Crazy money is invested every year into social media marketing around the globe. On average, one-fifth of advertising budget goes directly towards paid social media marketing regardless of business size.
But what is paid social media marketing and what is the secret behind this investment? Why do businesses prioritise this method of advertising? Paid social media marketing is the method of displaying marketing messages on various social media channels to target specific audiences. It has the power to kickstart your campaign with a boost that unpaid social media marketing simply cannot do. Unpaid social media marketing is unable to live up to the benefits derived from paid marketing such as more traffic, higher visibility, and enhanced engagement for as long as you wish to keep this going. (Or for as long as your credit allows!)
With this paid ad marketing, you can enjoy the benefit of retargeting lapsed customers with your advertising using a self-controlled frequency. This means you control how frequently your viewers can see your paid ad.
Now get your seatbelts on as we take you for a ride on how to become the next paid social media marketing mogul!
What is Paid Social Media Marketing?
You must have heard of things such as pay-per-click advertising, display advertising, retargeting PPC advertising, influencer-generated content, give it any fancy name you like but they are all different types of paid social media marketing.
Every social media channel has its own speciality and features that attract its users. As such, good paid social media should adapt to the nature of these channels to deliver and interlink a relevant paid campaign depending on the channel and the audience being targeted.
How Can I Implement Paid Social Media Marketing?
Social media marketing is the perfect go-to for businesses that seek a hefty return on investment whilst working off a minimal budget.
To conduct a successful paid social media marketing strategy, you must entail two core factors into your campaign.
- Objective
- Budget
Setting Your Paid Marketing Objective
Setting up an objective for your paid social media marketing polishes the aim and creates a springboard for you to work from, making the route clearer of how to get there.
To carve a clear pathway for your journey, you must identify the demographics of your desired audience such as their age, occupation, and interests, as this constructs a clearer vision about what is relevant to them and how you can effectively target them.
As mentioned earlier, every social media platform has its own specialities, therefore, after establishing your target audience’s demographics you can then pinpoint the ideal social media platforms that will help you effectively culminate their attention. This is why identifying audience characteristics is the first essential step to achieving your objective: enticing the audience enough to get them to engage with you. Engagement tactics could involve a quick form fill or even just a website visit.
Setting Your Paid Marketing Budget
This isn’t your typical pricey digital marketing strategy. The reason being is that it has a specific targeting approach that only targets the types of markets you wish to be discovered by, and therefore, you only pay based on campaign length per market that you are willing to reach. Unlike the standard digital marketing concepts where you pay according to the length and timing of the advertisements.
This makes paid social media marketing a suitable approach for smaller businesses as well as the larger ones, crediting its budget-friendly nature.
Although this type of campaign has an unlimited maximum spend, you can cap the campaign so that it stops running once you have reached your maximum budget. You can also lower the daily maximum spending limit for the campaign.
The Verdict
The inviting nature of paid social media marketing invites businesses of all sizes, whether it is a globally established brand with a big name all over, or whether it is a small start-up on a budget – social media has space for everybody and can provide a hefty ROI.
All you need to do is make sure you know exactly how to plan, craft, and position your paid ad to your target market on the desired social media channels.
Keep an eye for our next blog that will dive right into the specifics of a few social media platforms, prepping you for your paid social media marketing campaign on any platform you desire.