Working in social media at an agency can make you believe that social media has been a thing since the dawn of time, but as we all know, that’s far from the truth.
As a marketing method, social media is still the new kid in town, and there is still a lot of misunderstanding around its purpose and benefits. This is true in particular for the subject of advertising on social media.
For a marketer that may not be empathetic to a business owner’s perspective, it can be easy to get caught up in all the different KPIs and metrics that social media offers. However, the person spending that £1 on advertising wants to know exactly what that £1 could get them. So, let’s dig deeper into what a typical £1 on Facebook advertising generates your business.
This ties in with the all-too-familiar question of ‘how much should I spend on my advertising?’ This is a question which has no short answer and depends entirely on your goals. So, let me break down what £1 will traditionally generate on Facebook’s ad platform and I will let you decide for yourself. The following data metrics will cover the most common Facebook ad KPIs of clicks, impressions, engagements and followers.
Note: This data is gathered from a variety of industries and should be used as contextual guides, not set-in-stone benchmarks.
£1 spent on Facebook could get you:
- 4 website visits.
- 2 page likes.
- 11 engagements.
- 117 impressions.
Now for some maths…
If you take that £1 and turn it into £500, how much impact would social media advertising be generating for your brand?
£500 Spent on Facebook could get you:
- 2000 website visits.
- 1,136 page likes.
- 5,556 engagements.
- 58,207 impressions.
They key thing to remember is – what is your goal? Will spending £500 to improve your page likes help you hit your goal, or are you better suited to spending that £500 generating traffic to your website to increase new customers.