Ever since the advent of social media, we get blown away by new developments every year. Last year was no exception. 2016 was the year Facebook launched the hugely popular Facebook Live as well as other innovations such as Instant Articles which have vastly improved user experience. It was the year when Instagram launched Stories and Business Tools. In 2016, Snap launched Memories and Spectacles. And, these are just a few.
The takeaway from all these developments is that social marketing strategies are going to be at the core of marketing strategy for the foreseeable future. Unfortunately, organically social reach is declining as more and more brands compete for the same audiences. As a result, social media advertisements are getting more and more costly. The challenge for marketers is to maximize results without having to increase their marketing budget.
Luckily, social media strategies and platforms have also evolved a great deal and have come up with performance-based options that allow you to stretch your ad dollars.
Below, we examine three performance-based ad options from the leading social networks.
#1. Snapchat Advertisements
Snap ads are some of the most underestimated by small businesses. This is probably because most small business owners haven’t quite understood what the big deal about Snap is all about. Most people above the age of 35 don’t quite get Snap. Unlike Facebook, which many people are accustomed to, Snap’s interface can be confusing to older generations. This is understandable because Snap’s demographic is millennials under the age of 25. With a budget of just $5, and provided your target demographic are millennials, you can get much better results compared to Facebook, that is, website visits and mobile install ads. In fact, Snap’s filter ads are unbeaten when it comes to mobile install advertisements.
#2. Facebook List building Advertisements
Facebook continues to blaze the trail with their innovative advertising options. Their latest innovation is their lead generation ads. With this new feature, prospects complete a lead form that’s built right into the ad. The form collects personal information such as names, email addresses, and contact numbers. The list can then be downloaded as a CSV or excel file.
One of the greatest advantages of Facebook’s lead generation forms is that they are cost effective. You only pay for the ad if a prospect completes the form. Any seasoned marketer knows the value of not having to pay for irrelevant ad clicks and tire kickers who have no intention of ever making a purchase. With accurate knowledge about your expense per lead, you can make more accurate projections and plan better.
You also don’t have to spend money hiring a web designer to create appealing landing pages and hiring a copywriter to write the landing page copy.
The setup also takes very little time. In under ten minutes, you can have Facebook lead generation forms up and running.
#3. Twitter Ad Targeting
Seasoned marketers also understand better than anyone the need for exact targeting. Considerable time is invested in marketing elements such as copywriting, preparing ad images and videos and the like. But, these are all useless if you get your targeting wrong. Twitter has completely revolutionized ad targeting. It is now possible to submit your information to come up with a comparable audience. Further, while other social networks offer behavioral targeting, Twitter has done a much better job at it. Twitter ads can be used for both B2C and B2B products and services.
If you want to get more results for the same amount of ad dollars or you want to make savings on your social marketing advertising budget, then you should definitely try the performance-based advertising options listed above. You will save on the cost to design landing pages and copy-writing as well as know your exact lead acquisition cost. This allows you to plan your ad spend better.
There is only one caveat before starting out with performance based ads, as with most things in life, you need to do some trial and error before you hit the sweet spot. Experience with a few audiences until you identify your ideal audience then dive in head first.