There’s no doubt that the business and retail world is changing rapidly, and it's up to each business to stay on top of current marketing trends or get left behind. Brands will need to find new ways to market and sell and will have to adapt to the current times to do so. Traditional forms of marketing don’t work as well as they used to, and those who are leveraging digital marketing may be missing out on key strategies that can increase performance and results even more.
With times changing and brick-and-mortar businesses seeing a decline, it’s important for businesses to adapt by converting online to generate new sales. There are many reasons you and your team should jump on the social media advertising wagon in 2021. I’m going to fill you in on three key reasons I believe every business should be leveraging social media advertising in some form and how you can benefit from these strategies without the need for trial and error.
1. Hyper-Target Customers
Did you know there are over a billion active users on Instagram? There are so many people wondering how to reach more potential clients yet not taking note that a huge percentage of the population is active on social media. Their data is available to business owners and advertisers alike to benefit from. One of the main reasons social media marketing is so effective is that brands can hyper-target ideal clients based on exact demographics. Showing ads to the right individuals is a critical part of the marketing process and must be taken seriously to avoid wasted ad spend.
At our agency, we target users based on age, gender, location, interests, behaviors, website visitors, email lists and more. This data is made available to us as advertisers when we publish campaigns and allows us to use more context in our marketing campaigns to make sure we're showing relevant information to relevant people.
2. Build Audiences
On top of being able to target specific audiences directly with your marketing, you can then save this data and use it for future campaigns. Building both a social audience and a landing page audience is critical to creating consistent and future success from your marketing efforts by leveraging historical data.
For example, we have targeted — and are currently targeting — users from audiences that were created 180 to 365 days ago. This means that when someone clicks an ad, visits a landing page or signs up to email lists, we can retarget them at a later date with contextual advertising and irresistible offers.
3. Track ROI
Another key tool for marketers that comes from social media advertising is the ability to directly track return on investment from your marketing campaigns. For example, on Facebook, this information is built directly into its Ads Manager platform, making it possible to view your budget's performance and analyze return on ad spend (ROAS), cost per website purchase, cost per lead and much more at a quick glance. This is huge for advertisers because you can directly track how your ad spend is performing, making it possible to cut undesirable campaigns and scale well-performing campaigns to bringing even more results.
When done right, the name of the game is a small ad spend and large sales return. At our agency, we are constantly tracking performance across our ad campaigns and ensuring that our cost per result is as low as possible. The typical return on ad spend is between 5x and 30x. We have campaigns at over 75x ROAS, meaning that for every dollar paid to Facebook for ads, we get over 75x back in sales. In my experience, no other form of investing gets a better return so quickly, predictably and passively.
So there you have it: three solid reasons advertising on social media is important. If you want to keep sales afloat and ensure you have a sustainable business for the long run, you should keep these reasons in mind and start implementing social media advertising as the main part of your marketing efforts. Social media advertising is critical because it allows you to hyper-target specific users, build an audience database and directly track your return on investment.
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