Harnessing the Power of Paid Ads on Social Media
Learning how to use paid ads on social media to reach and engage your target audience is a great way to expand your reach and build relationships with potential customers. Paid ads allow you to target specific demographics and interests, allowing you to be more strategic with your advertising.
It's important to have a clear strategy before spending money on ads, such as deciding on your budget, the goals you want to achieve, and the channels you want to use.
You should also have an understanding of the different types of ads available, and be able to create compelling content that resonates with your target audience.
Additionally, it's important to track and measure results to ensure you are getting the most out of your ad spend. With the right strategy and execution, paid ads can be a powerful tool for growing your business.
Strategy approach
The first step is to develop a budget for marketing on social media. It is an important step for any business to realize that this is key to developing a social media strategy. According to research by the Business Development Bank of Canada, the following is the average amount each size of business spends on marketing per year:
Small businesses (<20 employees): $30,000
Mid-sized businesses (20-49 employees): $60,000
Large businesses (50 employees or more): more than $100,000
In addition, according to the September 2022 CMO Survey, social media marketing takes up 14.5% of the yearly budget.
Once you have a budget, you should establish goals for your marketing campaigns. There are various goals that you can achieve through social media marketing such as
Increase brand awareness
Sales/lead generation
Increase community engagement
Grow my brand’s audience
Increase web traffic
When you establish which goal you are looking to achieve, you will know how to develop social media content for your ads.
Now that you’ve settled on a budget and what you will be putting your money toward, it’s time to figure out which channel is best for you and your business. You want to be sure you have your target audience locked down which will help your decision.
If your company is geared toward corporate clients, then LinkedIn is the best channel for you. If your audience is 30 and younger, then TikTok and Instagram is for you.
Now let’s focus on the ad itself. We will go over the three different types of ads below.
3 different types of social media ads
There are three main types of social media ads: pay-per-click (PPC) ads, sponsored content, and influencer marketing.
PPC ads are ads that are displayed on a network in exchange for a fee, often determined by the number of clicks the ad receives.
Sponsored content is content that has been created in collaboration with a brand and an influencer.
Influencer marketing is a type of marketing that focuses on working with influencers to promote a brand or product.
Metrics
Hootsuite reviews 16 key social media metrics to analyze. These metrics will show you details about your audience, what they view the most, which posts are providing more conversions and assist you in planning effectively.
Awareness metrics
Reach
Impressions
Audience growth rate
Engagement metrics
Engagement rate
Amplification rate
Virality rate
Video metrics
Video views
Video completion rate
Customer experience and service metrics
Customer satisfaction (CSAT) score
Net promoter score
ROI metrics
Click through rate (CTR)
Conversion rate
Cost-per-click (CPC)
Cost per thousand impressions (CPM)
Share of voice and sentiment metrics
Social share of voice (SSoV)
Social sentiment
By using these analytics, you can determine the most efficient ads in your campaigns. You can evaluate how your social ads perform and make adjustments accordingly.
Social media ads can promote your products, increase your audience and boost your brand. These steps are all important in creating a social media campaign. If you need guidance through the process, let’s chat!
