Business Forum: Ad It Up — Cost-Effective Social Media Advertising
Location. Location. Location. It’s everything when it comes to real estate… and social media advertising. Where you advertise determines how much you’ll pay. For instance, Facebook Ads allows you to choose from several different filters to target customers for as little as $1 per day. While Google Adwords can cost as much as $100 for a top position. So, make sure you know your target audience, whether you’re advertising B2B (business to business) or B2C (business to consumer) and test, test, test – meaning advertise on a few social media sites to see which one receives the best response. Take a look at your findings and determine your long-term social media strategy. Keeping all of this in mind saves you time and money, providing the best ROI (return on investment) possible.
The simplest ad you can get on Facebook is designed to get your page more likes. If you’re looking for something more advanced, Facebook offers options for that, too. It’s recommended to start with a low-cost CPC (cost per click) rate before venturing on to CPM (cost per impression) budgeting.
Here you’ll pay to reach more people or to gain more followers – the choice is yours. Twitter recommends a minimum bid of $1.50 per click, with a sliding fee for “Promoted Tweets.” Simply put – the higher you bid, the more likely your Tweets will be promoted. You pay when your Tweet is clicked on. Using Tweets that link back to your website are the most cost effective.
If you’re marketing B2B, LinkedIn is the way to go. Ads work very similar to Facebook, with more advanced options offered. Detailed targeting options are offered with additional features for age, gender, job title, etc. Options exist for PPC and CPM and they’re a bit expensive, with a minimum of $2 per click based on a minimum daily budget of $10 along with an activation fee. However, as an added bonus LinkedIn provides a Lead Collection system, which makes the higher pricing well worth it.
Do the math – ad it up. Investing in social media advertising pays for itself.
How has social media advertising increased your bottom line? If you have successfully used social media advertising, tell us about the biggest success you’ve had with it?
We want to hear from you! Let us know the answers to these questions below. And, feel free to share your tips on social media advertising.