Investing in social media is crucial if you want to see your business grow, but how much time and money you spend on it will depend on its size. Small businesses spend under $5,000 annually on social media while big businesses invest over $24,000.
In the past year, medium businesses posted updates to their social media channels more frequently. Meanwhile, the frequency of posts for small and big businesses decreased. Even so, both small and medium sized businesses reported the most challenging part of social media was creating new and engaging content consistently. Additionally, social media platforms like Facebook and Instagram are constantly updating and changing their algorithms. Making social media work for your business is a continual learning process.
Despite these challenges, small and medium sized businesses are still willing to put their dollars into crafting their social media presence. Sixty percent of SMBs believe investing in social media will result in higher sales within a year.
One in three small businesses are now using paid advertisements on social media to promote themselves. Both small and big businesses spent a record amount of money on their social media channels in the past year, half of which was spent on social media advertising. On average, small businesses allocated more money to managing their social media presence.
The most popular platform for social media advertising is Facebook, with around 90 percent of businesses of all sizes reporting they have used it to advertise before. This makes sense, since Facebook remains the most popular social media platform for Australian consumers.
The key to successful Facebook advertising is narrowing down the audience you want to reach. Consider the demographics you want to target will result in a higher return on investment and will lower your cost-per-action. Before investing in Facebook Ads, be sure your target audience is active on Facebook.
Social Media Best Practices
Your social media content should be engaging and encourage your audience to interact. Social media users are looking to connect with a brand and will scroll right past anything that resembles traditional advertising. Eighteen percent of surveyed social media users said they unfollowed a brand because they posted irrelevant or uninteresting content. The best way to generate traffic to social media channels is to include links to them on your business’ website. You can also attract more followers by engaging with the social media accounts of other companies or individuals.
Another effective way of encouraging users to continue following your business is to offer an incentive. A recent report revealed that 62 percent of people surveyed want discounts and 51 percent want giveaways offered through social media channels they follow.
If your business does not currently have a strong social media presence, now is the time to invest. Depending on the scale of your business, you are going to have different objectives and needs for your social media. Despite pouring all this money into social media, most businesses are not sure what their return on investment is. At Ardent Communications, we can make sure that what you’re spending is going to help you in the long run.
Contact Ardent Communications today to find out more.