While we typically advocate the use of social media to be just that – i.e. social, particularly during uncertain times such as a pandemic, it’s important not to lose sight of wider business objectives that need to be achieved.
We will always encourage businesses to show their human side on social media, using traits like empathy to develop positive brand sentiment. However, we’re also aware of the bigger picture.
In this article, we’ll discuss what social performance marketing is and look at how your business can use it to increase brand awareness and drive conversions.
What is social performance marketing?
This type of marketing focuses on the use of paid social adverts to achieve a specific goal such as a lead, click or a sale – as opposed to softer metrics such as likes or follows.
Historically, one of the main reasons for businesses using social media has been to increase brand awareness. However, organic reach is falling and businesses are considering how they can deliver a more measurable return on their social media activities.
This is where social performance marketing comes into play.
According to a recent survey by Hootsuite, the top three marketing goals for social media were as follows:
As you can see, driving conversions comes in a pretty close second to increasing brand awareness. Brand-building activities help you define your business so potential customers know who you are and why they should use you. Activities that drive conversion, by contrast, revolve around targeting interested prospects for immediate results.
Third-party tools like Hootsuite’s AdEspresso have made it much easier for businesses to create, optimise and improve their social ads without relying on support from outside agencies.
Why is social performance marketing effective?
Social performance marketing offers businesses the chance to connect with potential customers on a personal level, using ideas or insights into how your products or services might fit with their needs.
Your business can be more specific in its message by creating highly-targeted ads based on age, interests or past behaviour.
Let’s say you’re a travel agent with a group of customers who usually buy a holiday in January. You could create a timely campaign to encourage them to repeat this action on an annual basis! You’ll also benefit from analytics showing you exactly how your audience has responded.
How can your business make the most of social performance marketing?
To get the maximum benefit out of social performance marketing, make sure you:
1) Choose your metrics
Decide which metrics your business wants to focus on through its paid social campaigns (e.g. generating leads, clicks or sales).
2) Benchmark your current performance
What areas of your social media marketing are working for your business currently? Where do you need to improve? (For example, are your social media activities generating lots of engagement but no actual sales?)
3) Give yourself time
Don’t focus solely on short-term wins. Whilst conversion-related campaigns are designed to deliver quick results, building a brand – and the loyalty that accompanies it – is not an overnight job!
Why not give social performance marketing a try and see how it works out for your business?
Does your business need help with its social media strategy? Contact our friendly team.