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The New Recipe for Social Media Advertising Success (Part 2)

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The New Recipe for Social Media Advertising Success (Part 2)

 

Last month we related social media advertising to chocolate chip cookies (Miss the newsletter? Check it out here.) and discussed why social media advertising – aka paid social – has changed so dramatically over the years. This month we’ll continue the cookie analogies and also review the key ingredients to the new recipe for social media advertising success. Preheat your ovens and let’s get started…

1. Ingredient #1 for Social Media Advertising Success: Retargeting

Social ad retargeting means populating ads throughout social media feeds of consumers based on individuals’ online behavior. For instance, if you have an online store selling socks, you can retarget those people who have visited your website with an enticing offer at a later time. If done properly, this can be a highly effective advertising method. If you’ve ever noticed that after visiting a hotel website, suddenly Instagram and Facebook show you sponsored ads showcasing the azure waters of Tulum, then you’ve been retargeted. 

You can also retarget people who have already viewed another one of your ads or watched one of your social videos. These are considered to be “warm audiences” and are generally a more cost-effective audience to target than others.

The premise with ad retargeting is that your customers are easier to convert if they have already warmed up to your product or service. It feels like the story is unfolding rather than just trying to capture moments of a user’s attention span. Imagine if every cookie store could put a radio ad in the car of every customer who visited their cookie shop but walked out without buying their first cookie.

2. Ingredient #2 for Social Media Advertising Mastery: Hyper-Personalization

Hyper-personalization is all about taking your personalized consumer interactions from invasive to putting them squarely in the camp of relevant and useful.

Case-in-point: Netflix and Amazon are two brands commonly cited as having mastered hyper-personalization. A full 60% of Netflix’s rentals and 35% of Amazon sales are driven by personalized recommendation algorithms. When did you last find your Netflix or Amazon page or emails annoying? The more you know about your customer base, the easier it becomes to make a connection based on their wants, needs, and behaviors.

So how do you do hyper-personalization and apply it to social ad targeting? Here are the three components you can focus on to sharpen your strategy:

  • Social listening to define best practices for personalization on social media
    Social media listeningis a well-established, if sometimes under-utilized, technology. It is how you can monitor social media and the web for anything from brand-mentions to hashtags and trending terms that may be of use to you. It is also a great way to zone in on new customers and what matters to them.  Quite simply take a few minutes a day or week to scan for hot topics, see what others are doing, and utilize advanced tools to track data-based information on what is trending and gaining traction.
  • Data Analysis
    Diving into your social media analytics and website analytics is critical to discover the proper way to bake social ads to meet audience expectations and desires. You may have used your mothers recipe to make your first batch of cookies (ads), but through data analysis you may realize the audience actually favors a pinch more sugar than you have used in the past, or that cookies with nuts are not worth the output based on sales and so on. Basic segmentation is the first step – bucketing people by age, gender, etc. – but it lacks that truly ‘relevant’ edge, which takes us to the next step…
  • Context
    Hyper-personalization in social ad targeting is about making sure your ads go to the right person at the right point in their customer journey. Context is what takes you off the street pushing cookies to anyone and everyone and allows you to setup your strategy in a way that now you only serve cookies to after lunch functions when everyone is in need a of a tasty treat. Will you sell $10 gourmet cookies to Wall Street executive in lower quantity or provide inexpensive cookies to the masses through a grocery store? See the difference? Managing appetites is like managing audience interest. Feed your base too much and they will be sick, feed your audience too little or at the wrong time and they may go elsewhere to meet their needs. Try to feed everybody and you’ll run out of batter before you can afford more.

3. Ingredient #3 for Social Media Marketing Success: Lookalike Audiences

Imagine a set of people who are just like your existing clientele in every way except for one: they’re not your existing clientele. That is a lookalike audience.

Facebook allows you to input a user list or pull that data from people who interact with your page and find others who are just like them. You can then advertise to that audience. Lookalike audiences take a lot of the guesswork out of ad targeting, but you should make sure to compare the results from lookalike campaigns with other types of targeting to ensure you are completely aligned at every touch point of your strategy.

4. Stir & Bake

We wish there was one consistent recipe for social media advertising, but ultimately it depends on your marketing goals, audience behavior, and data analysis. First, you have to know the purpose of your ads – Drive more sales? Promote an event? Increase awareness for a new service? Next, you must know your audience in order to target them in their own ideal way. Last, you have to make strategic decisions based on the data available to a relevant and welcomed presence in new feeds.

If you have questions about social media advertising, we’re here to help. Baking cookies seems simple at first glance but creating a company that can create them in mass, sell them in a profitable way to your target audience, and do so while keeping your recipe intact and authentic is far more daunting. Similarly, social media posts, at first effort, seem simple. Actually monetizing your social media marketing paid advertising is a Herculean task typically managed by folks who spend 2,000 hours or more a year mastering this craft.  It can feel overwhelming at times, but it’s what we do here at iScreamSocialMedia day in and day out. We know what works… and what doesn’t.

Get the scoop here or call (305) 455-0720 to discuss your strategy!