How to Maximize Your Social Media Budget

If you have been using social media to grow your e-commerce business, you may have noticed the channels are making it more difficult to achieve organic reach. As a result, companies wanting to connect with the billions of users online must start focusing on paid promotions. If you want to ensure you make the most of your money on Facebook, Instagram, and more, here’s how your business can maximize its social media budget.

Determine Your Budget

The first thing you need to do is identify how much money the business has available to spend on paid promotions. No-one can decide this for you, as it will depend on your company’s finances and commitment to growing your following and engagement. Fortunately, you do not need to spend a considerable amount of money on social media advertising, either, as 50% of 200 B2B marketers stated they deemed social media to be a “very low cost” or “somewhat low cost” advertising option based on cost per lead.

Start Off Small

Of course, it doesn’t matter if you have $1000 or $10,000 to spend on social media if you execute a promotion incorrectly. A poorly executed campaign could equal a zero return on your investment, regardless of how much you spend. It is important to start off small to learn what works or what doesn’t work for your company. If a campaign fails, try a different image or text to attract your core audience’s attention, or target different cities or neighborhoods to increase a post’s reach. You’ll gradually learn what is effective, so you can then invest more money into a paid campaign.

Set Social Media Goals

If you don’t have set goals in place, you will simply be wasting your money on a campaign. Ask yourself why you’re promoting your business on the channels. Is it to increase your brand recognition, gain more followers, or drive traffic to your website? Your decision will determine how you optimize a paid promotion, so think carefully before you invest time and money into a social post.

Work with Social Media Experts

If you lack social media knowledge or experience, you might not understand how to run paid promotions on social media. A dependable social media marketing agency like Eventige.com has the knowledge and tools to increase your paid and organic reach, which can maximize your expenditure. What’s more, they will understand the best content, photos, and automation systems to use to increase your online engagement, brand recognition, and conversions.

Measure Your Performance

Once a campaign has come to an end, you must measure an ad’s performance to identify if it generated a healthy ROI. You must analyze the data to identify if you not only set the right budget for a campaign but that you effectively spent the money on the advertisement. Review the analytics to learn more about the campaign engagement, impressions, audience growth, click-through rate, and more. This will allow you to adjust your future campaigns and budget to maximize your reach and conversions, rather than playing a guessing game.