As the year ends, it’s time to start thinking seriously about the digital marketing efforts of your business as well as start planning your marketing budget for next year. Amidst budgeting, there are many upcoming trends to keep an eye on so that you can allocate funding accordingly. Here’s how to prepare for the future of paid social.
When it comes to setting up the marketing budget for the new year, you might need to be prepared for changes in the platforms that you advertise on. These preparations take time. From planning the strategy and creative, to pitching the plan and deliberating between marketing executives; it can all be very time-consuming. So, take into consideration your objectives and what needs to be achieved by what specific date.
Why Paid Search Isn’t Easy
Aside from budgeting, paid social can be a labyrinth to navigate, especially seeing as new social marketing tools seem to be emerging every year. Platforms such as Quora, Reddit and Pinterest, and even LinkedIn, were virtually unknown a few years ago, and not many advertisers were using them to reach their audiences. Moreover, when you don’t know the platform very well, it’s challenging to readily spend money on paid social efforts because it can seem like a gamble. It’s unknown, and therefore it could be a failed venture.
How to Fix It
We know that these social media platforms have gained a huge amount of traction, and we also know that they also data on millions of users who technically span many ‘unreachable’ audiences, so how do we prepare for the future of paid social on these channels? The answer is by surveying other brands. Take note of what other brands in your industry are doing, and what they plan for paid social investments on these unfamiliar platforms.
When you get a glimpse of what others are willing to spend on these platforms for paid social, you’ll get your bearings. Of course, each business is different, and so are their target audience. If one spends less on Facebook advertising and more on Instagram, it’s because more of their target audience is on the other platform. However, it’s an excellent guide to use in the broader scope of social media marketing.
The trends in digital marketing and paid social strategies change regularly. Keep up with what other advertisers and competitors are doing, or your business will fall behind. Pay close attention to new and unfamiliar platforms, and how your audience behaves on them. Then, do your research so that you can budget accordingly for your paid social efforts. Eventually, you’ll realise that the unreached audience is worth the investment, especially when the conversions come rolling in.
Want to know more? Talk to the team at Sprocket Digital.