At first glance, the value of social media marketing might seem difficult to pin down. But we’ll cut to the chase: a strong social media presence, both organic and paid, is profoundly beneficial –if not imperative– to the success of your brand.
Worldwide, people each spend an average of 2 hours and 15 minutes every day on social media. Society is officially spending 15 minutes longer every day on social than it is watching TV. Additionally, Adobe’s State of Digital Advertising 2018 report discovered that 50% of Gen Z and 42% of Millennials think social media is their most relevant channel for ads. That being said, it’s no surprise that the latest CMO Survey predicts a 200% increase in social media advertising spend by 2023.
So, what makes social media such an appealing and effective marketing channel?
Social media allows for highly targeted advertising. You can create audiences based on interests, age, location, background, gender, and tendencies. You can also exclude certain populations based on the same ideas. This makes for deeply customized, relevant, traceable marketing where warm leads can view up-to-the-moment content and click right through to your website.
Social sprout reports that 70% of Gen Xers are more likely to make purchases from brands they follow on social. That is because social media enables brands to engage followers in a more personal, conversational environment without asking for anything in return. This allows companies to build meaningful connections with customers, establishing trust and strong brand loyalty – an investment worth its weight in gold in such a competitive market. Harvard Business Review explains why these “fully connected customers” are 52% more valuable than others. These consumers are brand-loyal, less price-sensitive, shop more often and have a higher lifetime value overall.
Additionally, social media ads are a highly accessible and affordable option for businesses. Facebook offers a very low national average cost per click (CPC): $0.26. That is compared to an approximate average of $3 CPC across major US industries in Google AdWords’ Search network. Of course, the cost of your campaign depends on many factors such as objective, bidding strategy, audience, and industry. But, the minimum Facebook ad spend is only $1 per day, so you don’t need to make a massive investment to jump into the game.
Success on Social
Like in all marketing, having a clear and cohesive strategy is the key to success. Developing a game plan for social messaging, scheduling, and engagement is imperative. Big companies have luxuries like brand recognition and budget. Smaller businesses have the advantage of authenticity. By correctly leveraging your organic and paid presence on social media, you can vastly improve the bottom line of your business.
Small Dog Creative works with businesses of all sizes to tailor a marketing strategy that fits. If you have any questions regarding your marketing and advertising, please contact our Small Dog Creative team at 661-702-1310.