There’s never been a better time for artists, especially when it comes to making money. No longer are artists at the mercy of big name galleries and dealers in order to sell their work. Instead, today’s social media landscape has made it possible for creators of all kinds to monetize their craft, especially once understanding how to effectively advertise on social media.
In simplest terms, a social media ad is any type of paid content that appears on a social media network. From Promoted Pins to Snapchat campaigns with hefty budgets, there’s something for every brand and goal. Additionally, each social platform has different things to offer (in terms of ad types, audience and targeting, pricing, etc.), so we’ll make sure to go over the key differences in this guide.
Today’s social media stats are astounding. There are over 3 billion internet users, 2 billion of which are active on social media. 75% of companies that leverage social selling report an increase in sales in just 12 months. Nearly one third of millennials say that social media is their preferred way to communicate with brands.
In other words, if done correctly, social media advertising works.
However, it’s critical to keep in mind that social media ads are rented advertisements. If you run out of money to purchase these ads, the traffic associated with them will likely stop. Additionally, if you’re not careful, you might actually lose money on your investment.
For creators, the right social media advertising means selling more work, increasing brand recognition, and even connecting with fans on a deeper level.
Calling yourself a businessperson doesn’t mean you’re compromising your art…Business is just another vehicle for creativity.
Before shelling out money for social ads, it’s important to understand the different types of paid channel pricing models. Here’s a breakdown of the most common ones, plus the pros and cons of each:
With so many social platform out there, choosing the right ad network can be tricky. Consider basing your decision on the following criteria:
Whether you produce podcasts or feature films, here are four social media advertising networks you need to know:
Facebook has numerous targeting options, like demographics (education, ethnic affinity, generation, household composition, life events, parenting, politics, relationship, and work), interests, and behaviors. Additionally, Facebook also lets you upload a list of email addresses, phone numbers, or Facebook IDs to create what’s called a Custom Audience. You can then use Lookalike Audiences to find people that resemble your Custom Audience.
Pricing depends on multiple factors, including the country you’re targeting, the time of year, even your ad quality. In Q3 2016 (in the United States), the average CPC was 27.29 cents, and the average CPM was $7.19.
Twitter offers language, gender, interest, follower, device, behavior, Tailored Audiences, keyword, and geography targeting. Similar to Lookalike Audiences, the Tailored Audiences feature uses your own contact lists to reach specific groups of users on Twitter.
Whereas Promoted Tweets and Promoted Accounts can cost anywhere from 50 cents to $10+ per engagement, Promoted Trends can cost a whopping $200,000 a day!
Instagram offers the same targeting options as Facebook. However, the demographic of Instagram users skews younger than Facebook users.
Like Facebook, Instagram lets you pay per engagement or impression. In Q3 2016 (in the United States), the average CPC was $0.72.
Interest targeting lets you target Pinners based on 420 different interests, and Keyword targeting makes it easy to target Pinners based on what they search. It’s also possible to target Promoted Pins using your own business data.
In order to promote Pins, you have to bid against other advertisers.
Abby Fromm, part of Pinterest’s Partner Ops Team in San Francisco, explains the Pinterest bidding process like this:
A bid tells us the max amount you want to pay for a click or engagement on Pinterest. You should bid what that action is worth to you, but keep in mind you’re competing against other advertisers who are targeting the same interest or keywords. If your bid is too low, your ad might not show up as often as you want it to.
We use a ‘second-price auction model,’ which means you’ll only be charged what you needed to beat the next highest bidder in the auction. You won’t necessarily pay the full amount that you bid (and you may actually see your average cost per click or engagement lower than your initial bid).