Today, more than any other time in recent history, social media platforms have become the main source of information surpassing print and other digital media platforms. Further the current situation (COVID-19) has acted as a catalyst to the ever-increasing rise in social media adoption and has given rise to surge in social media marketing.
As businesses from all around the world grapple with dropping profits and staff’s well being, social media and social media marketing helped save business and sustained jobs. This is because the pandemic have pushed us into the digital world resulting in more consumers shopping online.
To survive this crisis, your business needs to maintain its customer base. Having an engaging presence on Facebook and Instagram or other social media platforms is a must as it will help you connect with your customers and continuously operate your business.
The Key Role of Social Media Marketing
Social media has become an indispensable component in our daily life. Home-bound with little to do Covid-19 has led to a spike in online media consumption.
The businesses that will survive these uncertain times and continue to thrive afterward are those that remain agile. As such, your business will need to respond fast and effectively to the unique challenges presented.
Undeniably, social media marketing also provides you with a platform to brand, sell, and market your products and services. But, this should not be the end-all-be-all for social media.
4 Reasons Why Facebook & Instagram Ads are Critical for Your Business During COVID-19
1. Digital attention is at an all-time high
With most businesses closed, and most people staying at home in order to reduce the potential spread of the virus, social media usage is surging.
Since people aren’t going out to bars or engaging in outdoor activities, they’re turning to Facebook and Instagram much more than normal – which means that the amount of available impressions is also on the increase, and the capacity for your ads to reach your target audience is equally on the rise. This will lead to lower overall operating costs for your campaigns.
2. Many of your competitors are pausing their campaigns
Whenever there’s a disruption to “business as usual”, the first reaction that many businesses have is to pause their ad campaigns, with a view to restarting them again once the situation dies down. And that is exactly why you should keep your Facebook Ads going (if you can afford to) during this particular crisis.
3. Brand awareness is a low-cost objective
Since conversions are likely to slow down due, understandably, to larger concerns occupying people’s thoughts, it could also be a good idea to shift to a lower-cost objective, like Brand Awareness, with your Facebook Ads.
4. You have the opportunity to serve people now, and win business later
While there are some key business reasons why you would want to keep your Facebook Ad campaigns active during a time like this, it’s important to also consider how your brand will be perceived by its audience as a result.
You can do this by offering discounts, freebies in the future, or even complimentary access to premium services.
How much to Spend on Facebook & Instagram Ads
1. Establish Your Facebook Advertising Budget
The first step is to understand the numbers related to the marketing and sales of your business. For most people in advertising the goal is to make money, which means focusing on getting leads and making sales.
A marketing budget for any business is 5%–12% of revenue. Newer companies tend to spend closer to 12% in order to grow aggressively. If your company has been around for a while and you have good revenue and you want to maintain this or continuously, your budget should be closer to 5%.
2. Distribute Your Facebook Ad Spend
The next step is to properly distribute it based on the types of Facebook ads you’ll need to run to see results. Let’s break that down into three categories.
20% – Education, engagement, and audience-building.
You want that 20% to create an audience you’ll be able to leverage long-term so your results don’t dry up or skyrocket in terms of costs.
60% – Promoting offer and generating those conversions.
20% – Retargeting
Retargeting is an effective way to get a lot of bang for your buck, but ultimately, if that’s all you do, your audience will be so small that you won’t see those financial results.
All three pieces of this puzzle need to work together to maximize the impact of your Facebook ad budget.
ALSO READ: Ready for The New Normal / Post-Covid Era? Why Full Funnel Marketing is the Key
Conclusion
This being the first time the world has experienced a pandemic of this scale, the role of social media marketing will continue unfolding. In hindsight, future businesses will learn how they too can respond to such an unprecedented global health pandemic.
While COVID-19 presents a defining moment for businesses to market their services, it’s essential to use responsible social media marketing practices. Nevertheless, stay on top of your game as you seize the most opportune moments for success; one post at a time.
Source: https://youtu.be/s-sIW0Ev8bE
Subscribe to my YouTube channel: Casey Ordoña
