New Year, New Paid Advertising Budget
Babes, we are in a pay-to-play game. Social media channels are continuing to reduce to amount of organic visibility on your posts, which makes paid advertising a MUST for you and your business. Overwhelmed? Don’t worry, we’re going to walk you through everything you need to know to set your social media advertising budget for the new year.
How Much To Invest?
To uncover the answer for this FAQ, we like to work backwards. Ask yourself what your goals are for the upcoming year. Is it to create more 20% more sales? Maybe generate 35% more genuine engagement activity on your profile? The objective of this task is to define where you hope to be, so you can figure out how much it will take to take you there.
Growing Your Community
If this is important to your brand, you may want to spend some of your budget to achieve this. If you have previously taken advantage of this campaign, that Facebook and Twitter offer, than you know your cost per follower (divide the amount spent ($) by the number of community members gained). Now, you should take your anticipated budget for this and divide it by your previous cost per follower to get your projected followers gained.
Generating Genuine Engagements
We all know how the algorithms work - the more engagement (measurable interaction) you can create, the more impressions (awareness) your brand will receive. Don’t let your 2019 social media strategy be left in the hands of the tricky algorithm - put some money behind that awesome content of yours. Follow the previous steps to find out what your cost per engagement is. Now, multiply the cost per engagement by the target engagement. The answer is the amount of budget needed to hit your target.
Okay boss babe, get to working. We will be back soon with the rest of the steps to creating your 2019 paid advertising budget!