As organic reach continues to decline, the value of the paid social media dollar is climbing. With an estimated $41 Billion worldwide spent on social media advertising in 2017, it’s clear that brands are seeing real value in this digital marketing tactic. But how can you improve the ROI of your paid social media campaigns to get the most bang for your buck?
- Choose the Right Ad (and Platform) for Your Goals
People use different social media platforms for different reasons and interact with content on these platforms in different ways. And the platforms themselves will optimize ads differently depending on the “objective” so make sure you’re choosing the ad type that makes the most sense for you. Looking for web traffic? Make sure you choose an ad meant to earn it instead of one focused on engagements to set yourself up for success.
- Refine Your Targeting
Go beyond geographic parameters and really make use of the social media platform’s targeting features (LinkedIn has some of the best) to reach your key personas. After all, if you’re talking to the wrong people your ad won’t see success. And once you find your audience, make sure you’re providing them with something valuable. Something that will make them stop scrolling and start clicking.
- Harness the Power of A/B Testing
Photos, ad copy, headline, calls to action, and landing pages. There are so many elements to your paid social media campaigns but which ones are really working? And could some of them be improved? One of the best ways to improve the ROI of your paid social media campaigns is to A/B test different variables (but only one at a time) to optimize for success.
- Always Be Optimizing
Don’t just set it and forget it when it comes to your paid social media campaigns. Monitor them closely throughout the ad flight and don’t be afraid to tweak them as you go based on insights gained from those A/B tests. After all, one of the great things about social media and other forms of digital marketing is the ability to optimize as you go to improve performance and ROI.
- Track It Better
If you’ve read our blog before you know we can’t emphasize the importance of measurement enough when it comes to your digital marketing strategy. Your paid social media campaigns shouldn’t be any different. Make use of conversion pixels on Facebook, lead capture forms on LinkedIn and even forms on your landing pages to capture information about your audience and remember to add any leads earned from your social media efforts to your CRM. Integrate data from the social platforms with Google Analytics (& other data) to make sure you’re getting an idea of the big picture. Add UTM tracking to your links and look into your web analytics to help make sense of any gaps that might need to be filled.
- Look Beyond Conversion Rates
While conversions are usually the end-goal and should certainly be considered a signal of ROI, they’re not the only way of showing value. Smaller interactions might not be the ones to rake in the big bucks but that doesn’t mean they’re not important. Maybe someone didn’t convert immediately from social media, but your campaign led them to fill out a pre-assessment or chat with a sales rep. Be sure to consider all steps in the customer’s journey that provide value to your organization when looking at ROI.
Creating social ad campaigns that truly resonate with your audience isn’t always easy but with these tips, you’ll be well on your way to improving your ROI. Questions about how to put this into practice? Let us know in the comments or chat with us at [email protected].
Kaitlyn is the Manager, Social Media at RDW and an all-weather beach enthusiast. When she’s not creating integrated social media strategies or launching campaigns, you can find her traveling and looking for the best local eats, hopefully at the same time.