If you’re looking for the most effective advertising model, paid social media should rise to the top of your list. Many businesses have avoided jumping on the social bandwagon, but those who do will reap the rewards in clicks, conversions, and sales.
1. New Ad Options Become Available on a Regular Basis
Social media platforms have recognized the vast potential profits in paid advertising, so they’re consistently testing new ad options and preserving the best performers for advertisers. For instance, Twitter has recently begun testing a new form of carousel ad that allows advertisers to select up to 20 company-owned and user-generated Tweets in a slideshow format. These updates create new opportunities for brands to get the word out about their products and services.
Some sites, such as Facebook, have tested cross-platform retargeting campaigns, as well. After a consumer expresses an interest in your products or services and jumps from Facebook to Instagram, he or she will see an ad related to the prior interaction, which increases brand visibility and improves the potential for a sale.
2. User Numbers Continue to Climb
Interested in reaching a broader audience? Switch to social.
Facebook has nearly 1.6 billion active monthly users, Twitter has 320 million engaged users, and Instagram has built its empire to 400 million active participants. These numbers don’t lie: If you’re looking for your audience, you’ll find it on social media.
However, paid social media offers other advantages. You can carefully target your ads to specific users, which means you don’t waste screen time in front of people who would never express an interest in your business. Over time, these campaigns become even more powerful because you’re constantly generating useful data.
3. Ad Spend Continues to Rise
The social media numbers aren’t the only figures that have seen spikes. According to HubSpot, spend on paid social media jumped from “$17.7 billion in 2014 to $23.6 billion in 2015.” If you neglect to follow the trend, you risk your competitors leaving you in the dust.
Why are companies dumping all of their advertising budgets into paid social media? Several reasons. First, brands have had the time to build their presence on social media, which means they already have an engaged audience. Second, many companies have pulled their dollars completely out of offline media, so they have more room in the budget for social.
Additionally, people are more engaged on social media than on other platforms. For instance, when a consumer conducts a search on Google or Bing, they’re looking for something specific — and they’re unlikely to get sidetracked unless you have an incredible offer. Consumers use social media as a recreational outlet, however, so they’re more likely to click links and engage with brands.
If you’re hoping to finish 2016 with a bang, start organizing your paid social media campaign now. We can help. Learn how we take brands to the next level by reading the case study Helping TravelStore Become an Online Entity.