In 2021, over 90% of mid to large-sized businesses are using social media advertising as a major component of their marketing campaigns.
We've been told time and time again that social media advertising is crucial. The question is, how effective is it? Is it true that our digital footprint should extend to social media platforms in order to increase brand awareness and sales?
There are plenty of compelling statistics that will show the importance of social media advertising. One of them is that 40% of consumers use social media to research different brands before making a purchasing decision--and that's just one side of what social media advertising can do for your business.
Why is social media advertising still touted as one of the top ways to market your business, grow your consumer base, and increase sales? Let's take a look.
The number of social media users across the globe has steadily risen over the past two decades. Better still is that we can trace which demographics are using which platforms, making it exceptionally easy for businesses to target their consumer base using social media.
For example, roughly 90% of 18-29-year-olds have at least one social media account. While they're spending most of their time on Instagram, Twitter, and TikTok, Facebook remains the most popular social media platform across all age groups.
To make the case for social media advertising more compelling, the majority of every demographic is logging onto social media on a daily basis. What that means is that while older platforms for advertising--such as television and radio--are reaching fewer people, social media presents a surefire way to connect with consumers almost every single day.
Chances are, we've all noticed that our targeted ads are becoming more, well, targeted. You might Google a product only to find that product--and similar products--popping up all over your devices. You may even live in a household with someone who made a purchase that then starts to shape your targeted ads.
Today's marketing technology has unlocked possibilities we never would have dreamed of twenty years ago. We can look at everything from consumer demographics to the shopping habits of those demographics to the content shared by individual consumers. All of that information allows us to personalize our social media advertisements and show potential customers the products we sell at the exact moment that they need or want them. It's a powerful advantage of social media advertising.
A/B testing is an effective way to see how different consumers experience different advertisements. Were they interested in what they saw? Did it compel them to do further research or, better yet, make a purchase?
A/B testing can be extremely expensive when you're trying to track the effectiveness of mass advertising. For example, companies would have to spend millions to test the effectiveness of a television ad campaign.
However, social media advertising is one of the lowest-cost forms of advertising a business can invest in. That means that you can run a number of different ad campaigns on social media in order to test the effectiveness of different styles of content and calls to action. After an initial investment into these different styles of advertising, you can focus your future budget on the type of advertising that was most effective.
Of course, what all businesses want is for advertisements to convert directly into increased sales. However, any good business owner knows the importance of starting with one primary goal in mind: building brand awareness.
With the growth of online sales, competition is steeper than ever and consumers are whip-smart when it comes to doing their research. At the end of the day, they're almost always going to shop with a brand they've heard of over a brand that they're coming across for the first time. That familiarity creates a sense of trust: "I've heard of them--and I've heard good things--so this is a safer place to spend my money."
As we already mentioned, social media advertising is some of the most low-cost advertising available. It also has the potential to reach the vast majority of your consumer base. That means that if you're looking to build brand awareness, social media advertising is the place to start.
Alright, so now let's talk about the coveted conversion: a consumer sees your ad, they like what they see, and they make the purchase.
One of the easiest ways to up your sales is to make buying your products as easy and seamless as possible. Social media platforms like Instagram know that and they want to help you reach that goal. So, what did they do?
They added the beloved "Swipe Up" option, creating a whole new world of social commerce. Now, when you send out your targeted ads to Instagram users, you can build a buying option right into that post. That means that rather than saying something like, "Link in bio," you can create the ideal call to action: "Swipe up to buy now."
As we've demonstrated, social media advertising is one of the most effective marketing strategies at your disposal. The problem is that without a working knowledge of how these platforms work and how they're being used, you won't be able to reap all of these rewards.
That's where companies like Bear Fox Marketing come in. When you partner with them, they align their digital advertising expertise with your business goals to unlock your full social media potential.
The experts are right: social media advertising is still a lucrative option with a strong ROI in 2021. If you're not using your social media platforms wisely, you're missing out on some serious opportunities.
Looking for more ways to boost your business in 2021? Take a look around to find out the latest in business news, marketing tips, and technological updates.
