Effective Social Media Advertising 2020
Here is a Detailed Study of the Highly used Social Media Platforms by Marketers in 2020. Facebook, Instagram and Twitter top this list.
The Best medium to publicize your brand and reach your target Audience would be Social Media. More than 74% of consumers use social media to make a purchase decision. Gone are the days where consumers entered E-commerce sites to buy things, now they see social media platforms as the new search engine. What worked weeks before may not work with social media now.
BENEFITS OF SOCIAL MEDIA ADVERTISING
- Very cost-effective compared to other marketing channels
- Increased Brand awareness
- Increase in Website Traffic
- Improved search engine ranking
- Consumer feedback
- Better conversion rates
- Uplifts brand authority
- Built-in analytics and tools to gain insights
More than 75 million businesses use Facebook and Instagram to promote and sell their products each month.
The rise in social media usage has increased by 52% in 2019 alone. Consumers find social media platforms to enter the purchase funnel easily than entering the website.
More than 93% of marketers have shifted from traditional advertising methods to social media advertising. Now lets the various types of Ads that is available for marketers in Social Media Platforms.
DIFFERENT TYPES OF ADS SERVED BY SOCIAL MEDIA PLATFORMS
Photo Sharing – Pinterest, Instagram, Snapchat
Content Marketing – Facebook, LinkedIn, Google+
Video Sharing – YouTube, Facebook Live, Instagram IGTV, TikTok
Microblogging – Twitter, Tumblr
Below is the Graphical representation of what Social Media Platforms are used the most amoung teens.
Source: Phew Research Center
Let’s now check out the most effective types of social media advertising that can boost your business in 2020. And the first prize for that goes to Facebook Advertising!
Facebook has more than 2.5 billion active users every month. This can be the best place to market your product to reach your potential consumers instantly.
From brand awareness to lead generation, Facebook has become the most viable social media platform for advertising. With Facebook’s advanced targeting, you can customize your target audience based on location, interests, past buying experience and other description, this helps a brand to study consumer behaviour and purchase frequency effortlessly.
How much does it cost to Advertise on Facebook ?
Facebook Ad pricing model
Ad pricing widely depends on the size and budget a brand decides to invest in. As the common saying, the more money you spend, the more efficient Facebook spends your money. Facebook will increase your ad performance over time. There is no fixed pricing for the ads. The Cost of a ad is decided through Facebooks Ad Auction. You can read in detail about this here.
Strategies For Advertising On Facebook
- Optimize your ad content for various set of audience
- Teach and educate consumers about your products
- Use trending hashtags and emojis in ads
- Always test the result of your campaign
- Retarget the left out potential audience
For information on the strategies on Facebook Advertising click here.
Thou Instagram is owned by the parent company Facebook, Instagram has been the star of the family. Instagram has an active 500 million users every month. Instagram is a social platform where in visual elements can be shared. And over the past few years the ROI of Instagram has knocked off every other platform in the market. You will not believe Instagram owns about 56% more ROI than Facebook Ads. This has grabbed the attention of the marketers to focus on this platform. More than 90% of the millennials utilise Instagram to search using hashtags.
If you want to attract Instagram users make sure to create visually striking images and videos to make them stop scrolling.
Instagram Ad pricing model
On average, Instagram pricing model is similar to Facebook ads, but Instagram gets much more engagement on their ad posts than Facebook.
Example, Victoria Secret got an average of 283,030 favourites on Instagram and 2,078 likes on Facebook for the same amount of ad spend.
Depending on the bidding model, Instagram ads cost between $0.20 to $6.70. The cost per click (CPC) on an average cost from $0.20 to $2 per click and the cost per impressions is $6.70 per thousand impressions. But this is not a standard value. It varies from industry to industry and every day too.
Tactics to follow while advertising on Instagram
- Do demographic analysis
- Use custom images and attracting graphic designs
- Make irresistible discounts
- Add trending hashtags
- Retarget audience
Spearmint LOVE team focused to retarget audience for Thanksgiving. The team gathered a list of the audience who visited the website within the last 60 days but did not purchase. A 60-day window was created to constantly hit them with ads. Dynamic ads were used to encourage people to revisit and make a purchase. Using data from the Facebook pixel, the company saw a 33.8x return on ad spend on Instagram and a 48% decrease in the cost per purchase.
Everything on Instagram Advertising click here.
Twitter is all about words. Like how Instagram is about Visuals. Its each brands creativity that stirs the crowd in Twitter.
Twitter has more than 328 million active monthly users, providing unparalleled access for all age groups. More than 60% of the small and medium business utilise Twitter to reach their potential audiences.
Even large E-commerce stores utilise Twitter ads to drive brand awareness and promotion. Twitter ads can be free, quick and easy to generate and post quality content. Most online stores rely on Twitter to gain consumer attention.
Twitter Ad pricing model
On average, Twitter ads cost between $9 to $11. The cost per click (CPC) on an average cost from $0.25 to $0.35 per click. Twitter ad costs are on the rise as more marketers utilise their ads to reach more audience.
There are only 3 different types of Ads in Twitter
- Promoted tweets
- Promoted trends
- Promoted accounts
Twitter ads can be run from https://ads.twitter.com.
For more detailed understanding on Twitter advertising.