[Author: Noreen Fishman]
Social media makes up a significant portion of today’s marketing activity, with paid social media advertising representing a large chunk of marketing budgets. In fact, in 2022, ad spending on social media reached over $173 billion. As you can see, lots of companies have invested in paid social media. Are you one of them? If not, are you trying to decide if it’s worth it? We have some thoughts, which we’ll detail here.
A Refresher: What is Paid Social Media?
Paid social media refers to the method of displaying advertisements or sponsored marketing content to users on popular social media platforms, often targeting a specific audience segment. Various forms of PPC, branded or influencer-generated content, and display ads are all types of paid social media. They normally have a “sponsored” or “promoted” tag near the posts. While every social media channel is different, they each have their own form of paid advertising. For example, Twitter offers sponsored short-form content while Instagram focuses on paid visual content. Each platform has its pros and cons and caters to a unique audience, so your paid strategies should differ and be tailored to the tool’s particular users.
Your Objective is Key
In order to determine if paid social media strategies are right for your firm, you need to have a clear understanding of the value of each. Think of each platform as a unique journey for your potential clients. They start by noticing your firm in their newsfeed and end up at a desired destination – such as an email subscription, content download, or pursuing your firm’s social media profile. One of the great things about social media is that there are a lot of tools available that can help you to get smarter about your audience and what they’re doing so that you can plot this journey. There are a variety of settings, filters, and other criteria to help you narrow down who is most likely to engage with your firm….