10 Important Factors You Shouldn’t Ignore When Budgeting For A Social Media Campaign

Oct 2, 2019 | Social Media Marketing | 0 comments

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On the outside, social media marketing may seem like an inexpensive and “easy” tool to use when targeting your brand’s ideal customer. However, there are many factors that influence how successful those social media campaigns will be.

Without understanding these factors, some brands may use a large chunk of their budget on social media campaigning only to find that they didn’t reach the correct audience or their message wasn’t spread wide enough. That’s why we asked a panel of Young Entrepreneur Council members to explain one important factor for brands to consider when deciding how to allocate their budget toward social media marketing. Here’s what they had to say.

Photos courtesy of the individual members.

1. Who Your Target Audience Is

You can’t reach every single person online with your social media marketing. It’s not only expensive, but it also is ineffective. After all, not everyone will be interested in what you have to offer. So, it’s important to identify your target audience when deciding how to allocate your social media marketing budget. Identifying your target audience will help you create more focused and successful social media marketing campaigns. Create a buyer persona or social user persona to get a clear idea of the type of user you want to target first. – Stephanie Wells, Formidable Forms

2. Where Your Audience Hangs Out

Social media marketing contains many moving parts. The most important factor you need to consider before you allocate your budget is the location of your audience. Some consumers prefer to hang out on Facebook, making lead ads effective. On the other hand, those with other interests may hang out on YouTube, making the idea of creating and funding a channel attractive. Your audience will likely travel through multiple social media channels. You have to pour through the data and see where they hang out the most and use that data to create an effective social media marketing campaign. – Blair Williams, MemberPress

3. Consumer Engagement

Social media marketing comes down to one pivotal factor—how you engage with consumers. Paid ads are great for reaching out to consumers who have no idea you exist. You can fine-tune your settings to reach a specific audience. Social media managers can go to groups online and talk to people who are interested in your niche but unfamiliar with your brand. If you’re well-funded, you can utilize both of these resources with a hybrid system. However, new business owners may have to pick whether they want to use targeted ads or a social media manager. – Syed Balkhi, WPBeginner

4. Your Overall Marketing Strategy

When starting out, many brands prefer to cut corners and do most of the work themselves to save money. However, this can have damaging effects in the long run if you aren’t skilled at what you’re doing, specifically social media marketing. We like to think of it as a relatively easy tool to use, but the truth is that every business needs its own marketing strategy to grow and build a customer base. Set part of your budget aside to hire a consultant who can give you valuable advice on how to set up your social media and refine your strategy. If, after a few meetings, you still require assistance, you can look into hiring a social media manager for all your business accounts. – Jared Atchison, WPForms

5. Quality Content Creation

When it comes to a marketing campaign on social media, quality content is key for conversions. A big percentage of the marketing budget needs to be allocated to content creation. The copywriting, photos or graphics and videos are what the audience sees, and the success of the behind-the-scenes marketing strategy is dependent on the quality of the content. The content needs to be created for the right audience. The content should consider the following questions: Who needs these products and services? What are their pain points? What is the specific call to action? The actual marketing part of the social media campaign will only be effective if the content is targeted and relevant. – Diego Orjuela, Cables & Sensors

6. Platform Engagement, Activity And Content Preferences

It is very important for brands to know what social media platform has more engagement, what time your followers are more active and what topic is more “likable.” It is also vital for brands to really know who their demographic is to help us more in what topics to post and what kinds of content to create. Topics and content must be relatable, hashtags must be trending and popular and the influencers you collaborate with should also be influential and, at the same time, share your mission and vision. – Daisy Jing, Banish

7. How Well You Resonate With Your Audience

Social media is all about resonance. At Lunya, we know that investing in social spend will be inefficient if we aren’t resonating with our audience in tone, visuals and message. While it’s worth exploring, you need to remember how many people it takes behind the scenes to make one campaign resonate well. – Ashley Merrill, Lunya

8. Authenticity And Conversational Tone

As social communities become ubiquitous, brands need to understand that social campaigns need to be more of a conversation with the audience rather than traditional distribution channels. Anything that appears too corporate or “forced” will feel inauthentic with the audience. Brands that see social campaigns as a way to start a conversation to spur new content, product suggestions or any other community-driven outcome stand to see lasting campaign effects beyond just their social channels. Successful brands are able to take this conversation beyond the social silo, and that is where the true impact of social media is uncovered. – Kyle Wong, Pixlee

9. The Best Platform For Your Campaign

The number of options available to you for marketing on social media is numerous, but you need to narrow down your strategy to target specific channels. While putting all your eggs in one basket isn’t the best strategy, posting on every social media platform to test and see what sticks isn’t going to yield any results either. The first step is to determine the audience that you are targeting and figure out which platform they use. Marketing on Twitter when your target audience is primarily on YouTube is a waste of effort as well as money. Once you have determined the platform, creatively curate platform-specific content to engage your target audience. A well-thought-out strategy is a must to make sure that the funds allocated are optimally utilized and yield measurable outcomes. – Rahul Varshneya, CurveBreak

10. A Plan To Continually Test New Channels

Relying too heavily on social media advertising alone is not without its risks. It means, by and large, you are accepting that Facebook will function as a gatekeeper for your entire customer acquisition strategy. The risk therein, as many brands have experienced over the past several years, is with decreasing ad loads and increased competition strategies that worked last year but may be rendered powerless today. As such, allocating too much of a budget to any single channel is unwise. We advocate allocating a certain amount of marketing budget to always testing new channels—even if they will likely be unprofitable—with the goal of finding new opportunities for capital allocation before existing channels lose their efficacy. – Colin Darretta, WellPath



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