Unless you’re a full-blown crazy person (and I’m going to safely assume you’re not) you generally don’t want to invest more money in an advertising campaign than what you’ll be ultimately making. That’s just logic, right? If you go back 15 years or so, appropriate advertising cost calculation was probably a little tricky. With print, television and radio being the primary channels for advertising at the time, advertisers would have to do quite a bit sleuthing to see how certain results were actually achieved as there was no dashboard that showcased direct correlations between the ads and sales. Needless to say, this would make budget setting a little difficult.
Social advertising, on the other hand, works a little differently. Facebook & Twitter (among other social networks) have provided the opportunity for brands to advertise on their platforms. Sure, you have to pay to advertise — but unlike traditional mediums, you have control over every aspect of the campaign. With social advertising, you can gather insights you couldn’t with a non-digital platform. Allow me to explain why this is so valuable:
Better Understand Your Target Market
One of the major reasons for initiating a social advertising campaign is to gain a thorough understanding of your target market. While your audience selection may be quite broad initially, you’ll quickly discover that some folks are latching onto your ads more than others. That’s the consumer base you need to pay attention to. Once you’ve discovered the type of people that are interested in your product or service, you can go back into your audience selection settings and choose more focused locations and interests, which means higher quality leads. So now that you have your audience figured out, it’s time to make even more changes.
Make Changes For The Length of Your Campaign
As I mentioned before, advertisers at one point in time had to do a bit of sleuthing to see why their ads were successful or not so successful. It’s by no means impossible to correlate successes and failures to your television, radio and print ads – but social ads can be changed quickly based on results seen in real-time. Even if you’re halfway through a campaign, you can literally go into the platform’s dashboard and change the imagery and messaging based on what ads are currently performing well or have performed well in the past – which brings me to my next point.
A/B Testing. Since you’re able to run multiple ads at the same time, you can determine mid-campaign what ads are working and what aren’t. You even have the option of combining elements of different ads. For example: Ad A’s imagery can be transferred to Ad B, and vice versa. Experimentation isn’t just allowed, but it’s highly encouraged. Even cooler is that you can make changes to your daily and lifetime spend if you feel you’re spending too much or too little.
Achieve Specific Goals
Another thing that’s pretty nifty about social advertising is the ability to fulfill very specific goals within the dashboard. Now, the majority of social platforms that I know of don’t handle monetary transactions at this very moment, but there are a lot of cool things you can get consumers to do. On Facebook, for example, goal options include: getting people to like your page, sign up for an event or download an offer for something online or in-store. And since you have an analytics dashboard to work with, you’re able to track your goals and make changes accordingly.
Want to learn more about what social advertising can do for you? Call an account rep now at 800.873.3117 now!