When looking to promote a common product used by most of the general public, a variety of advertising avenues are available to marketers as they attempt to pique the interest of prospective buyers – but in the quest to engage a more niche market, one has to do thorough research in finding effective mediums.
With Facebook and Twitter’s advanced retargeting capabilities, social networks offer unique advertising opportunities that can be especially advantageous in reaching very specific target markets.
In a recent study conducted by AdRoll, it was found that Facebook’s News Feed ads have a 21 times higher clickthrough rate than standard web retargeting ads. Additionally, the News Feed ads had 49 times the clickthrough rate of Facebook’s sidebar ads.
Utilizing social media retargeting, these News Feed ads help create additional touch points for prospective customers. More touch points = increased likelihood of a purchase. According to Forrester Research, it takes approximately six or more marketing touches to nurture a prospect from lead to sale.
Because these News Feed ads are social entities and posts themselves, they are likeable, shareable and commentable – fostering additional engagement and ideally creating even more touch points for potential customers.
With the increasing popularity of smartphones and mobile-centric apps, social networks like Twitter have continued to grow and offer unique opportunities for advertisers to engage users and prospective customers on the second screen. Experts forecast that sometime between 2013 and 2015, mobile will actually overtake laptops and desktops as the primary internet access device for web users.
A study conducted earlier this year found that users who primarily access Twitter via mobile device are 60% more likely to follow 11 or more brands. Regarding advertising on the social network, mobile Twitter users are 53% more likely to recall seeing an ad on Twitter than the average Twitter user.
In 2013, more than 60% of advertisers expect their social media advertising budgets to increase. Social media’s role in the larger marketing landscape is only expected to grow exponentially in the next few years, with experts forecasting social media ad spend to top 19.5% of the average marketing budget by 2017.