Paid Social (Social Media Ads) – What’s In It For Your Business

Paid social or social media advertising is a commonly used?digital marketing?method to run various advertising campaigns for a specific audience on social media channels such as Meta (Facebook & IG), LinkedIn, Twitter, TikTok and even Pinterest.

YouTube advertising could also be considered paid social. Some might put it into Search Engine Advertising, but it’s unclear. YouTube is social media, but you can use keywords and pay CPC fashion when running ads.

There are many channel options in paid social, but you don’t have to use all of them for advertising. The key point is finding the right paid social channel for your business and?growing your business.

Social Media Advertising for Small Businesses

If you are running a small business, Meta advertising would be your go to with a?wide range of campaign types?and advanced targeting capabilities. Among all advertising, Meta still seems like the most cost-effective option.

TikTok might be helpful if your potential customers are relatively young! TikTok is popular among teenagers, but that doesn’t mean you can’t target adults. Many of you are foreign to TikTok, but that’s OK because you can get proper training at?TikTok’s Official Academy.

If you are in the B2B space, LinkedIn could make all the difference. LinkedIn has various targeting options to target specific businesses and people, making it reasonably practical for B2B.

Twitter’s daily active user count is nowhere close to YouTube or Meta’s. But generally speaking, it’s the most effective platform to spread a message. And that’s what marketing is all about, so we wouldn’t give up on Twitter that easily. Although Elon Musk is trying his best to tear it down, let’s keep a close eye!

If you or your company can tell a good story, it’s good. But if you can do that on a video, that’s huge. Because then you can start leveraging YouTube for your business. Moreover, you can plug one of your videos into YouTube ads and laser-target niches. How cool is that?

What is the Ideal Paid Social Campaign Setup?

Each platform has various campaign types, but the ideal paid social setup is simple at its core. It consists of 3 main campaign layers:?

• Awareness
• Conversions
• Remarketing?

Awareness campaigns come in handy because often, this is the campaign type that will give you the most reach for your cent. If you aim for long-term success, you have to build a brand and raise awareness.

The first layer is good to have, but no business can survive without achieving business goals. Conversion doesn’t necessarily mean a monetary transaction. Form submissions, appointment booking, and page visits could be defined as conversions and used as an optimization option in campaigns.

Remarketing refers to showing your ads to people who have previously interacted with your website or social media channels. For example, you can retarget people who visited your website in the last 90 days or your Facebook or Instagram page visitors in the previous week.

Remarketing is like an insurance policy for all of your digital marketing channels, so make sure to set up and allocate the appropriate budget.

How to Laser Target Your Potential Clients in Paid Social?

In paid social, although they can slightly differ, targeting options are based on these three:

• Location
• Interest
• Pixel

By using location targeting, you can target users in a specific area. This could be a neighbourhood, district, town, or state. Moreover, you can?target areas?by dropping a pin on a map and circulating an area. Geolocation targeting is the most generic, so it might require a considerable budget if you are global. But this kind of targeting is really powerful, especially for small businesses.

Interest-based (detailed) targeting is more specific. For example, you can target people who showed interest in booking.com’s FB pages if you are in the hospitality business. Or you can target people that have a child. If you are?marketing a healthcare business, you can target people who have graduated from medical school. You dream it. The only problem is you never know which interest would work for your business. Therefore, this kind of targeting needs a lot of testing. But you don’t have to worry about that because that’s our job!

Pixels are small pieces of java script that you place on your website. It?collects user data?from the source and sends it to your advertising platform so that you can create and laser target new audiences. This is the most specific and sophisticated targeting of all. When used correctly, especially in a mature business with a lot of website traffic to sample from, it can bring solid results.?

How Much Should You Spend on Social Media Ads?

This all comes down to the unit advertising costs and your budget. Let us give you numbers based on Facebook ads in New South Wales, Australia. (Paid Social Media: Worth The Investment?)

For awareness ads, we are looking at two cost metrics cost per mile (CPM) and cost per result (ad recall people); CPM is how much we pay when our ad reaches 1000 people, and ad recall people is the cost we pay per each person who will remember seeing our ads if asked two days.

CPM in NSW – $2.8

Cost per Result – $0.04

Thus, if you want to reach 100K people per month in New South Wales, you will pay $280 each month. Or if you want 10K people to remember seeing your ads, you will pay $400.

For cost per click (CPC) based ads, our data shows that each click below $2 is achievable. Also, regarding conversions such as users reaching your contact pages, we achieved a $0.50 cost per conversion.

Remarketing is also a click-based campaign type, but the CPM metric would give us a clearer picture, so our data shows that retargeting 1000 people costs around $18.

To sum it up, small businesses can achieve significant growth by spending $50-100 per day. Here is an example of an optimum paid social ad budget breakdown.

(Twitter Blog:?How to allocate your paid social budget?)

Brand Awareness – $50

Clicks / Conversions – $40

Remarketing – $10

Total Daily Paid Social Budget – $100

Are you interested in advertising on social media? Give us an obligation free call today at?1300168311, and let us bring your paid social to be next level!