The Cost Value of Social Media Advertising

We’d love to be able to guarantee how much every social media ad will cost. Unfortunately, it’s not that simple. Because advertising is based on an auction system, ad costs will fluctuate daily (or more often) depending on a variety of factors, including ad algorithms on different social media platforms, what kind of customer you’re hoping to acquire, and which action you’re hoping they take on your ads.

According to Statista, social media advertising spending in the U.S. is expected to reach over $94.4 billion in 2023 and social media spending accounts for $1 in every $3. The number of social media users keeps rising year by year, it’s predicted that most probably by 2028 there will be nearly 6 billion people using social media around the globe. It is crucial to understand that social media have value, and they can help your business to boost leads, drive brand authority and generate revenue.

If you wondering who is looking at ads on social media, according to a study 84 percent of marketers are targeting Millennials in their social media strategy, followed by Gen X (52%), and Gen Z 22%. When it comes to gender, women tend to spend a greater share of their online time using social media platforms, but social’s share decreases with age across all genders according to Digital 2023: Global Overview Report.

Boost engagement on social media

Social media platforms are designed to make people engage with one another. Due to its interactive nature, social media is the best channel to build rapport with followers. In social media, you can get very personal by putting faces to names and improving your customer service efforts. Interacting and selling on social through social commerce allows you to make people feel special when you speak directly to them and drive engagement based on feedback, comments, or reviews. Additionally, social media is a great opportunity if you are looking to promote special offers and contests or share the news. That can lead to further engagement with new followers.

However, in order for all this to work out, you need to make good planning in order to ensure that created great content that will make people engage with it. For example, relevant posts, videos, or images can help you gain positive reactions, which in the end it will lead to engagement. The time spent on social media apps is constantly changing. While Facebook was the most popular platform, people nowadays, spend more time on YouTube and TikTok. This is an important thing to consider in your content strategy as video continues to punch above its weight in terms of engagement. 

Satisfy and respond to your customers

Everything is based on the customer experience. Social media can provide you with a real-time way to answer questions for your customers. Also, it allows you to create relationships by allowing you to reply right away to their comments. This might be a scary prospect, but it is the best way to show your customers that you actually care about them. According to a study by Gartner, by the year 2025, 80 percent of customer service organizations will have abandoned native mobile apps in favor of messaging for a better customer experience including apps like WhatsApp, WeChat, and Facebook Messenger.

Furthermore, social media will also enable you to counteract negative occurrences such as the need for a product recall or respond directly to negative press. This allows you to be proactive, so people know you are aware of issues and are acting on them quickly. Be aware that social media can also become a venting channel for unhappy customers. However, if you have people venting about an issue with your brand on social media you have a chance to publicly reply to make things better and fix the issue.

Build Brand Awareness Across Accounts

Another important value is Brand awareness which is always important for your online presence. Stackla reported that 76 percent of people say user-generated content impacts their purchasing decisions and is 9.8 times more impactful than influencer content. This is most probably happening due to the fact that people trust other people and reviews, testimonials or recommendations can help build trust and influence purchasing.

Let’s have a look at three big social media platforms to see how to use them to build awareness and drive engagement:

Instagram

Instagram has over 1.3 billion users worldwide, and it is definitely a platform to have a presence on. People use Instagram to post or share videos and images which makes it a go-to for engaging youngsters and millennials. Instagram offers a range of interesting and engaging video formats, and additionally, it offers businesses a great way to share branded content whilst using influencer marketing and UGC.

YouTube

YouTube was created specifically for sharing videos. According to a Google Study, 59 percent of people state that YouTube ads are more relevant than those on other streaming apps. Respondents also ranked YouTube as the number one video service and social media platform to find honest and detailed information. Furthermore, YouTube Shorts has also created new opportunities for brands with this format getting up to 30 billion views per day. How-to and tutorial videos are also popular on the platform so if you take the time to explain a service or explain how a product is used, it may be a good way to communicate with prospects.

TikTok

TikTok’s ads have the potential to reach over 1 billion people with 39 percent of its audience between 18-24 years of age. TikTok is one of the fastest-growing social apps and of the most popular affiliate marketing platforms for 2023.

Whichever social media network you choose to use, it’s about understanding the audience, creating content that resonates, and being present and active. Value social media and you are bound to see results.

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