How would you allocate your budget for Social Media advertising?
Radu Stoia, Co-Founder, Ireland
05 August 2016
Let’s talk about how to allocate the budget for a Social Media advertising campaign. We can’t allocate the budgets for you however we can assist you in that decision based on your strategy / targets.
- If Facebook were a country, it would be the world’s third largest
- 78% of consumers trust peer recommendations even if it is from complete strangers.
- Only 18% of TV campaigns have a positive ROI
- 24 out of the 25 largest newspapers in the world are experiencing record declines in circulation
- The most important ROI of social media is that your business will still exist in 5 years.
Another question that you might have is “Why go Social”
“An additional piece of advice: Allocate a big portion of your social media budget on organic marketing instead of paid advertising on social media.”
“Now, what portion of your budget will You allocate to social media?”
Do your research.
- Where does your desired buyer/audience hang out? If there are multiple audiences then create a persona profile for each of them.
- What does each of these audiences care most about? Try to understand them through the lens of their online sharing and behavior.
- How can you put yourself in front of each of the target audiences via their preferred channel with messaging that will resonate with them (because you know what they care about from the research)
After the research is done, start small and put the persona profiles to work. Start with 1-5 euro/day and keep an eye on statistics.
You should see how your audience grows, during the first 3 months we would advise to do some AB Testing. Check what goes better for your audience, change text, image or call to action.
After a minimum of 3 months, now that you have an idea what works better you can start increasing the budget to 25-50 euro/day. Once we got here we should start seeing an increase in leads or depends what is your strategy an increase in Brand Awareness.
If you have questions, or just want to add more ideas to the discussion, don’t hesitate to leave us a comment, we would love to hear from you.
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