Online shopping is the new norm, and people worldwide shop from the convenience of their homes. Also, shopping on the go is suitable for many people as they don’t have to wait for physical stores to open at a particular time. The two aspects mentioned above are two reasons why the share of online shopping and e-commerce has increased astronomically over the last few years.
2020 was a landmark year in many aspects, and one of the primary beneficiaries was social media. Along with all the fake news, controversies, and hoax created about the COVID-19 pandemic, the number of users of all social media networks and apps increased substantially. The average number of daily users also showed a sharp rise, and that started a new frenzy.
According to a survey done by Smartly.io, the spending by retail marketers on social media ads was expected to hit 65 billion dollars in 2020. And Facebook is the favorite social media platform across the board, as was revealed in the survey by businesses. Look at the stats below.
These two stats are enough for anyone to understand social media ads’ quantum in the years to come, and Facebook is currently the runaway winner. But before running any Facebook ad you must know how to advertise on Facebook that how you may set your goals, how to selecting your targeted audience, how much money you should spend in any specific region and etc.
So, what’s in store for businesses and online markets in 2021? And what about the future of social media ads and related costs? Go through this blog for deep insights and analysis about the scenario this year and beyond.
Take a look at the stat mentioned below in the last 4 years and for the current year.
Before launching a social media campaign or a big project for a new product, you need to analyze its cost. Your marketing strategy can run into trouble if you don’t have a good idea about what social media platforms or apps you need to focus on and how you can save cost. It starts with whether you need a consultancy service in this concern or will use your in-house marketing team. There can be a considerable difference here, so make the decision wisely.
Suppose you are looking to plan and manage your social media accounts yourself. In that case, you need to invest 30-100 dollars a month on getting software and tools like Hootsuite and Hubspot. But this is not all as the biggest requirement will be dedicating time and effort to check the result of everything you are putting in. And if your marketing strategy and tactic are paying off. So, if you are ready for this, you can start right away.
The other solution is all about getting the consultancy from a renowned social media agency to take care of all your needs in this regard. Let’s start with content creation. For a short 500-word article or blog, the cost will be anywhere from 10 to 30 dollars or even more, depending upon the quality and research required.
Publishing two pieces of content per week may cost you around 150 to 200 dollars. And for guest posts on websites with high domain authority (DA), the rate can increase manifold.
Now take a look at some interesting facts and figures that can make businesses make the right decision after selecting their preferred social media platform. These stats have been compiled by Hootsuite, which is one of the leading social media management platforms.
52% of all online brand discoveries still happen in public social feeds. This is a staggering stat, and it is opposite to what Mark Zuckerberg of Facebook has been advocating in thesis concern. He believes that the future belongs to private, that is, Facebook Messenger and other such software. We know the importance of software such as WhatsApp and how they have become a powerful communication tool for businesses.
Social Media Platform Average Advertising Cost (CPC)
Facebook $0.97 per click
Instagram $3.56 per click
YouTube $3.21 per click
LinkedIn $5.26 per click
Twitter $0.38 per click
Pinterest $1.50 per click
Social media also offers cost/1000 impressions. These are the average costs prevalent in the market as follows.
Social Media Platform Average Advertising Cost (CPM)
Facebook $7.19 per 1000 impressions
Instagram $7.91 per 1000 impressions
YouTube $9.68 per 1000 impressions
LinkedIn $6.59 per 1000 impressions
Twitter $6.46 per 1000 impressions
Pinterest $30 per 1000 impressions
Businesses can take advantage of billions of users of social media who use these platforms and apps regularly. But mastering how to put ads on social media platforms and save costs, too, is the real deal. I hope this blog will serve its purpose in defining social media advertising cost and other factors.
If you think you can add something valuable here or have a query, you are welcome to speak up. For any feedback too, please use the comments section below.