smart marketing: Social media has opened many doors for marketers. While previously, marketers solely had conventional platforms like TV, print, and billboards to reach their target audience, social media has allowed many organizations to reach a significant portion of their target audience.
After all, according to Statista, there are over 3.81 billion people active on social media!
That constitutes approximately half of the global population. As per the research done by eMarketer, 90.4 percent of Millennials, 77.5 percent Gen X, and 48.2 percent of baby boomers are present online.
Moreover, HubSpot reveals that the mean cost per lead of social media marketing was less than $200! This makes it ideal for small as well as large-scale businesses.
smart marketing, while social media is generally a much more cost-effective way to reach your target audience, it is still possible to further lower your cost per lead if you use the platforms smartly.
Smart marketing ways to reduce cost per lead on Facebook
Facebook is, by far, most used social media platform there is. According to Pew Internet, 68 percent of Americans use Facebook! Moreover, currently, there are more than 2 billion active accounts on it.
While whether or not Facebook should be your focal social media platform for marketing would depend on the demographics of your audience, you must still use it for social media marketing, at least to some extent.
Here are ways you can minimize your cost per lead on Facebook.
Use Facebook Insights
To make sure that you don’t waste money on demographics that don’t convert, you can see which demographics reacted positively to your previous campaigns. Do so by using the Facebook insight feature.
By narrowing down your audience, you can ensure that you don’t waste your money on people you know won’t convert. While you are at it, make sure to conduct research about why your ads farewell with the given demographic.
A similar step was taken by Dacia, a growing car brand in the US. By using past data to customize their ad spend, the company was able to experience a 45 percent reduction in their cost per lead.
Improve your landing page
Despite targeting the right audience using your Facebook ads and profile, you can still end up with a high cost per lead and low conversions. This can occur if your landing page is too complicated. Remember, the modern consumer doesn’t have the time to interact with long and complicated landing pages.
According to a research conducted by Word Stream, by reducing fields in a landing page from eleven to four can boost conversions by 120 percent!
So, Smart marketing, make sure to make a simple landing page where you solely ask for the necessary information. Simplify the copy as much as possible and have a balance between content and whitespace.
Use Facebook Lead Ads
Facebook offers various types of ads, including standard ads, carousel ads, static ads, and lead ads. If you are not confident about the effectiveness of your landing page, you can use Facebook lead ads to reduce your cost per lead.
Here, rather than directing customers to your website, Facebook uses information from the user’s account to send information to the brand, making it convenient for the masses.
Ways to reduce cost per lead on LinkedIn
LinkedIn is an excellent platform for social media marketing, especially for B2B businesses.
As per Statista, over 160 million Americans have LinkedIn profiles. And a survey by Wyzowl revealed that 87 percent of organizations find LinkedIn effective for video marketing.
Here is how you can reduce your advertising cost on LinkedIn.
Be creative with your ads
The more leads you are able to generate as a whole, the lower your cost per lead will be. And to improve the overall performance of your ad, you must pay attention to the design and creativity of your ad.
Focus on the image and ad caption. Make sure that both are good enough to attract your target audience’s attention. According to LinkedIn users, ads with interesting statistics or posing questions generally perform well.
Use lead generation tools
There are various quality LinkedIn tools for lead generation that you can use to effectively gather, monitor, and improve the performance of your lead generating ads. Surf through them and invest in the ones which offer you the best outcome.
For instance, Social Champ helps in the effective scheduling of ads and posts. This ensures that you don’t miss out on the high traffic times. Another tool called LinkeLead help in creating automated personalized content and offers for your connections.
Ways to reduce cost per lead on Instagram
Instagram is a hit, especially among the younger audience. As per Statista, there are over 1 billion active users on the photo-sharing website. According to DigiDay, Instagram ad spend surpasses Facebook by 23 percent.
For a low cost per lead, here are a few things to consider.
Test and use the right mix
Instagram offers various types of ad formats. This includes newsfeed, carousal, video, static, and story ads. Before allocating the budget to Instagram, conduct a split test to find the format most effective for your audience.
This is what Garda Dibble did and experienced a 42 percent lower CPC (cost-per-click).
Engage with your audience
You can’t expect your ads to be effective unless your organic marketing is up to par. Along with investing in lead generation ads on Instagram, make sure to have a robust online presence on the platform.
This includes creating aesthetically, pleasing visual content that manages to attract the audience. Sephora manages to do so impeccably.
Smart marketing, Regardless of what platform you select for campaign, you can reduce your cost per lead if you take the right measures. These will differ according to the platform in question.
So, narrow down your key social media accounts. Conduct research on your target audience to create ad copies that are likely to engage them. Use different automation tools to simplify things.
Do your part as a marketer, and the social media platform will take care of the next step.
Also read about: The Perfect Marketing For Your Company In 6 Steps