How Much Is Advertising On Social Media – Social media is one of the pillar channels of digital marketing, but what sets it apart from other pillars like search engines and email is that it spans multiple platforms. And not in a Bing vs. Google kind of way. Each platform has a large audience that is perfect for advertising.
In other words, social media advertising is its own beast. But once mastered and harnessed, it can be used to help your business exceed its goals. Read on to learn everything you need to know to get started and succeed with social media advertising
How Much Is Advertising On Social Media
Social media advertising is a form of social media marketing where you use paid media to promote your business across multiple channels. This media comes in many formats and placements and supports a variety of creatives, from images and video to immersive experiences.
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It is also referred to as paid social. Whereas with paid search you target keywords and terms, with social, you target audience, interests and behaviors. Social media ads are also typically more visual and branded, and quite native to the platform—so much so that it can sometimes be difficult to identify them as ads.
As with any PPC strategy, social media advertising has many benefits for businesses. Here are some reasons to advertise on social media:
To give you an idea of how big the social media advertising market is, let’s take a look at some statistics:
As mentioned above, while search ads primarily work on keyword targeting, social ads are based on audience targeting. Each platform has its own features, settings and layout, but they share some common features:
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Now if that’s not a loaded question, I don’t know what is. Ultimately, your social media ad cost will depend on your campaign objectives, bidding strategy, budget, campaign optimization, industry, and more. But here are some PPC metrics you can look at with social media ad spend:
The graph below shows the overall average cost per click and average cost per thousand impressions for each platform, according to Statista.
But remember, they are mainly used to give you a point of reference. What you can expect to pay will vary greatly by industry, and even by campaign type. For example, you can see in our benchmark here that the average cost per click for home services on social is between $1-$2 while for real estate it is less than a dollar.
The hardest part of any marketing strategy is actually getting started. But check out these basic steps and you should have enough confidence to take the leap!
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As with any marketing strategy, you need to make sure you have a solid understanding of your target audience. Use your existing customer data, do some market research and look at analytics from existing platforms to get a feel for what might work well. This will then help you identify who to target, what to target them with and when. Then, once you start running your ads and collecting data, you can get more specific insights into who is seeing and engaging with your ads.
A cross-channel marketing strategy is important, but you need to get the hang of it before you start connecting the platforms to each other. The best channel will depend on your audience, but more often than not, Facebook is a good first step.
What do you want to achieve with your social advertising? There’s no need to set ol’ SMART goals – specific metrics will be hard to identify until you actually start But you can usually get an idea of what campaign objective to start with based on your primary goal (awareness, lead generation, conversion, for example).
How much you pay for your social ads will depend on your industry, audience, optimization strategy, and more, but it’s always good to have a general point of reference before you start so you can set some level of expectations for budget.
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There are tons of free resources out there that can help you with social media advertising. We have a few roundups and even a tutorial for you:
If you’re a small business just getting your feet wet, your best bet is to start there and learn. Social media advertising platforms also take some time to learn, so the sooner you start advertising, the sooner you can start collecting the data the platform needs to start optimizing your ads.
What will work best for each platform varies, but these general tips should help you see success across platforms.
Chances are (hopefully slash), if you want to advertise on social media, you already have an organic social strategy. If this is the case, rely on your organic performance to inform your payment strategy. Over time, you’ll have a lot of insight from your ad data, but until then, look at audience insights, top-performing posts, under-performing posts, and engagement metrics to get a feel for the best segments to target your audience. Best offers for promotions as well.
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You can use local analytics within each platform or any social media reporting tool to lean into these insights.
In addition to using your most engaging posts, you’ll also want to look to top-performing user-generated content as your ad creative. They make great complimentary ads that combine relevancy with reviews for reliable, ROI-worthy (and totally rad) ads.
It probably goes without saying, but it’s still worth stressing: keep mobile in mind. Most social media platforms are primarily accessed on mobile (some are mobile only). Of course, formatting your ads for mobile takes care of itself as long as you follow image specifications But also, keep a mobile mindset when thinking about what offers you’re promoting and when you’re delivering your ads.
For example, if your audience is young city-dwelling professionals, advertising a PDF guide on LinkedIn may not make sense during the morning commute while accessing the platform on their phone. It may make more sense to run the ad at a time when they will see the ad on their desktop.
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You should try different versions of your ad to see which one performs best. With A/B testing, you only change one variable—such as copy, or image, or in the case below, image style.
As I mentioned earlier, each paid social platform offers multiple objectives to choose from for your campaigns—not only because different businesses have different goals (app installs vs. store visits, for example), but you’ll also have different goals within your funnel. . You may want to generate leads with a top-of-funnel offer for one campaign, but retarget website visitors with a more bottom-of-the-funnel offer in another. So create multiple campaigns and use the different objectives available to you to create a full-funnel strategy. This will ensure that you get the most out of each platform.
I touched a bit on cross-channel marketing above. Once you’ve got your social media advertising strategy down pat, start looking at how you can use your search and social ads together. For example, you can take the best-performing keywords from your Google Ads data and use them in your Facebook ad copy, or target a specific Facebook audience based on how they engaged with a search ad offer.
Not only are social media feeds highly visual, they are also constantly refreshing. It’s more important than any other platform that your ad creative stays fresh.
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Read on for a breakdown of each, to help you determine which channels might be best for your strategy.
Facebook ads have 2.11 billion viewers, which is 26.7% of the total population. Its largest demographic is 25-34 but it is most represented in the 65+ age group. The average cost per click for Facebook is $0.97 (second lowest after Twitter) and the average cost per thousand impressions (CPM) is $7.19.
While creating an ad on Facebook is fairly easy, setting up an ad account is a very confusing process. Fortunately, our Facebook Ads tutorial walks you through all of that.
Also, the more effective a paid media channel is, the more competitive it is, and Facebook is no exception. Despite this, Facebook is the world’s most popular social media platform and has the most even age distribution among its peers And while iOS updates and privacy changes have created certain limitations, Facebook ad targeting is still unmatched. In addition, it is working on ways to preserve reporting and targeting integrity through the conversion API. To get started, use the Facebook Ads tutorial linked above.
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Instagram ads have an audience size of 1.48 billion, which is 18.70% of the population. Its largest population is in the 18-34 age range. The average cost per click for Instagram ads is $3.56, and the average CPM is $7.91
Although Instagram ads are generally more expensive than Facebook ads, engagement on Instagram is also higher. Plus, it’s the top social media platform used by consumers to follow brands, so the motive is high. It is also an excellent advertising channel for eCommerce businesses.
Get started with our guide to advertising on Instagram
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