One could say that social media is here to stay, making it imperative for businesses to understand how to properly manage advertising across the various platforms. Whether you are new to social media advertising, or you have been at it for a while, when you are struggling to determine concrete ways to measure advertising success, your efforts can feel pointless.
Remember that when you manage social media advertising right for your brand or company, the medium of social media should ultimately help build brand awareness, indicate purchase intent, and drive traffic to your website or online store. In an effort to simplify something that isn’t always so simple, we are giving you a breakdown on social media advertising and providing benchmarks to help you measure success.
Know the Goal of the Advertisement
Before you plan to start an advertising campaign, it is important that you understand the goal of the advertisement or advertising set that you're preparing to host. Common goals associated with social media advertisements are:
- Goal: Community Growth - These advertisements are specifically designed to grow your community and attract new people to follow your brand or to “like” your page. At DMA, we recommend that you run an advertisement on a monthly basis aimed toward this goal. Investing anywhere from $100/month to $1,000/month can reap your brand benefits and help shoppers find you on networks like Facebook, Twitter and LinkedIn.
- Goal: Engagement - This approach to advertising is commonly executed by “boosting” a post and elevating it to your community in their "feed". These advertisements can be an affordable and effective way to ensure your posts are seen, "liked", commented on or shared. At DMA, we recommend that you plan to put a minimum of $100/month toward boosting posts, tweets and pins if you intend to increase engagement.
- Goal: Drive Traffic - If you decide to run a traffic advertisement, the goal of your post is to drive traffic away from activity within the social media network and toward your company's website or blog, for example. At DMA, we have experienced a higher cost per click or action when conducting these advertisements as well as a higher level of traffic from the social media network! If you are seeking to boost your website traffic, these advertisements work their magic.
Understand Advertising Benchmarks by Social Media Network
As explained previously, there are different types of advertisements based on the goal of the advertisement. In addition, there are variables in the way that we view benchmarks per social media network to help us determine if an advertisement was an affordable and successful solution. As we take a look at the various social media networks, note that the benchmarks below are being set based on our current book of clients and their general performance/expense in 2020.
Facebook is the most widely used social platform in the world, making it one of the biggest for social media advertising as well. Because Facebook is so large and reaches so many people, your advertisement has a better chance of being seen by the types of people who are interested in the information that you're sharing! This makes Facebook advertising one of the most cost efficient platforms in the social landscape.
Using Instagram advertisements, we've found that engagement ads are extremely effective in garnering likes, comments, shares and follows. On this social media network, we've found that traffic ads are usually not as successful because they require a larger transition (call for you to go outside of the app), and we know that each additional step is a chance to lose your audience.
For companies in the fresh produce industry, LinkedIn offers marketers a great way to connect with potential buyers, partners and suppliers. In addition, the targeting capabilities that LinkedIn provides are the most granular of all the social media sites, which is great because you are easily able to target the exact people you want to reach. Truth be told, this hyper-targeting benefit does come at a higher price. Due to the detailed nature, the cost for advertising to these people is much higher than other social networks. Your leads are so qualified that LinkedIn charges more to reach them.
Pinterest advertising may not be for everyone, but as fresh produce companies who aim to inspire their audiences with delicious and inspired ways to enjoy their products, there is not a better platform! In our experience, we have found Pinterest to be great for driving traffic to recipe pages at a fairly low cost. For a low-risk trial in a traffic driving experiment, we highly recommend Pinterest.
Accept the Reality of the Ever-Changing Advertising Landscape
Overall, social media advertising benchmarks shared here are a good place for your brand to start. If you are adept at managing social media advertising, you already know that half the battle with getting healthy results with social media advertising comes along with its fair share of practice. And over the last 10 years, we have experienced many changes in the algorithms that produce the results on many different platforms. After all of this time one thing we know for sure is that we must accept that the landscape will continue to change and we will be ready to manage through it.
When advertising on social media, remember to refer back to these benchmarks for your brand. See if you stack up or if you're finding better or worse results. Either way, we'd love to hear. If you need help with this aspect of your marketing activities, please contact us and we'll be happy to help and advise you more.