We now know that digital advertising has developed into one of the most important marketing strategies today – A big reason for this is because of the consistent up rise in social media use over the last several years. Internet advertising spend overtook newspaper ad spending back in 2013 and it is expected that by 2020, there will be more than $113 billion spent on digital ads in the United States alone. * Social media is a beneficial resource for businesses because the amount of time people spend on social media is constantly increasing. According to a study from Social Media Today, the average person will spend two hours on social media every day. **
Facebook is one of the biggest contributors in digital advertising overall because of its popularity and wide variety of users. On average, Facebook users will spend 35 minutes a day searching their feed, while Snapchat and Instagram come next with 25 minutes a day.** Facebook represents 35.4% of total display advertising in the United States; that is a $11.93 billion ad spend on Facebook alone, not even including text ads on Facebook. *
According to social media marketers worldwide, Facebook produces the best ROI for companies at 96.8%, with Twitter at 63.5% and Instagram following at 40.1%. * (Data by Hootsuite)
The most convenient aspect of Facebook advertising is that you can link your Instagram account to put your ads on both platforms, and be analyzed on both. This is important because based on the data from social media marketers worldwide, Facebook and Instagram are 2 of the top platforms for the best ROI. *
- Set a Goal
It is important to have a projected goal in mind so you can measure the success of your campaign. Do you want to increase clicks to your website? Increase sales leads? Or grow your brand overall? With a defined goal, you can aim your campaign in the right direction. - Choose Your Audience
Facebook allows you to choose an audience based on location, age, gender, and language. For example, if you are an RV dealer, you might choose to target men in their 30s – 50s who live in a 50-mile radius of your dealership as one of your main audience groups. - Choose Your Detailed Targeting Options
Once you have chosen the demographics for your audience, Facebook’s extensive targeting options let you direct your ads based on user interests and behavior. Now that you know you want to target men in their 30s – 50s who live close to your dealership, this step helps you target the men that are likely to be interested in your products. For example, you may choose to target those that have an interest in fishing, camping, or traveling. These detailed targeting options also let you choose your target audience based on what kind of activity people are using their social media accounts for, what they want to see on their dashboard, what they do for a living, what they have been interested in in the past, and much more. - Choose a Budget
As far as budget goes, you can always set a price you are comfortable with spending and adjust as you go. It’s important to monitor your campaign, but let it run its course as well; being flexible is important to creating a balanced strategy. If your ads are not performing how you want them to after about 2 weeks, make some adjustments to your audience selections and budget. Social media advertising is all about trial and error. - Measure Your Success
With your goals in mind, it’s easier to identify what needs to happen in your campaign to reach that objective. For example, if your goal was to increase leads to your website, you can measure that by looking at your impressions and clicks in comparison to your ad performance. Social media analytics show how many people had the opportunity to see your ad, compared to who actually clicked on it. If that conversion rate isn’t as high as you had hoped, make some changes to your campaign.
Targeting the right users is key to being successful with social media advertising. It’s important to narrow in on audience targeting to develop a profitable campaign. Even though it appears that you’re reaching a wider audience when you target a broader demographic, targeting users that are inclined to actually purchase from your dealership will bring you better results and increased sales. Social media advertising is an essential part of digital marketing, but it’s also a process that needs regular monitoring and adjustments. It takes time to learn the ins and outs. Once you see what a successful social media campaign can do for you, you will be eager to develop even more.
*Sources courtesy of Hootsuite
**Social Media Today