Many advisors are hearing buzz about the benefits of paid social media ads and are asking themselves whether or not they are worth the time and money it takes to start a campaign. The short answer: YES!
Social media user profiles outline important demographic facts such as status updates, birthdays, occupations, hobbies, location, and relationship status. This allows you to target exactly the right people. Looking to reach 55+ engineers who like to travel, play golf, and live within a 20-mile radius? How about 50-65 year-old single women who need financial advice? Social media advertising can place your targeted message in front of these people. It eliminates the guesswork and puts an end to wasting money on reaching the wrong audience.
Just as your approach to each social network is determined by your overall marketing strategy and goal, your social advertising goals will also determine which platform or platforms will provide the best advertising performance. Are you trying to gain more followers? Promote an event? Drive people to request information from your website? Your choice of campaigns will depend on this goal. Also, like other advertising campaigns, you want to track what is working and what isn’t. Use the analytics social networks provide to measure performance against your goals and to help determine your return on investment (ROI).
Here are 3 major benefits of social advertising, regardless of which platform you utilize, with some examples from my own personal networks.
#1 – You can stop wasting money on reaching the wrong people.
Social advertising allows you to not only specify your demographic to age, gender, and location, but also lets you define job title, broad interests, relationships, and businesses they are connected to. This feature ensures that only people who may become potential customers see your message. This is huge if you are seeking out people with a specific income or industry experience.
Twitter takes this one step further and allows you to filter users that use a specific keyword. Not only are these users in your target demographic, they’re also talking the same language as you! Filter “#retirement” or “#invest” and now you’re in touch with people on the same page as you.
#2 – Have your clients promote your business for you.
Word-of-mouth is one of the most sought after ways to drive business, and social networks are built around this concept. Information and activity is easily shared on social networks, and the same goes for social ads.
Facebook lets you advertise and promote specific page posts. The below post showed up in my Newsfeed based on my profile demographics. It tells me which friends like this business and gives me the option to like, share, and comment. Facebook is doing all the word-of-mouth work for you!
An ad on twitter is known as a “promoted tweet.” This is a regular tweet that shows up in user’s Newsfeed beyond your current network. This promoted tweet can be re-tweeted, replied to, and favorited just as a regular tweet is, even though the user is not following you. This ability to share information outside of your network creates more engagement and impressions than a tweet would make on its own without being promoted.
#3 – Only pay for what you get.
Unlike taking out an ad in the newspaper or running a spot on the radio and hoping that people notice, with social ads you have the option to pay only if it’s clicked upon, or in Twitter’s case, if the ad is re-tweeted, replied to, or favorited. This means that advertising on your social networks can be significantly less costly than other types of marketing. These ads also work on a bid system, which means that you are in control of how much you want to spend. Each platform lets you set your daily budget, and once you reach that max it stops showing your ad. This control over how much money you spend can be very assuring.
Additionally, Facebook and LinkedIn provide the flexibility to create multiple ads for a campaign. The ads with the best performance will be promoted the most. With this feature you don’t have to do any of the hard work and your best interest is being taken into consideration.
I hope this helps give you a little more insight on what Facebook, LinkedIn and Twitter ads are all about. If you’re ready to dive in, each platform has easy tutorials and suggestions to get you started. Or, contact us at Financial Social Media, and we’ll do all the work for you!