BUSINESS: 4 Ways Social Can Unlock Advertising Efficiency
It’s old
news that social media provides significant reach and spend value for
advertising buys, so why aren’t more brands flocking to it?
For many
enterprises, social is used to improve reach through targeting and re-targeting
because a call-to-action on social isn’t to purchase, but rather to re-tweet,
share, like, comment, etc., an extremely powerful tool for both branding and
awareness. What marketers may not know is that social can also be used to
improve advertising efficiency by providing an added layer of targeting data.
Through
log ins and other information, social provides extended customer identification
data, and when used in conjunction with tools like Facebook Custom Audiences,
Twitter Tailored Audiences and first-party data, it offers the ability to get
even more granular information on top prospects. Further, when combined with
in-house CRM data, social provides hyper-specific targeting capabilities to
help marketers learn more, personalize a customer’s experience and gain
off-the-chart conversion stats.
How can
brands ensure they get the most out of their social spend? Here are four tips
to get started:
#1.Extend
user profiles with social data
Social
logins provide rich data about consumers, such as interests, place of
employment, social connections, education, etc., which can help brands enhance
consumer profiles, more effectively target prospects and customers and drive
more meaningful interactions.
Tools like
Facebook Custom Audiences let advertisers employ consumers’ login and
demographic information, which marketers can use to target specific attributes,
such as females age 20 to 40, who like Jimmy Choo shoes and live on the West
Coast. These targeting improvements can net brands big upticks in conversions,
but so too can the ability for brands to now go beyond users’ desktop computers
to re-target mobile users on their phones and tablets (discover four
conversion-boosting re-targeting examples at wsm.co/4retarget).
#2.Mash
up social and CRM data
Combine
CRM data with social data to not only build on existing profiles but also
create new profiles of prospects that look like your best customers. By
combining CRM and social data, marketers can map user IDs from offline to
online, and close the reporting loop from advertising to action. This provides
an opportunity to understand the channel’s relationship to buying and where customers
are in the buying cycle and better tailor messages.
#3.MEASURE
CAMPAIGN CONVERSION
Marketers
can use analytic to fine-tune campaigns. Advertisers should look at measures
around location, device, date and time, demographics and history in combination
and separately, and compare those against conversions. Now, they can also begin
to correlate ads served to custom audiences through a single lens, which
includes measurement and analytic tied to social influence and conversions, as
well as reach and overlap compared to channels other than social.
#4.Look
across the entire customer journey
Advertisers
that only manage their analytics using a last-touch attribution (LTA) model
could be losing the benefit of social’s influence.For example, a shoe
manufacturer might actually drive lower sales by focusing more on exchanges and
spending less on social. The real value of social is in its ability to go
beyond the upper funnel and tie more extensive profiles to CRM data. In doing
so, brands can learn more about their customers, target more effectively and
increase conversions. By following these tips, brands are sure to unlock
advertising efficiency through utilizing social media.
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