First things first, what is paid social? Really simply – it involves paying to advertise on social media platforms (such as Facebook). Whether you’re an e-commerce brand wanting to drive revenue online, or an independent shop wanting to drive customers in-store – paid social is key for helping business growth. So how can it help?
Increase brand awareness
Unlike organic social, paid social allows you to target audiences that sit outside of your following. This allows you to reach brand new audiences and make your brand known. What’s more, you can be very specific with targeting so that you reach the most relevant people!
You can set optimisations towards objectives such as brand awareness so that Facebook can help you achieve this goal. This is very upper-funnel marketing, so you won’t see an immediate impact from this. However, it’s important to invest in this for long term growth.
Drive relevant website traffic
When you put an advert for a product on paid social, people won’t click-through and buy straight away very often. Therefore it’s important to educate consumers first, on your brand, and your products!
You need to consider all areas of the funnel – awareness (as mentioned above!), consideration and conversion. For consideration, you want to have educational content so your audience can learn more before buying. Facebook allows you to optimise towards driving traffic so that you can efficiently drive visitors to your content. Which will help push them through the funnel!
A fundamental objective for most businesses is to drive growth in revenue. To increase revenue you can set your optimisation towards conversions. When you choose this, Facebook will show ads to people that are most likely to make a purchase. How does Facebook know this? The Facebook algorithm is a very clever thing!
Additionally, a solid re-marketing strategy is essential to drive revenue. Once people have been onsite and have been educated, the next step is to get them to convert. Frequency is key here – it will take multiple interactions before a consumer buys. Ensure you test multiple messages/creative as every consumer is different. What appeals to one person doesn’t necessarily to another!
FYI: For optimal growth I tend to split my budget between each area of the funnel. The split I use is a 20:15:65 ratio to awareness : consideration : conversion. This isn’t set in stone, but is a general rule of thumb.
Grow your database
Another way you can leverage paid social is to generate leads. For example if you have recently launched a weekly newsletter, your email list may be quite small. Facebook is the perfect place to generate leads to add to your pot!
One thing to keep in mind for lead gen is to ensure you generate high quality leads! You should stay away from ‘sign up to win’ competitions as this will appeal to competition hunters. If you’re going to spend money growing your email pot, you want to ensure they’re actually interested in your brand…
Drive growth across all channels
The great thing about paid social is the impact it has on other channels. You should never view paid social on its own when looking at ROI. This is because it plays a key role in assisting conversions for other channels. I have seen first-hand that investment in paid social contributes to a massive uplift in revenue across other channels, such as; organic search, PPC, affiliate and direct.
Think about it… if you see something on paid social for the first time, do you buy straight away? No! You’re likely to go away and research before buying. Often people come back to your site directly or through google search. So the last channel a user comes through to convert may not be paid social. However it’s often the channel where a user first interacts with you!
So if you’re looking to drive significant growth to your business, you should definitely incorporate paid social into your marketing strategy. It really is key for new customer acquisition and driving growth for your brand!