If you’re still relying exclusively on traditional advertising to market your company’s products and services, you’re missing out on a something big. Social media marketing presents a huge opportunity to reach more consumers at a lower cost. Not only will you reach more consumers, you are able to target the right ones.
At Kingston Webworks, we’re passionate about helping local business thrive by making sure their message makes it to the right audience. By moving your advertising away from traditional methods to social media, you can generate a better return on investment. That’s not to say traditional advertising isn’t effective but social media advertising can lead to more customers, more sales, and more profit.
Better Opportunities To Nurture Leads
Social media advertising is a much more effective way to nurture leads and transform prospective customers into loyal ones. This is because social media allows you to engage and interact with consumers unlike any other advertising platform. By establishing a two-way relationship between your company and a consumer, you’re establishing trust which can then present lucrative opportunities.
Social media marketing also allows you to establish your company as an industry thought leader. Rather than just publishing ads for your products and services, you can promote things like blogs and free downloadable content. Advertising free material like blogs, whitepapers, and E-Books provides people with valuable information and establishes a relationship with your brand. Using an inbound marketing approach like this is beneficial to your business because you can generate interest among consumers and then sell them on why they should do business with your company.
This is something you can’t really do with traditional media. If I see a billboard or commercial for a product I like, I have to go to that store to purchase it. With social media advertising, as soon as I see an ad I can click on it to learn more.
Having this ability is a great way to help nurture leads and move them through your sales funnel.
Save Money Online
Not only does social media present better opportunities to nurture leads, it’s also way cheaper. Now assuming that with traditional and social media there are additional costs and time spent to create, develop, and print materials that are relatively similar. Let’s look at what the cost to reach people is.
According to LinkedIn, you will spend about $57 on direct mail advertising to reach 1000 people. On social media, you can spend under $3 to reach that same audience. Take a look at the chart below to compare the different prices to reach 1000 people.
You might be wondering how the prices can vary so much. What it comes down to is it’s just faster and more convenient to advertise online. In just a few clicks you can have you ad broadcasted out to people. With more traditional print methods like newspapers, they have to be physically delivered to the consumer which takes time and has costs for people to do that. With television and radio, there are also spikes when more consumers are engaged so these companies inflate their prices.
Even if your social media advertising only brings in the same number of sales as your traditional methods, you’ll still be saving money compared to what that billboard ad would have cost you.
It should come as no surprise but more and more people are using technology than ever before. Mobile usage has skyrocketed and changed the digital landscape completely. PAYFORT, a company that looks at online usage has said that the average consumer spends around 6 hours online every day. Of those 6 hours, mobile usage represents 43% of that. Those numbers also represent a wide age range of consumers. Not surprisingly, their data saw an increase in consumption time as age decreases. If the key demographic of your business is 16-24 for example, you need to be online.
When you compare those numbers to television consumption, you should be convinced for sure. According to the same study by PAYFORT, average television consumption is around 2 hours a day. That makes sense though, as streaming services like Netflix have increased in popularity and more people choose to watch their favorite television shows online.
Now even though the data has shown that people are engaged more with the internet than television, you might be wondering where they’re spending their time. Spoiler Alert! It’s on social media. Research has shown that as social media networks continue to grow, social media usage now accounts for 1 out of every 3 minutes spent online. Think about that. If the average consumer spends 6 hours online every day, 2 of those are on social media. That’s a huge marketing and advertising opportunity for brands.
Reach The Right Consumers
One of the biggest differences between social media and traditional advertising is the audience. With traditional media like a bus ad or a television commercial, you don’t really know who exactly is seeing your ad. A media sales rep will tell you that your ad will be viewed by 20,000+ people a day but that really doesn’t mean anything. If you sell snowboards and 80% of the people that see your ad don’t snowboard, you’re wasting your money.
With social media advertising, you can target the ideal consumer for your business. Advertising on Facebook is one of the most effective ways to make sure your ad is seen by your target audience. Facebook ads allow you to filter your audience around location, age, gender, and language. If you want to get even more specific you can filter it down to things like relationship status and interests. If your ideal customer is a female in Kingston, age 16-30 who is interested in snowboarding; Facebook ads can target them.
It’s not just Facebook though, social media sites like Instagram, Twitter, LinkedIn, Pinterest, and more all offer advertising opportunities to target a specific type of consumer. Within each of these channels are different kinds of ads for you to publish.
Receive Measurable Results
Arguably one of the best parts about social media advertising is receiving measurable results. This means you can see data in real time and take immediate action, discover trends, and realign campaigns if you have to.
If you use traditional advertising and it doesn’t produce many leads, you’re left wondering why it didn’t work. The analytics and data you get from social media ads can show you why your ad wasn’t effective. Maybe the ad generated a lot of clicks but people left soon after they got to a landing page. This tells you there was something on the page that didn’t work well.
This kind of insight and data just can’t be determined through traditional ads (unless you want to stop everyone that drives by your billboard and ask them to complete a survey).
Data is one of the most important resources a marketer can have. It’s essentially a report card for your ad. If something isn’t working, the analytics and insights you can get from your social media ads allow you to readjust campaigns and turn a failed ad into a success.
Want To Learn More?
If you’re interested in learning more about social media advertising, we’re happy to help you get started. Together our team can help you develop an effective social media strategy and advertising material to help your business thrive. Our lines of communication are always open to businesses in Kingston and the surrounding area. Feel free to contact us at anytime, we are more than happy to help you grow.