Social Media marketing is one of the most cost-effective advertising solutions for small and medium businesses. However, if you’re not using it right, it can cost you significantly in time and headache and you might not see the ROI. Managing your ad budget can be tricky. How do you know how much you need to spend and where? What keywords to use? How do you know what’s working/ what’s not? Here are some simple best practices on how to effectively manage your ad budget.
Choose and Create an ad. Cast your net.
Sponsored vs. Promoted Posts
Facebook and Twitter ads: they’re all the same, right? Wrong! There is a huge difference between sponsored and promoted posts on Facebook, Twitter, and Instagram.
Promoted posts are organic posts uploaded to your page. They can be “promoted” by spending a little money to increase the reach of your post. A regular post will only reach a portion of the people who follow you, by default. Once you pay to promote it, the post will then reach people outside of your page’s following, or you can simply promote it to reach a larger percentage of your audience. The choice is yours!
-Promoting your top performing posts is a good way of testing the quality of your organic content if you think that you have too small of a following to generate a good measurement of engagement.
-It’s also good to use when you are running a contest and you have a post that you want to be shared. Paying to have that specific post reach way more people is an excellent tactic for this type of promotion.
Sponsored posts are posts you can create solely for the purpose of advertising. You can visit the Facebook Business page to see all the ad formats and their benefits. These sponsored ads are to be created for a specific audience and purpose. Ranging from website clicks to page likes, you can custom create a message that will appear on someone’s feed the next time they log on while your ad is running.
While sponsored and promoted posts will both appear on someone’s feed in the same manner, the two will achieve two entirely different objectives.
Start reeling in leads with repetition through retargeting.
The beauty of advertising with social media platforms is that you have the ability to custom create your audience.
-Facebook Pixels. This is a piece of code that you can add to a landing page on your website to track visitors. You can use this pixel code to then import an audience into Facebook’s ad manager. From there, you can actually target people who have recently visited your page (or been on a page that contains your pixel) with your ad. People who have visited your page are more likely to purchase from you because they are familiar with your brand and it is top of mind.
Analyze and Optimize.
To truly master managing your ad spend, you will need some practice with analytics. Every platform that you advertise with will have some form of analytics available to you. Use this information wisely, because it’s there for a reason. Whatever platform you are using, be sure to monitor your ads as they are running. Look for key differences and things that need improvement. These are some of the most common ways to test your ads:
-A/B Testing. This is a method that simply uses two or more different sets of ads to test which subtle changes are more effective than others. Some ad sets might be best tested to see which images are more appealing to your audience, or which caption is more enticing, etc. Then you can make sure you’re only spending money on the most effective ad.
-Audience testing. Test two identical ads but with different audience profiles to see if you are properly targeting your potential leads.
After testing your ad sets to find out which combination of settings will perform the best, it’s time to start investing in the ads that will net you the best ROI.
- Create Visibility Through Targeted Ads. (Cast the Net)
- Reel In Your Leads Through Retargeting
- Tweak with Analytics. (Invest in what’s working to Maximize ROI)
Are you thinking about getting started with advertising on social media? Sign up for a free consultation with one of our experts!
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