Your business wants to pack a powerful punch when it comes to digital advertising and social media marketing, doesn’t it? You want to capture your target audience through social media users…and not pay a lot for the privilege.
Unfortunately, what used to be the Wild West in terms of being a new form of advertising is now a crowded metropolis, and making a splash with social media advertising takes a little more ingenuity (and budget).
Let’s look at how you can optimize your social media advertising spend across different channels to increase conversions and sales.
The Key to Success in Social Media Ad Spend
With so many social media platforms, which are the right ones to advertise on? It may take a little experimenting with different social media channels to find where your audience is. If you cater to a business audience, you are more likely to find them on LinkedIn, not Snapchat. And if you’re trying to reach Gen Z, look at TikTok, not Twitter.
Don’t Put All Your Eggs in One Basket
You may want to spread your marketing budget across several different channels for the best results. It may take a few months to tinker with your ad campaigns on each social site to determine where your ad dollars are reaping the biggest reward.
Realize that social media usage is trendy. The site that’s hot today may not be tomorrow, which is why you need to diversify your ad spend. Right now, video ads are popular. In fact, 9 out of 10 people want to see video content from brands like yours. This is a data point that might spur you to invest more in video ad spending.
Connect Your Spend to Your Goal
Each component of your marketing strategy has a goal. It’s imperative that you keep that goal in mind as you choose your social channels, analyze conversions, and divvy up your marketing budget for media ad spending.
For example, if you’re working to drive brand awareness, you might allocate a high global ad spend across all the social media channels you use. The more places people see your products, the more they stick in their minds. If you’re working on converting to a sale, you might choose Facebook advertising, since you can leverage the Facebook Pixel to remarket to people who have already visited your website.
You might also determine your ad spend based on a goal. If you want to sell X of Product A, which has a 35% profit margin, you can afford to increase your ad spend without cutting into profit.
The Relationship Between Spending and Billing for Social Media Ads
Determining your digital ad spending will take some time. Pay attention to your social network ad metrics to see which ads are moving the needle and reaching their goals.
At the same time, be aware of issues that can arise with your payment method. Some social sites, like Facebook, give you the option to manually pay your balance when it comes due. If you miss your payment due date, you risk your ads being paused until you pay the bill.
You may also have the option to have your debit or credit card automatically charged when a bill is due. This can ensure that your ads keep running and that you don’t have to scramble to find a company card to manually pay the bill.
Also be aware that, especially for first-time advertisers, some social media ad channels will limit how much you can spend before you have to pay down the balance. You may be limited to just $100, and if you plan to spend big, this can impede you from doing so. Be patient. Once you’ve established a relationship with the advertising channel, that spending threshold will be removed and you can spend more to reach your target audience.
How Credit Card Limits Can Affect Your Social Media Ad Spend
Another potential issue to be aware of when it comes to billing is a problem that many advertisers that have a high spend for digital marketing and advertising often encounter.
When you spend a lot of money over a short period of time (we’re talking tens or hundreds of thousands over weeks or days), credit card companies get nervous. They may worry that you are the victim of fraud and may freeze your account. You then have to contact them to explain that yes, it was you making these big purchases. They can lift the freeze, though sometimes it takes days. Days you don’t have.
In the meantime, social media ad platforms see that your credit card isn’t working for automated billing, and so they pause your ad campaigns. Despite the fact that your company has the money to spend on social advertising, you are impaired from doing so because of this issue.
The Right Way To Spend on Social Media Advertising
Sounds terrible, right? The good news is that dash.fi has solved this conundrum. Rather than freezing your account whenever you spend big (because dash.fi knows you’re buying big in advertising), dash.fi offers credit limits that are 10 to 20 times higher than that of traditional credit cards. That means you’ll never butt up against that limit.
And dash.fi lets you have a billing cycle that fits your needs. It doesn’t have to be the traditional month if that doesn’t work for you.
Earn Cash Back on Social Media Ad Spend
Simply being able to run ads for your ecommerce brand unimpeded sounds pretty magical in and of itself, doesn’t it? But wait! There’s more. dash.fi also offers users impressive cash back. In your first 60 days, you can get up to 3% cash back on your digital ad spend. After that, it’s 1-1.5%.
You can also get cash back if you hire one of the media buyers or advertising agency partners that dash.fi works with, or if you sign up for merchant card processing from our partner.
You can reinvest that money into your ad campaigns, buy a foosball table for the break room, or buy the entire team lottery tickets (and not the cheap $1 ones). It’s your money. Do with it what you want.
Avoid Campaign Shut Offs Due to Credit Limits
If you’ve already experienced a campaign shut off because of spending your entire credit limit quickly, you know what a pain that can be, and the greater effects this issue can have on your digital ad campaigns. Why not try a better payment method that encourages you rather than hinders you in buying social media advertising?