It is nearly impossible to fully grasp the whole concept of social media ads following their always-changing algorithm. We understand that these social media platforms, for example, Facebook, Instagram, and Twitter keep adjusting their rules and changing the games as the trend keeps going. This is why you as a social media ads need to understand how to tackle the social media ads algorithm by understanding each platform and how their ads operate.
Although it is very possible to gain traffics that converts through organic means, but to scale and generate more leads that can truly buy from your brand, you need social advertising since they are the surest way to bring in traffic and sales from day one.
Whether you’re a big brand or small business owner, social media ads are a must to ensure your business growth. Especially if you are looking to stand out from the crowd, and gain content views and drive more sales.
What is Social Media Advertising?
Social media advertising or targeting, are simply advertisements served to users on social media platforms for example Facebook.
To do this right, social media networks utilize information from the users to serve highly relevant advertisements to them based on interest and interactions within a specific platform. In most cases, when a brand targets a specific user demographics of a social platform, depending on the competition of the targeted keyword, the social advertising campaign can provide huge increases in conversions and sales with a lower cost of acquisition.
In this blog post, we will look at the different types of social media ads, their pricing, and conversion rate.
We all know that Facebook is the largest social media platform in the world right now. This is why it is one of the most reliable choices when deciding where to advertise. Another important thing that makes Facebook stand out is its wide variety of demographics, including gender and age. Facebook covers a whole lot in this aspect, and also covers a lot when it comes to interests as well. This is why it always provides advertisers a better chance of closing sales. Because whenever you run an ad, there is a good chance your target audience is engaging with your ads since they are always engaging with the platform.
Facebook Ads Methods and Conversions
Even though Facebook was created to help family and friends connect with each other and share content online, the platform has evolved a lot and is now offering brands and business owners the opportunity to advertise their products and services online in other to reach more buyers. There are three major advertising methods you can choose from when running an ad on Facebook. You should understand that each category is designed to meet a particular need and converts in a particular way. So, you need to choose the category that best describes what you want to achieve. Below are the three categories you can choose from.
Awareness: This type of ad is created with the intent of reaching more users and getting your brand/products in front of potential customers. They may not really buy but just be aware of your brand with the intention of subscribing to your business and paying at a later time or paying as they use your services. An example of this will be network providers like MTN, Glo, etc.
Consideration: With this type of ad, you can send traffic to your website, acquire lead generation through opt-in emails, sales page, and content and reach out to potential customers through Messenger.
Conversion: These ads are created with buying intent. This means you want more conversions on your ads. To do this, you must have your product or shop to give customers a means of shopping directly. Use this ad to drive traffic to your online stores and increase conversion rates.
With Facebook advertising, merchants can target customers by location (Local or Region), occupation, interests, past activity, and several other valuable data points.
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If this is done correctly, you are sure to get a good conversion rate on your ads. According to statistics, the average conversion rate for paid Facebook ads across all industries is around 9.21%. Following this conclusion, we can say that a “good” conversion rate for your Facebook Ads should be around 5% to 10% or more. Since Facebook gives you the ability to reach your audience directly, you can get more conversion if you are able to use the right creative, and target setting.
There are several factors that determine the pricing of Facebook ads. With that said, it is also important to note that ads pricing on Facebook vary as well depending on what you are looking to achieve.
Some of the key factors that make for the variation of ad prices include; your target audience, how competitive the keyword or interest is, and probably your spending budget.
Targeting a low competitive keyword with a high volume of traffic will give you a great conversion rate at less price per conversion.
One thing that makes Facebook ads good is that the more you spend on ads, the more efficient Facebook’s algorithm becomes at spending your money and increasing your ad performance over time, thereby giving you more exposure and improving your conversion rate.
This social media platform is known for its glossy photo and video content, to make it even interesting, people tend to engage more with pictures and videos. This is why Instagram is an ideal platform for businesses and brands that has products that are visually appealing and easily incorporated into visual media.
Instagram Ad Conversion
Because Instagram is based on videos and pictures, it is highly engaging and converts far better than the other two mentioned in this post. It is shown statistically that Instagram has an engagement rate that’s 58% higher than that of Facebook and 2,000% higher than that of Twitter. Research has also shown that Instagram holds a massive user base that is highly engaged on the platform; however, the majority of their users may be of the younger generation.
So, if your brand/business is targeting the younger generation, then Instagram is a good fit for you.
An amazing way to boost traffic to your website from Instagram is through organic posts and stories. This is because organic content is seen as content that solves a particular problem for those searching for it. On the other hand, ad content may be shown to users who may not need it at that time.
But to get increased traffic and get more sales, Instagram ads are sure to give you that extra boost. All you need to do is to link your product pages or landing page to the ads to allow users direct access to the product.
Just like every other ad network, Instagram ad pricing works on two modules. There is the Pay Per Click (PPC) and the Pay Per 1000 Impression (PPM). The thing to note here is that both work hand in hand.
While running an Instagram ad, you may be paying per impression both the charges will be very low. However, when you get a valid click on your ad, you will also pay for that click which will be a bit higher than what you were paying for impression. Let’s say you are running an ad and you have set your daily budget on ₦5k; you may be charged as low as ₦300 per valid click and then ₦12 or below for an impression.
Read Also: The Differences Between Search Ads, Display Ads, and Social Media Advertising
Another thing to note about Instagram pricing is that it is not static, you can run an ad for as low as ₦500 daily and as high as ₦500k daily, it all depends on your budget and spending power. One thing to keep in mind here is that your budget determines how well your ads will convert.
Twitter was launched in 2006 and since then, the platform has become the go-to platform for discovering breaking news, hot and trending gist and it is also known for engaging with small and big-name influencers. Due to its ability to carry hot and breaking news, it has become one of the social media platforms for those who are looking to stay in the know about the latest gist.
This is where many brands and businesses capitalize to reach their target audience.
Twitter Ads Conversion
There are three major advertising options that Twitter offers to businesses and brands.
The Promoted Tweet: These are tweets that you’ve already posted in your account and you plan to use it as sponsored content. This is usually a great way to capitalize on tweets that have a high performance and promote your business. Promoted tweets are the original tweets that you posted to your timeline and then you decided to promote them to appear in the timelines of people who don’t follow your business.
This will allow you to target a large audience of people who you think will be interested in your business. This is because your tweet now appears in front of more users thereby attracting them to your page. By doing this, your account and brand will be able to reach people you couldn’t normally reach organically.
This kind of tweet operates on an auction-based system where you place bids. And your business/brand is charged based on engagements. These engagements may include clicks, replies, retweets, and favorites. If someone takes one of these actions, your business will be charged for it.
This is the type of advertising the takes your whole account and promotes it.
The intention of this kind of ad is to reach users who aren’t following your business. They will see a promoted tweet that features your account and will be able to follow your account. This is usually a great way to help you gain new followers and grow your brand awareness.
When running your ads based on the promoted account, you will be able to target specific audience thereby reaching people who would be interested in your business. Your ads will appear in their timelines, the Who to Follow section, and the search results as well.
Just like promoted tweets, promoted accounts operate on a bidding system as well. You can determine your bid amount based on how much you’re willing to pay for each new follower.
We all know what Twitter trends are. But if you don’t know, Twitter trends are those posts that show up on the left-hand side of your account that says “trends for you”
This is where the currently trending hashtags and topics on Twitter appear. Most of those trends are based on your interests, who you follow, and your location.
For the promoted trends, it appears at the top of the trends list and is tagged with the word “promoted” to indicate paid content.
Like the other ad types, you’ll also have to place a bid to get featured on the promoted trends list. The only difference between promoted trends and the other ad formats is the cost.
Just like Facebook and Instagram, Twitter also offers targeting capabilities, including purchase behavior, interest, and followers, and language. However, Twitter advertising is typically more expensive than Facebook and also converts lower than Instagram and Facebook. This may be probably because it is mostly text and you know images and video ads converts better.
In terms of conversion, Twitter manages to hold up to 0.9% and is proven to have one of the lowest conversion rates. Although the conversion rates vary, this is only an average conversion rate.
Twitter Ads Pricing
Unlike Facebook and Instagram, Twitter ads tend to be a bit higher, this may be because it is mostly on bid level, the winner takes the best spots. So, for your ads to perform well, you will need to spend much more. However, here is a breakdown of how much you may be spending on each type of ad.
Promoted Tweet: For promoted tweets, you may spend anywhere from ₦250 to ₦1000 for each first action. The higher the bid price, the more amount you may want to spend to get your tweet out there. However, the average falls around $1.35 each time someone clicks, replies, or retweets your tweet.
Promote Account: For a promoted account, the amount it will cost you for running a promoted accounts advertising campaign falls between ₦1000- ₦2000 per follower.
Promoted Trends: Promoted trends are the most expensive ads on Twitter. They cost about ₦100,000,000 a day for a small to mid-size business to promote their trend. This may not be a feasible option for many especially for those just starting. However, this will be more suitable for larger companies with a bigger social media marketing budget.
Whether you are just starting your business or you are looking to scale up, you will need the help of social media advertising to get your business fast on a track. This is because using organic means will always be a slow way of growing your business and may take months to get you up and running smoothly.
After you’ve determined the social media platform to use and the type of ads you want to display. You need to understand that the most important thing to get you better conversions is your creatives.
Creatives include your ad copy and the graphics you want to use. A poorly designed graphics and unorganized copy that does not portray your business may not get you any good conversion.
No matter how much you plan on spending on ads, you need to tackle your creatives and also ensure you are targeting the right people.