Growing Customer Acquisition Through Paid Social
Branding campaigns are often overlooked in marketing as the emphasis is put on immediate results and sales. While these are fundamentally important metrics to measure, brands cannot ignore the impact of mass reach in new customer acquisition. Simply put, the main way brands grow is by selling to more people.
Advertising on Social Media has made it possible for us to reach mass relevant audiences at scale. We have broken down our top considerations to maintain share of voice and increase customer acquisition.
Share of Voice with Paid Social Channels
Share of voice, remaining competitive and being where your customers are is vital to growth. With customer behaviour being driven by a myriad of factors including personalisation, convenience and deal seeking, brand survival relies largely on share of voice, staying top of mind and remaining relevant.
The answer is a well thought out customer acquisition strategy, combining Paid Social channels to put your brand in front of the right people at the right time.
Buffers 2019 State of Social Report provides insights into the use of social channels in 2019. Facebook, Twitter, Instagram and LinkedIn remain the top contenders, but we have seen rapid growth in other channels such as YouTube and Whatsapp. Businesses need to continuously evaluate and expand their social media approach to gain wider awareness and remain relevant.
Building the Sales Funnel
Advertising on Social channels allows us to target a mass audience in clever ways to ensure that we are putting our brand in front of the most relevant people possible. A customer acquisition strategy will look different for each business, but all should follow the customer acquisition funnel – Discovery, Consideration and Decision.
Putting focus on the Discovery phase grows the funnel effectively, attracting new customers with top funnel initiatives, which can then be refined and segmented for retargeting to move into the consideration phase.
Messaging and creative consideration for each stage keeps your audience engaged throughout.
Using the 60:40 Budget Rule
Investing 60% of your budget on Brand building and Prospecting and 40% on Sales Activation is an effective ratio rule to ensure you continue growing your audience base and move them into the Discovery Phase. Cutting brand budgets and only relying on customer retention and activation will eventually lead to stunted campaign performance.
Making use of Lookalike Audience capabilities
Using effective seed audiences to build Lookalikes allows for relevant mass reach:
- Existing Customers - finding people who closely match your existing customers. This allows you to expand your reach to find people who are the most important to your business.
- Make use of Lifetime Value – Value optimisation ensures that the focus is on your most profitable customers
- Pixel data of specific actions performed on-site such as added to cart and purchase audiences will assist in qualifying your audience.
Ultimately, brands cannot overlook the importance of a paid social strategy in increasing customer acquisition. Efforts focused entirely on activation will eventually lead to stunted growth and a decline in profits. Prioritising brand building and increasing share of voice can be achieved through careful consideration of the sales funnel, aligning budgets for reach and using lookalike audience capabilities.
It is important to keep in mind however that brand penetration does not produce immediate sales; it introduces and primes an audience to enter the marketing funnel, results which could only be seen in months to come.