: Locowise allows you to easily go through the analytics related to the social media performance of your competitors. Using the information you will be able to better allocate your social media spending efforts and be more confident in your marketing campaign decisions and advertising efforts overall.
Big data analytics on social media helps businesses uncover new strategies while increasing their brand recognition and reach. And Locowise is the perfect tool to help you do that easily! Whether for you or for your clients, we have a number of analytics tools that gather up the available data from your profile and the social media profiles of your competitors and present it in a nice visual manner. If you want to learn more about us, make sure to contact us or check out our tool. And if you want to hear out more tips about social media marketing, subscribe to our newsletter and make sure to stay tuned to our blog.
See the true power that social media spending can give you by signing up for a free 7-day trial of Locowise!