The social media advertising industry is a 200 billion dollar industry, and it is growing exponentially every year. With such a big industry, it’s common to wonder whether it’s worth your business advertising on social media. Every business is different, and its needs vary between industries. However, when considering whether social media advertising is the best way for you to go, you should consider the following key reasons to advertise on social media.
1. Social media gives you the freedom to choose different platforms and formats to advertise.
Social Media’s versatility will allow you to choose what works for you and your audience. For example, platforms like TikTok work better for the Gen Z generation, whereas Facebook would work best for Gen X.
This can also be the case with the format of your ads: for some industries, video ads online drive more ad clicks rather than imagery.
Whatever your goal is, there’s a good chance a social media platform will be able to support it.
2. Social media is where your customers are
More than 11 new social media users are created per second. Realistically, social media is the one place where you can reach most of your possible clients since so many consumers use social media every day. That, combined with the fact that almost 50% of these users have made a purchase through social media after seeing an ad, presents a great opportunity for businesses to reach a targeted online audience and engage with new leads.
3. Social media allows you to create target audiences as specific as you need
One of the wonderful things about paid social media advertising is that because the entire industry relies on advertisers to fund it, most platforms provide you with numerous training and aid programs to reach the users you want.
At the same time, most of these platforms will have dedicated advertising tools to view all your ad campaigns and get tips on the basics of managing and creating your ads.
These, combined with the ability to hyper-target your audience based on demographics, are the main reasons social media marketing can be so effective. Once you know the demographics of your specific target audiences, you can save this information and use it for any future ad campaigns. This advanced targeting will make it easier for you to reach people who are most likely to be interested in your business and what you offer.
For example, if you wanted to target men and women between the ages of 18 – 35 who enjoy skincare and face products, you could set this information as a targeting perimeter that will let you target any users that fit this specific profile.
4. When considering ROI, social media ads can be extremely beneficial
Social media platforms are the most cost-effective advertising sites compared to other digital sites. If we compare the cost per click (CPC), Google Adwords is, on average, around $3.53 across most industries. Whereas Facebook ads average CPC across most industries is $1.01, and it can go as little as $0.12.
When we correlate this information with return on investment (ROI), advertising costs are often less than the return you would get, resulting in more revenue for your business.
At the same time, it is in Facebook and Instagram’s best interest to help you attract potential buyers. Their algorithm aims to keep potential clients engaged on their specific social networks so that your business and them can benefit from this. More user time translates to the possibility of them seeing your ads and profiles and eventually becoming buyers. For these reasons, most small businesses choose social media advertising to reach possible clients and boost their sales over time.
5. Social media advertising will give you a real insight into what your customers like
One of the most valuable reasons you should consider social media advertising is the data and analytics you get from your target audience. The information these platforms will give you are realistic and will give you an upper hand on what your audience likes to engage with, if they view until the end, for how long, if they click on it, etc.
This, combined with organic consumers’ digital activity, can aid you in creating a better digital marketing strategy to appropriately target and attract the right customers and meet their needs.
Social media is one for all, giving your business a chance to follow consumers’ activities, what they like, dislike, interests, and relate with, etc.
6. Increase brand recognition
The first step to making a sale is to increase awareness. There are hundreds of people out there that haven’t discovered your business yet, but they may be interested in what you can offer them – that being the products or services you sell.
Social media platforms are where you want to expose all of these people to what you can do for them. Social media ads can help these people find and be directed towards your social media profiles and website. Your overall market visibility will increase, and it is more likely for prospect leads to discover your brand.
At the same time, if people are shown your brand and overall style, overtime, this could be one of the first steps for them to build brand recognition and association. Social media advertising can help you drive long-term brand impact.
There are so many reasons to advertise on social media. Whether it’s to increase brand recognition or reach a specific target market, there are options for every business. Social media advertising gives businesses the opportunity to reach a wider audience in a cost-effective way. If you’re struggling with your social ads (or don’t know where to start!), get in touch or send us a DM today.