Social media is a treasure trove of data that can be measured in a multitude of ways…likes, shares, retreats, impressions…the ways you can look at data is mind boggling. But, what metrics are really important to you as a small business owner?
Facebook and LinkedIn would have you believe that impressions are what matter most. But recently, more than 76% of CEOs said they no longer care about impressions. Instead generating new customers and not simply being “seen” by a large generic audience is what matters most to their businesses
In a recent Digital Information World survey, 59% of CEOS said, “social channels don’t generate sales for their businesses” and 77% don’t see “digital advertising as a reliable source for gaining new customers or increasing sales.”
Social media channels are certaining being put through the wringer with 62% of decision makers feeling like they are wasting their hard earned budgeting dollars on platforms that don’t convert into paying customers. More than 50% are no longer interested in spending money on Facebook, Instagram or Search ads and more than 66% are no longer endorsing the use of Twitter or LinkedIn advertising.
Those statistics are in alignment with what I’ve seen my clients experience in my coaching business over the past 12 years. But let me assert that it’s not the ads that are at fault, it’s the inability to target ads to an audience who is interested in your products or services.
Social media ads can generate revenue when they are targeted towards the RIGHT group of people. But as it stands, ads managers only allow targeting based on a small subset of data like age, job, gender, and basic interests. But, that data alone isn’t enough to measure interest in buying, and that’s why social media conversion rates are extremely low.
I was shocked to learn that Instagram’s conversation rate is 1% and Twitter and Pinterest come in around .54-.77%. Facebook converversions are marginally better based on your niche or industry. Fitness, healthcare, and education fare at about 14%, but many industries can only expect to convert 2-3% on their investment.
As you know, engagement (likes) and impressions don’t create an ROI on advertising dollars. Imagine how your ads would perform if they were targeted to people who had an interest in your products or services AND had the financial means to pay for it. This approach totally removes the guesswork from marketing campaigns.
As with any targeted marketing campaign, data is at the heart of it all. That’s why curated audiences are the key to successfully converting your social media ads into paying customers. You are able to define your dream customer and know all of their intimate details.
At Audientum, we have access to over 550 data points that help us predict their buying patterns for products and services that you offer. With all of this vital information, coaches, consultants, and service based businesses can target their messaging to their dream customers.
When you acquire a curated audience, not only do you take the guesswork out of who you’re talking to, you also know exactly where they are hanging out. Each person in your audience comes with their unique social media identifier codes so you can upload your audience on each platform you run paid ads.
Running ads to a curated group of living and breathing humans can increase your conversion rates by 40% for several reasons.
- You’re not waiting for algorithms to learn your potential customer
- You’re not running ads to fake accounts or bots
- You’re able to target your ads to your dream customer because know you exactly who they are
- You’re able to reach them on all of the social platforms they hang out on
- You’re able to invite them to your conversion events via SMS messaging
Why waste time and money doing the same things you’ve been doing and getting disappointing results? It’s time to flip the script and make some strategic changes in the way you invest in your business. With just one curated audience and a $500 offer, you could realize a six-figure ROI within 90 days.
If you’re ready to fill your conversation events and sell out your programs with your dream customers, it’s time to make social media work for you! Audientum has the solution that will provide the framework to deliver the results you’ve been striving so hard for.