Using data to make decisions on a social media marketing budget

The correct data being applied to a social media campaign is like health food to an athlete – the latter just can’t perform without it.

Every social media marketer is given the task of presenting in some way return on investment to whomever they are delivering a campaign for, whether it is in-house to a business or as an agency to a client. Making decisions that improve efficiency on social media marketing budget is one of the most important actions any social media marketer will make.

So how does someone reduce the social media marketing budget and achieve the same results?

It comes down to two factors:

• Data analytics
• Momentum
  
  

Data Analytics

With data analytics, it is important we look at the most relevant sets of data to give us our best insights for a campaign. These relevant sets of data are:

• CPM (cost per 1000 impressions)
• CTR%
• Results

As far as CPM is concerned, this will guide us on the actual spend the platform will perform at.

With CTR% this will guide us on where we are at with engagement levels to target.

And results, of course, tell us what quality this engagement is having and if our conversion point is optimised.

When we look at these points of data, optimising CTR% and our conversion point will help our CPM. The CPM is a measure of the health of the campaign. If we reduce the CPM cost, we are able to move to a cheaper cost per 1,000 impressions, while maintaining our CTR% and results.

For a platform to consider giving us a cheaper rate per 1,000 impressions, it needs to consider if it can trust us with its audiences. Giving us a lower CPM, then enables us to reach more impressions with the same cost, or alternatively reach the same impressions with a reduced cost. But as mentioned, to reduce CPM, you must optimise your CTR% and your conversion point (website or landing page), to achieve the very best CPM in the first place.

Momentum

Momentum is one of the most important factors to consider in any campaign. Momentum will take you from a to b at exponential speed.

If we are able to find the data metrics that we need to optimise (see paragraph above), then we can hone in on the efficiency of these metrics and as we do that, we gain more and more momentum in our campaign.

It is just like a tyre rolling down a hill, it first needs the push while it is upright, then as it gains momentum. It gets faster and faster as it starts to pick up speed rolling down the hill – it will eventually hit a top speed where it can’t possibly go any faster.

Social media campaigns work very much in the same way, the speed of the campaign picks up, and so do its results, as it gathers pace. The campaign will hit a ‘top speed’ and hit its maximum efficiencies in results, until you decide to pour more budget into it.

Momentum reduces your cost on ad spend, because you hit your metrics faster, and instead of a campaign lasting 6 months to hit its ‘top speed’, it could do it in 4 months. It’s all about required efficiency for the right data points.

So there you have it, two distinct ways to reduce social media marketing budget using data.

 

How We Can Help You with Your Marketing Budget

If you’ve read to this point, you’re likely very interested in growing your business through Social Media Marketing. If so, you should join our next FREE webinar to learn more about Social Media Marketing & ROI.

Each Month, our Growth Director, George Hawwa, present a 30-minutes webinar to cover a new topic in the social media space. You will have the opportunity to learn, ask questions live and grow your business.

Wondering what our current topic is? Check out the upcoming webinar HERE.

George is in charge of Attention Experts’ overall growth and best practices. George shares some accolades: being named in the ‘Top 30 leaders under 30’ in 2007 by Entrepreneur Australia Magazine and having won ‘Outstanding Young Entrepreneur of the Year’ for 2018 at the NSW Business Chamber Regional awards.

He also currently lectures at Sydney University on social media strategy to Postgraduate students at the Centre for Continuing Education. In addition, George is a sought after speaker and educator on social media strategy and business.

Make sure to REGISTER NOW!

And if you need help with your social media strategy. You can also give us a call for a FREE Strategy Session. Our number is 1300 809 935 or message or message us on Facebook at www.facebook.com/attentionexperts. You can also book a meeting with us via our website.