Social media advertising has become an integral part of every marketing strategy. Be it startups entering the market or big companies finding new ways to reach their target audiences – social media is now the digital portal to engage with customers like never before.
There are several big names in this competitive landscape that have started exploring various options for social media advertising. For instance, you must surely remember the impactful Spotify Wrapped campaign which took over the internet. It was noticed that the online music streaming app gained over 60 million shares from a total of 90 million users!
Social media advertising in today’s world is not just a method for reaching audiences, but also to maximize profits in the most effective manner. Let’s explore the digital world of social media and understand the true potential it represents.
What is Social Media Advertising?
Social media advertising, under the umbrella term of digital marketing, is a method of delivering paid advertisements to specific target audiences. There are a plethora of social media platforms which allow merchandising through marketing campaigns to boost revenue streams of businesses across the digital landscape. The various types of social media advertisements that are relevant in today’s world include:
Static advertisements are the most commonly used paid social media type of advertising. This simple, yet appealing way of showcasing a brand’s offerings has become popular with effective copywriting. The text on creatives is more likely to grab the attention of customers than photo ads without attractive copies.
Stories were first started by Instagram and was followed by other major social media platforms due to their attractive nature. Story ads are effective for increasing the number of website visits through the “swipe up” action.
Video ads are short-form advertisements which help to not only present the new product or service but also a great way to perform brand storytelling. These have gained traction on platforms including Instagram and YouTube.
How do Businesses Decide the Social Media Advertising Cost?
Do brands need to keep a track of the advertising cost of social media marketing? For sure! Even though it depends on the platform and the audience, it is advisable to always have a social media advertising budget to keep a track of activities as well as return on investment.
By strategically analyzing the social media advertising cost of a particular quarter or a particular campaign (depending on the type of business), brands can make use of social media channels to gain traction in 2023. Advertising cost of social media isn’t limited to one range although it is advised that the average social media advertising cost should be around $15 to $200 per day to $450 to $6,000 per month (in case your brand has hired a digital marketing agency or consultant).
The average spending cost without an ad agency is mostly higher than while working with one. However, it mainly depends on the size of the brand or the type of advertising campaign the company is working on or even the growth opportunities of the industry.
Which are the Most Popular Social Media Advertising Companies?
There are several social media advertising companies offering social media advertising services to various brands. Here are a three of the most popular social media advertising companies in the market today:
With tremendous growth of social media in recent times, Sociallyin has become a great advertising company for content production, paid social advertising and several other services. Being a 100% socially focused agency, it is currently helping brands expand on their social media presence.
Offering a variety of services, LYFE Marketing (LM) specializes in improving social media presence with exceptional services. The company is built around the importance of developing brand awareness, building customer relationships and ultimately driving website traffic.
SmartSites is an award-winning digital marketing and social media advertising company. It offers a plethora of services to its clients including web designing, pay-per-click advertising, organic SEO, social media advertising services and even email marketing. Believing in the motto of “real people drive real results”, its global presence is recently gaining traction.
Which Trends to Follow to Ace Social Media Advertising in 2023?
With social media becoming increasingly prevalent with the boom of digitalization, there are several trends driving the growth of the industry. Social media channels can be effective portals to boost authentic, engaging and personalized content for appealing to the different types of audiences. It is important to note that these trends keep evolving considering the highly volatile nature of social media advertising. However, as per analysis and understanding the landscape of brands competing on social media, here are the three most recent trends to help brands reach the summit of success in 2023:
Short-Form Video Content for the Win
In this fast-paced world, people are less likely to look at static advertisements directly aimed at increasing sales or profit. Short-form content, especially in the video format, is gaining immense traction in recent times.
For instance, it is evident by the relevance of TikTok content and advertisements that short-form video content is witnessing explosive growth. Another example of short-form video content is through YouTube Shorts. Will there be an even shorter form of media soon? We shall find out soon!
Influencer Collaboration to Drive Paramount ROI
Are influencers still catering to targeted groups to help brands reach specific audiences? Yes, they are! People follow several musicians, artists or fashion enthusiasts, helping them expand their fanbase. These micro or semi-macro segments are then targeted by performing interesting activities which add to a brand’s value during sponsorships.
For instance, the collaboration of Dunkin’ Donuts with Charli D’Amelio gained a lot of traction on TikTok. For a brief period of time, the brand renamed her designated drink as “The Charli” which led to a 57% increase in app downloads and a 45% hike in sales of Dunkin’ Donuts!
Hiring Agencies for Social Media Management
Brands cannot juggle everything. Even if they do, there are chances that one of their brand activities would experience a fallout. In 2023, the smartest thing for businesses to do is to hire a third-party social media management team or agency for managing all social media activities. This will help brands to focus more on other aspects of their business which are more crucial.
For instance, TBWA (a disruptive advertising agency) has worked with Nissan for several social media campaigns over the years. They aim at using social media for impactful marketing campaigns, boost brand awareness and ultimately drive sales.
With effective social media advertising campaigns, allocating budgets and improvising with various ideas can ascertain adding brand value to companies today. As social media platforms are extremely relevant and popular among huge groups online, it’s essential for brands to tap onto social media channels which will drive the most successful campaigns.
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