19 Aug What Social Media Advertising is the Most Cost-Effective?
As a digital marketer in 2021, we are swamped for choice. People are using their phones more than ever and with all that extra screen time comes opportunity for the digital marketing industry. Ad space is hot property with more and more marketers taking advantage of the market growth.
While there are ample of benefits that come with advertising on social media, it can be hard to compete if you’re a small business or newly established brand. They always say, “you’ve got to spend money to make money”, but never where to spend the money. That’s why digital marketing Adelaide has compiled a list of the top 5 most affordable social media advertising platforms in 2021.
There’s some grey area surrounding advertising on some platforms and Google is one of them. Google has a structured pay per click scheme, which is exactly what you think it is, you only pay when someone clicks on your ad. In order see the cost benefits of Google ads, you’ll need to do some significant market research. Basically, different keywords are priced differently depending on the competition, the more popular a keyword is, the more you’ll pay to target the people who search for it. Digital Marketing Adelaide recommends Google ads for those who really know their target audience and their specific goals, and of course have a more adjustable budget to work with.
4: Facebook and Instagram
You should know by now that these two social media platforms come in a package deal when it comes to advertising. This surprisingly doesn’t affect the cost though. In contrast to Google, Facebook and Instagram’s advertising costs are calculated through CPM, this means cost per thousand impressions. The downside is similar to Google where an established budget is recommended as the audience really determines how much you’ll end up spending. While it’s a relevant and effective advertising platform, it’s unfortunately not the cheapest and is best utilised for strategic and targeted advertising.
Coming in at third place is YouTube with once again a similar pricing structure where you pay per view. The recorded price as of August 2021 is from 0.04-0.41 cents, but again the total amount you’ll end up paying is determined by the audience viewership, a pre established budget is ideal. Of course, newer brands and businesses can take full advantage of these advertising platforms, but the amount of reach on a limited budget will be an obstacle. As always if you’re looking to advertise but aren’t sure of the best approach, it’s recommended to get advice from a professional agency, here at Digital Marketing Adelaide, we know our stuff and develop strategies suited to each individual business’s needs, goals and budgets.
Finally, a social media platform that isn’t structured on the audience’s contribution or engagement! Spotify advertising plans start from $250 AUD, through their Ad Studio they can create an audio ad and get started quite easily. Spotify also offers script-writing tips along with free tools for businesses creating ads from scratch. Of course, a larger budget will get you more tailored elements to your business such as country and target audience, but for newer or emerging brands then Spotify can be a great way to reach customers through advertising.
Coming in at the most cost-effective social media platform to advertise on is Snapchat. While this platform also has a budgeted approach in their advertising, their pricing plans begin from $5 AUD a day, totalling out to roughly $150 a month. Again, as with any platform, you can pay more to get more benefits, but Snapchat proves to be a great cost-effective advertising alternative. A considerable drawback of snapchat is the userbase demographics, as a previous Digital Marketing Adelaide blog post stated that Snapchat users are of a younger demographic so it’s important to make sure this coincides with your target audience and brand.
While all pricing structures and plans for each of these social media sites and platforms vary and have different benefits, it’s recommended that research is conducted before signing up to any advertising platform purely from the initial cost. Ensuring that the platform compliments your brand and target audiences, and their behaviours will prove to get you more value for money when it comes to advertising as well as creating quality ads that encapsulate the look and feel of your brand along with making sure it addresses the goals of the campaign that you’re wanting to achieve.
The myth that advertising is easy is common but getting the most value out of your ad imagery and ad spend is tricker than can first be anticipated due to the incredibly competitive nature of advertising. With advertising and digital marketing businesses in such high demand at the moment, it never hurts to get a professional opinion from reputable and qualified experts. Digital Marketing Adelaide has a sound understanding of this, which is why we’re so good at what we do.
Matt Williamson is the Founder & Company Director of Digital Marketing Adelaide. He keeps busy doing what he enjoys most – talking. He has a passion for social media and all things digital marketing.
Matt is an internet entrepreneur, social media expert, multiple business owner and digital marketer who specialises in assisting businesses to generate more revenue via the power of online advertising and digital marketing. Matt regularly speaks at events as a keynote speaker focusing on digital marketing & social media.