Marketing is expensive. Whether you use traditional avenues, social media or relationship marketing- it is and should be- a considered part of your overall business budget. To get an idea of what costs look like, here is an overview of typical marketing costs.
Typical print ads cost $500 to $20,000, depending on whether the publication is local or national, the size of your ad, whether you use color and if you've negotiated a multiple-ad rate. You can spend as much as $500,000 to buy the inside front cover of some national magazines.
Radio advertising costs can range from $200 to $5,000 per week depending on your location. You will also need to factor in the cost of producing the commercial.
Billboard advertising costs roughly $1,500 to $4,000 in most small- to mid-size US cities, though it can dip as low as $250 in rural areas and can reach $14,000 or even higher in larger markets such as New York City.
Social media is not “free” either. You either have to have staff time dedicated to it (and it takes a lot of time to do it properly) or hire someone else to do it. Plus, most campaigns will not perform adequately without paid advertising through social media. If you see a viral campaign, someone-somewhere, put some big dollars behind it to make that happen.
Some of these numbers may seem high, but they include a range of business sizes. A general rule of thumb is that it costs between $50 and $150 per hour of agency time for social media marketing, depending on agency size and complexity of the campaign.
Launching a new Twitter account using a standard ad agency, complete with setup and outsourcing content creation/consumer interaction (all 280 characters at a time), costs an average of $2,000-$4,000 per month – and that’s just for Twitter. With that said, the total price range was $1,000-$7,500 per month.
What if you already have an existing Twitter account, but need some help to take it to the next level with an agency? Restructuring an existing Twitter account with “limited coaching” to achieve client goals is still going to cost you between $1,000-$2,500 per month, with some charging as much as $4,000 per month.
Facebook management pricing can run a bit higher than that of Twitter alone. To set up a new Facebook account and provide limited ongoing training to business partners, online PR agencies charge an average of $2,500-$5,000 per month, with some going as high as $9,000.
However, if you’d like to also do social media marketing on channels like Instagram, Pinterest, LinkedIn, and SnapChat, those additional channels can easily cost you $1,000 or more for each one that you add on.
Using a social media freelancer is typically the same cost as an agency, but you may be able to do smaller projects. On average, freelance social media runs about $50 per hour at a minimum.
Relationship marketing and networking also have a cost. Owner time is usually a big part of relationship marketing. Which also means that sales growth is limited by owner time. In addition, there is time spent updating contact lists, sending emails, following up on leads, going to networking groups (plus their associated fees), memberships to clubs, and expenses like business lunches and golf games. Administrative assistants can help, but their salaries (on average $41,000) are rarely thought of as "marketing" even though that is a big part of what they do. Time is money and relationship marketing is expensive in terms of time. Many business owners weave their networking time into their social life. Which is both fun and profitable. But it is limiting in terms of growth.
Are you reaping the full benefits Facebook ad targeting? Have you run remarketing campaigns on Facebook?Written by Staff
Have you run remarketing campaigns on Facebook?
Are you reaping the full benefits Facebook ad targeting?
To allocate your Facebook ad spend more efficiently, you need to target people who are interested in your product or service.
In this article you’ll discover how Facebook remarketing campaigns can increase your ROI.
What Is Remarketing?
Remarketing is a tactic that lets you advertise to people who have visited your website and shown interest in your product or service. The way it works is relatively straightforward: Visitors come to your website, you segment your website visitors and create custom ads and then show those ads to those website visitors via Facebook.
Generally, remarketing on Facebook helps boost conversions and lowers the overall cost per customer acquisition.
However, the biggest advantage of remarketing is that you’re only showing your ad to people who are genuinely interested in your product. You can remarket to people who have visited your website, but haven’t purchased yet; customers who have completed a sale; and people who may not know about your product, but are likely to be interested in it.
For remarketing to work, you have to do your best to determine which users visited your website organically or via paid search traffic, and then find them on Facebook or Twitter. Don’t worry—it’s easier than you think!
Read on to find out more about the advantages of Facebook remarketing and how it can help your business.
#1: Lower Cost per Click
Remarketing on Facebook usually has a lower cost per click when compared to remarketing on search engines. The reason for the lower cost is that Facebook traffic is supposed to be less targeted than search engine traffic.
On search engines, users are looking for a given product or service, and therefore they are asking for your service (pull marketing). On social media, you are exposing users to an ad while they are doing something else, and therefore they might not be as likely to convert (push marketing).
The result is that Facebook ads have a lower price point than search engine ads, because technically, Facebook users aren’t looking for your product or service right now.
But as you probably know, targeting via Facebook can be as granular as you like. Use that to your advantage. A hyper-targeted audience guarantees cheaper traffic from the audience you’re after—in this case, users who have visited your website, but have not converted yet.
The way to convert the audience you’re remarketing to is to have consistent, quality marketing. Customize your message in a way that includes relevant and additional information to what customers already know about your product from visiting your site.
Not only does targeted Facebook remarketing give you more bang for your buck, but you can also expect to see a higher click-through rate than other general Facebook campaigns, lower cost per acquisition than first-time visitor conversion cost and higher engagement.
#2: Drive Higher Conversions
Converting first-time visitors into buyers takes time. If your industry is competitive, people are more likely to browse multiple sites before completing a purchase.
In most cases, people visit your site, and then click away so they can compare your prices with someone else’s. When they’ve gone, some visitors may forget your name and you end up losing a sale because they can’t find their way back to your site. Or maybe they missed that one selling point that could have made the difference.
Remarketing to your website visitors who didn’t convert works to remedy those situations. When those visitors see your ad on another site (e.g., Facebook), you become more recognizable and that boosts your chances of completing the purchase cycle.
You can exclude users who have completed a sale by simply creating a custom remarketing segment for people who have visited your thank-you page, and then preventing them from seeing your campaign.
#3: Capitalize on Social Proof
You don’t have to limit your remarketing to potential customers. Showing ads to a wider audience—like those who have already bought from you—allows current customers to interact with potential ones. Happy customers often share positive comments and engage with your content.
When a potential customer sees those comments via remarketing, he’s likely to have a more positive impression of your brand and that can maximize your chances of conversion.
That connection also increases brand loyalty—and loyal customers are worth more than new customers, because they’ll continue to buy from you at no additional (or at least minimal) cost per acquisition.
Speaking of loyalty, when you extend your audience to include current customers, upselling is much easier, more social and more engaging. When customers see your familiar company on Facebook and Twitter, the chances you’ll generate engagement and additional conversions are much higher.
#4: Expand Market Reach
I’ve talked about remarketing to potential and existing customers, but you can also broaden your remarketing audience to those who share characteristics with those groups.
You can do that by using an offsite pixel to create a custom audience in your Facebook Ads Manager that includes people who have visited a particular page on your website. As discussed, those lists can include potential and existing customers.
You can leverage those lists to create a lookalike audience. The advantage of using lookalike audiences is that you’ll reach relevant potential customers you were missing out on, and who are also likely to be interested in your product or service and ultimately convert.
Leveraging the Facebook data and tools available to you, you can remarket precisely to the audience you need to reach—potential customers, existing customers and even people who have never heard of you. And since there is no minimum investment, it fits easily within all budgets.
"Daily deals" (also known as group-buying discounts), which generally enable consumers to purchase steeply discounted gift certificates usable at local or national retailers, have enjoyed immense success in recent years. In 2010, according to comScore, 6.4 million people visited the leading daily deals website, up an astounding 657 percent from 2009.
I'm guessing many homeowners can relate to my dilemma: I had a troublesome tree that needed to be taken down for several years. It had attracted a colony of Asian woolly hackberry aphids that dropped black sludge on everything in sight, but was too big to spray effectively, so taking it down or living with the sludge were the two main options.
What I mean by cold selling is that they have a product (could be a service too) they like/love and they think just about everyone else will too, if they knew about it. This attitude is often characterized by statements like:
I had a long conversation with a client one day several years ago about branding that I still think rings true today. The company was launching a new product and we were discussing their branding strategy.
I love spreadsheets for evaluating the relative financial feasibility of a deal. It just helps me to take the personalities out of the equation for a little while and run some scenarios.
So, you're like many business owners, you are trying to handle the marketing of your business yourself and people keep telling you you need a "Call To Action"...
Your small business’s advertising budget represents an area of discretionary spending that can be one of the hardest to analyze for return on investment. Indiscriminate ad placement is not an effective strategy. Failing to land your message on the right audience is like throwing money into the wind.
Q: Over the past 8 months, I've spent $500 per month on advertising to promote my real estate company. I have heard a few nice things from friends and family, but I don’t seem to be making the kind of returns that I’d hoped. What should I do now? I still need to market my business, but this isn’t working.