Social media advertising can be a highly effective way to supplement your additional inbound marketing efforts. Advertising on social media continues to gain traction as a valuable marketing activity. According to Hootsuite, research shows that social media advertising is well worth your while. On Facebook, ads have a 8.1-times higher click-through rate on desktop than normal internet ads, and a 9.1-times higher click-through rate on mobile. Hootsuite also reports that on Twitter, promoted tweets average engagement rates as high as 3 percent, which is remarkably higher than traditional banner ads. A successful social media advertising strategy should be all about maximizing your ROI—reaching the greatest number of people and garnering the highest conversion rates possible for every dollar you spend. To maximize ROI, be sure to take a look at the following tips.
1. Use keywords in your social media ads.
As any social media marketing agency will tell you, one of the easiest way to boost the ROI of your social media ads is to leverage the power of keywords. This will improve the visibility of your ads and drive up click-through rates.
2. Focus on targeting existing customers.
When it comes to social media management, many marketers make new customer acquisition the main focus of their social media ad strategy. But this is a mistake. To boost the ROI of your social media advertising campaigns, you need to focus on reaching pre-existing customers, not just acquiring new ones. Remember, it costs more to acquire a new customer than it does to retain an existing customer. If you can leverage the power of social media advertising to upsell products and services to an existing customer or convince 20 percent of your customers to buy your product one more time, you are likely to see your ROI improve significantly, as well as your overall bottom line.
3. Leverage the power of “Lookalike Audiences” to reach more prospects.
With Facebook’s “Lookalike Audiences,” you can use your current customer list to find people who are similar to your current customers. Facebook uses your current customer information to find the top 1 percent of Facebook users that most closely match your existing customers. This allows you to reach more of your target audience at a lower cost.
4. Always track campaign results to verify success.
In order to understand whether or not your social media advertising efforts are worth it, you need to track the results of your campaigns. Tracking the results of specific ad campaigns also allows you to better ascertain where to put your resources to get results.
Do You Need Help from a Social Media Marketing Agency?
To improve your social media management, you may want to consider soliciting the help of a social media marketing agency. Social media experts can help you improve the ROI of your ads by helping you figure out which social media channels are best for reaching your target audience, and helping you develop ads that will most effectively resonate with consumers.