Are you finding that your social ad budget is not as effective as you’d like? Are you even sure what portion of that budget is delivering the most results? When it comes to social ad budgets, few things are more important than knowing exactly where your money is going.
In order to maximize results and minimize waste, it is essential to develop a strategy for effectively splitting your social ad budget. You can decide the amount of money and time to spend on each type of ad campaign based on the specific results you want to achieve. Below are some suggestions for effectively splitting your social ad budget to increase the overall effectiveness of your ad campaigns.
Set Objectives and Key Results
Before you start deciding where to put your hard-earned cash, make sure you’re clear about what you hope to achieve objectively. Do you want to grow your Instagram followers by a specific amount? Increase website traffic by a certain percentage? Sell a certain amount of products or services?
Once you know what your objectives are, identify the key results you’ll be able to monitor and measure to ensure you’re on track. This is important because it’ll help you to determine where to spend your budget for the best results.
Use Different Channels and Ad Types
Now that you’ve got your objectives and key results clear, you can start thinking about the channels and ad types you want to use. It’s a good idea to create a variety of ad campaigns across different social media channels, including Facebook, Instagram, Twitter, LinkedIn, and more.
And don’t be afraid to experiment with different ad types, including:
Video Ads:
Video ads can be a highly effective way to capture the attention of social media users and deliver your message. They can be particularly useful on platforms like Facebook and Instagram.
Carousel Ads:
Carousel ads allow you to showcase multiple products or offers in a single ad. They’re great for highlighting different benefits of your product and increasing engagement.
Lead Ads:
Lead ads are designed to capture the information of potential customers quickly and efficiently. They can be particularly useful for back-end marketing efforts.
Boosted Posts:
Boosted posts are a simple way to increase the reach of your regular posts. You can set the budget, targeting, and duration of the boost without all the hassle of creating a full-blown ad campaign.
Mixing and Matching Ad Formats
Once you’ve identified which channels and ad formats are right for your campaign, it’s time to decide how to split your budget between them. A good rule of thumb is to start by identifying your primary and secondary objectives and then allocating a larger portion of your budget to the ad formats most likely to deliver the results you are looking for.
For example, if you’re looking to boost your website traffic, consider allocating a good part of your budget to carousel ads or video ads. If you’re hoping to capture leads or promote brand awareness, look to allocate more budget to lead ads or boosted posts.
In any case, it’s important to periodically review the data and results to see which ad formats are delivering the most value. If one format is performing significantly better than the others, consider reallocating your budget accordingly.
Stay Within Your Budget and Keep an Eye on Performance
Once you’ve decided on your preferred ad formats and channels, decide on a realistic budget that will allow you to achieve your objectives while still leaving a little wiggle room for testing new things. Be mindful of your budget and track your spend regularly to make sure you’re staying on track.
Perhaps even more important is keeping an eye on ad performance. Monitor all available metrics, including clicks, impressions, video views, conversions, and more to ensure that you’re getting the most bang for your buck.
Use the data to optimize your ad campaigns. If a certain format isn’t delivering the results you’re looking for, consider trying out a different ad type, or tweak your targeting to improve results. Monitor performance closely and make sure your ad campaigns are delivering a positive return on investment.
Splitting your social ad budget effectively is an important part of any successful social media marketing strategy. By setting goals and objectives, experimenting with different ad formats and channels, and regularly monitoring performance, you’ll be able to get the most out of your ad budget and drive significant results for your business.