How SMEs Can Take Advantage of Social Media Advertising for Scalability
How can your business take advantage of social media advertising in 2023? Continue reading to find out.
For every company out there, there is an in-depth goal to increase its market share in both the local and global market space. The profit margin of a company is largely dependent on the audience at its disposal. Before now, companies have used various forms of advertising to promote their product in order to reach their target audience, including traditional forms like newspaper publications and radio broadcasts. These ad methods delivered effective results until the masses moved to social media.
Currently, with over 3.7 billion people on different social media platforms engaging their times in ways that make them happy, every business should definitely have a cut of this mass audience as their potential customers. With people of different demography, gender, age, and behaviors all in the social media space, there is absolutely a guarantee that every company’s audience is represented in this space. Amongst the various forms of advertising, social media ads have in recent times dominated the advertising sector.
Taking Advantage of Social Media Advertising for Scalability
Companies have multiple options in the form of platforms that deliver massive results through the audience at their disposal. Facebook alone has 2.9 billion active users at monthly intervals. Also, there are over 10 social media platforms for individuals and organizations to choose from, including Facebook, Instagram, Twitter, Pinterest, etc. when choosing to promote their brands.
Social media advertising is very effective because of its conversion rate. On average over 28% of users on the internet have agreed to make choices of brands and products when they saw them as ads on the internet. Over 80% of the United State population is using one or more social media platforms. This has worked for both sellers and buyers. For the buyer, it has created awareness of new products to choose from and updates on existing ones.
The Promoter or organization gets the most out of it, as they get to increase sales conversion, grow audience reach, help to understudy competitors, and boost brand image. However, this result is tied to how engaging the content is, using the right keywords for written content and clarity for video ads.
Also, deciding the type of content type to create for your ads is a key factor to be considered. Different ad types work differently for different niches and purposes. You could either use ad copy (written text) or use visual content.
Tips to Help you Choose Content Type
Here are a few tips to consider when deciding which content type to go for:
- Consider what you’re trying to promote and then determine where on which platform your audience is more likely to be represented.
- What is the conversion rate of such a platform and then decide which content type would work better there between visuals and ad copy?
How to increase your conversion rate, consider these factors:
- Study and categorize your audience based on their demographics, age, location, and psychological factors influencing their behaviors towards brands.
- Decide the type of ads that would deliver the result you seek.
- Create compelling content that targets your desired audience using keywords that users can relate to. Place your ads in positions where they’re seen clearly.
- Create an appealing landing page with a brief description and a call-to-action icon, to help your visitors make quick decisions. Link this landing page to your ad and once people visit, swiftly collect their data and follow them as they are your prospective customers.
Conclusion
In conclusion, the result from an ad may not deliver the desired outcome the first time. But certainly, it will leave you with clues to help you improve on subsequent ones. Always track your ad performance and measure conversion rate by dividing conversion by the number of impressions and then multiplying it by 100. The formula is = Conversion/no of Impression * 100. This will help you know the ad or platform that delivered the most results.
Emmanuel Otori has over 9 years of experience working with 100 start-ups and SMEs across Nigeria. He has worked on the Growth and Employment (GEM) Project of the World Bank, GiZ, and Consulted for businesses at the Abuja Enterprise Agency, Novustack, Splitspot, and NITDA. He is the Chief Executive Officer at Abuja Data School.
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