In today’s digital age, social media has become an integral part of our lives. With more than 4.2 billion active social media users worldwide, it has become a powerful platform for businesses to advertise their products and services.
In this article, we will discuss the importance of advertising on social media and how it can benefit your business.
Reaching a Wider Audience
Social media platforms have a vast user base and here are some figures from Wikipedia on the social media platforms that Singaporeans commonly use.
|
Platform |
Users in the world as of 2024 |
|
|
3.07 billion monthly active users |
|
Youtube |
2.491 billion monthly active users |
|
|
2 billion monthly active users |
|
|
2 billion monthly active users |
|
TikTok |
1.218 billion monthly active users |
Advertising on social media can allows businesses to reach out to a wider audience and use the numbers to their advantage by advertising on these platforms.
With advanced targeting options like age, gender, location, interests and others, businesses can also reach out to their target audience in a more targetted and effective manner.
Cost-Effective Advertising
Social media advertising is cost-effective compared to traditional advertising methods such as television, radio, or print advertising. Social media advertising allows businesses to set their budget and bid on ads based on the amount they are willing to pay.
This makes it easier for businesses to create and run ad campaigns on a limited budget. Additionally, businesses can monitor the performance of their ads and make changes to improve their performance without incurring additional costs.
Here is a general breakdown of each
|
Advertising Model |
Medium |
Cost |
|
Traditional |
1 x Billboard (for a month) |
$3,500 |
|
30 second TV ad on a popular timeslot/show |
$5,000 – $20,000 |
|
|
30-second radio spot on a popular station during peak hours |
$500 – $2,000 |
|
|
Full page Ad Print Media (Newspapers, Magazines) |
$3,000 to $10,000 |
|
|
Vs |
||
|
Digital |
Google Ads (CPC) |
We generally spend about $1,000 to $2,000 |
|
Meta Ads |
General spend should be about 30% of the company’s earning’s |
|
|
Content Marketing |
$1,000 – $3,000 |
|
|
Display ads |
$500 – $5,000 per month |
|
|
Email Marketing |
$500 – $5,000 per month |
|
All cost stated in SGD as of Apr 2024, the prices may differ from industries, timings and seasons.
Sources: Billboardsin, Mediacorp, Construct digital, itrobe
Improved Customer Engagement
Social media advertising allows businesses to engage with their customers and create a two-way communication channel. This helps businesses understand their customers’ needs and preferences better, which can help them improve their products or services.
Additionally, social media advertising allows businesses to respond to customer queries and feedback in real-time, which can help build trust and loyalty with their customers.
Better ROI and Insights
Social media advertising can provide businesses with a better return on investment (ROI) compared to traditional advertising methods.
With advanced tracking and analytics tools, businesses can measure the performance of their ad campaigns and make data-driven decisions. Carrie Digital Works has an article that discusses on how to maximise your ROI for your Pay Per Click (PPC) ads.
Practical tip: Take note of the ads that are not doing well, turn them off after a week of running and further boost the ads that are doing well for an even higher ROI!
Diverse Ad Formats
Social media platforms offer diverse ad formats, such as image ads, video ads, carousels, and stories, allowing creative experimentation and you do not need to stick to just one style of format.
In contrast to traditional media ads, these digital formats provide interactivity, dynamic content, and precise targeting with each ads serving a different purpose.
Check out our article on understanding which style of ad format you should use on Instagram.
Set/Accomplishing Goals
Through social media advertising, you can also set objectives that your brands wants to go for such as driving website traffic, increasing signups, or boosting sales, unlike the traditional media where you can only set it and forget it and pray for the ad to do well.
But Social Media advertising is no miracle pill, you will still need to ensure consistency in the ad to make an impact on making your brand stand out.
Conclusion
In conclusion, social media advertising is an essential tool for businesses that want to reach out to a wider audience, increase brand awareness, and generate more leads and sales.
With its cost-effective nature, advanced targeting options, and better ROI, social media advertising is a must-have for businesses in today’s digital age.
So, if you haven’t already, it’s time to invest in social media advertising and take your business to the next level.
Connect with us here for more information!