Budgeting for Digital Marketing & Boosting Basics
With Facebook’s algorithm, it can be difficult for businesses to get their content in front of their target audience organically.
To better reach your potential customers, it’s becoming downright customary for businesses to boost their posts with an ad budget. This “pay to play” style of using social media can get costly for small businesses, so it’s important to know the ins and outs of boosting before you start!
What is Boosting on Social Media?
Boosted posts are ads you create from the content you post on your social media pages. Boosting a post can help you get more people to engage with the post, visit your website, or simply follow/like your page. You can reach current customers as well as new people who are likely interested in your business but don’t currently follow you.
What is Budgeting for Digital Marketing?
Budgeting for digital marketing means allocating your financial resources effectively. It helps you to know how much you have to spend and give you a better idea of which platforms will help increase your ROI. Also having a predetermined digital marketing budget spares you from making impulse marketing decisions that don’t generate desired outcomes.
Steps to Determining a Marketing Budget
Pick a direction and establish your goals. What is your organization’s main focus for the month, quarter, and/or year? Are you trying to simply build brand awareness? Do you want to drive sales? Are you looking to upsell to your current customer base? Before even thinking about your marketing budget, you need to establish marketing goals. Setting goals will help narrow your focus and ease the process of creating PPC ads. It can be hard to choose just one thing to focus on, but the more clear you are with your intentions, the easier it is to make decisions for your marketing.
Conduct research and analyze past efforts. Researching will help to narrow down where to boost your budget. You should be researching what social channels your target audience is on and what your competitors are doing. Also, analyzing your organization’s past boosting efforts will help to determine where to allocate the budget and how much to allocate. If something worked well in the past, dig into why and what can you do to take the results further than before? If something didn’t work well, find out why and what you can do to get better results next time.
Key things to look at are:
- The post content itself. Was it a joke that people loved to share? Was it a stunning photograph? Was it an insider look at your business? Finding out what content your audience likes makes it easier to create that same kind of content again.
- Who was the audience? Facebook regularly gives you very generic options when you’re first starting to boost (example: men and women 18-65+ who live in your state) choosing a specific audience helps get better results.
- How much did you spend? In general, more money means more results, use this as a guideline for budgeting.
- Any other key factors? Do you host an event every year that people expect you to continue and love to attend? It won’t be surprising that posts about that event perform well.
Determine the annual budget. Once you’ve set your goals, it’s time to begin number crunching. In general, your total marketing budget should be between 5 to 10% of your total revenue. This can be tough for small businesses, so keep in mind it’s always possible to start small and work up to a larger budget as your business allows. Digital marketing should make up the majority of that marketing budget which includes social media marketing and paid to advertise on search engines like Google and Bing. After determining the annual budget, you can break in down into seasons, months, quarters, and so on.
Which Social Media Channels Should I Invest In?
You need to be where your customers are consuming content. Are they on Facebook, Twitter, Instagram, LinkedIn, Pinterest? Conduct research and analyzing your past efforts will help to narrow down where to boost your budget.
According to Pew Research, 68% of U.S. adults use Facebook. It’s no doubt that Facebook continues to be the king with over 2 billion monthly active users. It’s easily the top choice for reaching the broadest audience compared to the 35% of Americans using Instagram and 24% using Twitter.
How to Boost on Facebook?
Before we get started, you need a Facebook page. Once your page is created, you can begin creating content and boosting posts.
- Go to your Facebook page.
- Find the post you want to boost.
- Click the “Boost Post” button. It’s typically located in the bottom-right corner of your post.
- Fill in the details for your ad, including the audience, budget, duration, and payment method.
- Once you’re done, select Boost and let Facebook do its thing!
Instead of paying per ad placement, or paying per click, you set your own budget. The minimum budget for boosting on Facebook is $1/day. This means you can run a campaign for a week and only spend $7! But note, the more you pay, the greater reach you’ll get.
How to Edit Boosted Posts
Want to make changes to your ads? Though you can’t edit the text, image, or video once your post is published, Facebook allows you to edit other components of your boosted post such as the duration, budget, and even audience.
- Go to your Facebook page.
- Select the Ad Center tab then select All Ads.
- Find the ad you want to edit and select View Results.
- Select Edit and make your changes.
- Once you’re done, select Save Changes.
Once your campaign is complete, you need to measure the success of your ad. Depending on what type of post you boosted, your metrics will be a bit different. For example, if you boosted a post with an image or text then the key metric is post engagement, which is the total number of actions taken on your ad. If you boosted a post with a call-to-action button or an event post with ticket, your key metric will be linking clicks.
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