Connect with us

SOCIAL

#SMTLive Recap: Adjusting Your Social Media Budget to Support Recent Changes to Business Needs

Published

on

Despite everything going on with COVID-19, we’ve found a silver lining in getting to host our #SMTLive Twitter chats for you more often these days. This week, we discussed adjusting social media budgets due to recent Coronavirus-related changes. It was fascinating to see how everyone is innovating and improvising financially. If you were able to join this week’s Twitter chat, we hope you learned something about adjusting your budget from the other talented social media marketers in this chat. If you missed it, not to worry, we’ve recapped the highlights for you below.

Let’s dive right in. Clearly many (many) social media budgets have been affected here, so we created a more specific poll regarding how #SMTLive participants’ wallets have been impacted.

While it was encouraging to see that a lot of people haven’t seen a change in spending yet, many users saw a decrease in funding for social as well.

@TJMO, hats off to you for even attempting to manage restaurant-industry social right now. Wishing you the best!

Advertisement

Pausing marketing services seems more common than not these days. However, @TJMO noted that ads have gotten a bit cheaper as a result.

Decisions, decisions.

@vine_agency applauded restaurants and coined a useful new-to-us term: panic-pausing.

Being that ads are now cheaper as a result of budget cuts, some businesses might be more inclined to dive headfirst into paid media. But, at the same time, there’s nothing cheaper than organic content. #SMTLive participants were eager to discuss balancing where to invest time and limited funds in this new environment.

@missamander suggested that high-value ads could be worth the money right now.

@Nike may have hit the nail on the head with their (paid) compassion for the situation here.

@vine_agency is tackling the paid vs. organic balancing act right now.

Multiple #SMTLivers emphasized the bottom line during this chat: Budget doesn’t matter to most social media marketers nearly as much as sensitivity to and awareness of the current situation.

Some businesses have the opportunity to cash in on relatively cheap ad buys right now, but how are they going about this strategically?

@Jill_Messinger picked up on the quarantine TikTok trend.

Now might be a better time than ever to experiment with TikTok marketing. If you’re interested, the above article offers further guidance.

However, if your audience isn’t on a platform, there’s obviously no use in investing in it, no matter how trendy. That’s one thing about social media marketing that will probably never change, pandemic or no pandemic.

For those who have the funds, boosting those empathetic messages you’ve worked so hard to put out on social could be a huge value add.

It seems like this strategy is working for at least one of us.

@vine_agency offered some platform-specific advice for boosting important content.

Even users who aren’t currently boosting their content offered advice.

Here are a few organizational techniques from #SMTLivers who have been there, done that regarding social media spend.

Whether you use in-platform tools like @Smita_DigiMarke or external tools like the one @vine_agency mentioned, staying organized feels rather important when your budget could change daily.

We wanted to know how we can help out our #SMTLive family during this time!

Advertisement

We’re so happy to hear that you’re loving these chats. Please feel more than free to contact us with suggestions for them – they’re here for you!

Other users were interested in how those free trials have been going regarding tools. We’ll be sure to keep that in mind for future chats, but thank you to everyone who participated in this one. We know it can get a little lonely as we all try to navigate working in social at a time when more people are glued to their apps than ever, so we’re glad these have been helping. Don’t forget to tune in next week, same time, same place.

Socialmediatoday.com

Advertisement

SOCIAL

Meta Announces New Privacy-Focused Ad Targeting Solutions, Improvements in Automated Targeting

Published

on

NFTs are Coming to Facebook and Instagram – Whether You Like Them or Not

With Apple’s ATT data privacy update changing the game for app-based advertisers, Meta has been one of the biggest losers, with the company projecting up to $10 billion in revenue loss this year alone based on the amount of users opting out of data tracking in its apps.

Of course, part of that is due to Meta’s poor reputation on data privacy and protection, with the high-profile Cambridge Analytica case, in particular, shining a light on the platform’s past lax privacy measures, which have led to misuse.

But Meta has evolved its processes, and it’s now looking to ensure that it’s providing more data-protective solutions that will help advertisers maximize their campaigns, while also aligning with broader industry shifts.

On this front, Meta has today outlined a range of new ad measures, beginning with a new element within its Advantage ad suite, which incorporates Meta’s various ad automation and AI-based tools.

As explained by Meta:

“We’re rolling out Advantage custom audience, a new targeting automation product that leverages an advertiser’s Custom Audience to reach new and existing customers. This is similar to Lookalike audiences that find people who are likely to be interested in your business, except that Advantage custom audience goes beyond the 1%, 5% or 10% similarity ranges you are used to, while also prioritizing delivery of ads to people in your Custom Audience.”

Expanding the matching depth for Custom Audiences could be big, with the process guided by Meta’s evolving machine learning tools to help maximize campaign performance with less manual effort.

Advertisement

Many performance advertisers have noted the improvement in Meta’s automated targeting tools, and with broader matching options to work with, it could be a good way to improve reach and response. Likely worthy of an experiment at least.

Meta’s also updating its Click to Messenger ads, with a new optimization that will target users more likely to make a purchase via a message thread.

Typically, we show Click to Messenger ads to people who are most likely to initiate a conversation with a business on WhatsApp, Messenger or Instagram Direct. With this update, we’re introducing the ability for advertisers to run Click to Messenger ads which will reach the people who are most likely to make a purchase in a thread.”

That adds another dimension to Click to Messenger targeting, which could help to optimize reach to people that are more likely to buy in-stream. Meta’s also adding a new ad format for lead generation which will funnel customers to either Messenger or a form, depending on which one the customer is most likely to interact with.

Meta’s also made improvements to its privacy solutions, including its Private Lift Measurement product. While at the same time, it’s also been working with various academics to study the impacts of the privacy shift.

“For example, we collaborated with academics from Northwestern University and the University of Chicago to better understand the value of offsite data for ads personalization, in part to help guide the development of solutions that leverage privacy-enhancing technologies. The research reveals that advertisers’ costs increased by 37% when removing offsite data from the ad delivery system with outsized impact on smaller advertisers in CPG, retail, and e-commerce, who are often more reliant on digital performance advertising than larger, more established companies.”

So while Meta’s working to build more privacy-protective processes, it’s also looking to highlight the impacts that these changes will have on the broader industry, as it pushes the big platforms to factor such into their future changes and shifts.

Finally, Meta’s also looking to help advertisers to prepare for the next stage of digital connection, partnering with Coursera on a new, free course called “What is the metaverse?”

Advertisement

“This course explains what the metaverse is, what we know about it today and what it means for the future of work, play and life. We’re working with partners like Coursera to give people, businesses, creators and developers the tools needed to succeed as the metaverse takes shape.”

Though you will be getting Meta’s interpretation of what ‘metaverse’ means, which may not be exactly how it plays out. Meta’s increasingly keen to impress its vision of the metaverse future onto anyone who’ll listen, but it’s also important to note that the metaverse does not exist, and will not exist in a fully-functional, interoperable way for some time yet.

Still, it may be worth tuning in, and getting some insight into Meta’s future vision, and how it relates to advertising and brand reach.

You can pre-enroll to the new ‘What is the Metaverse’?’ course here.

Source link

Continue Reading

DON'T MISS ANY IMPORTANT NEWS!
Subscribe To our Newsletter
We promise not to spam you. Unsubscribe at any time.
Invalid email address

Trending

en_USEnglish