Social Media Advertising is Extremely Underpriced
David Kraus Saturday, January 19, 2019
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Facebook advertising, as well as other social media platforms, is extremely underpriced! Businesses are leaving money at the table if they’re not spending big on these platforms.
If you do not spend a substantial amount of your time over the next 24 months figuring out Facebook and Instagram, you will leave an enormous amount of potential sales at the table.
Take advantage of the current situation while social media advertising is so cheap.
Years ago when we transitioned from the radio to the television, the pricing was greatly unpriced. The same happened when Google launched its AdWords a few years back. Google ads were pennies and now they have risen 20 to 100 fold. We are currently still in this position with Facebook ads. The market still hasn’t fully adjusted to the reality of our attention on Facebook.
We are now living through a time of underpriced attention, with social media, but too many businesses and brands are wasting time and not taking full advantage of it.
I have spoken with business owners who have told me on how social media has and is influencing our election system. Then later they say social media won’t work for growing their business. So I ask the business, “social media can influence a national election but it can’t get you business?” This is a very confusing statement.
Just because you haven’t figured it out yet, or it’s not working to the extreme, doesn’t mean it’s doesn’t work. What it means is you haven’t done enough testing to figure out what WILL work.
IF YOU’RE NOT ADVERTISING ON SOCIAL MEDIA, YOU’RE LEAVING MONEY ON THE TABLE
Everyone that is running a business needs to get serious about social media advertising and become “unbelievably educated” in how to run Facebook ads.
You don’t want to be one of those people a few years from now that has regretted that you didn’t take advantage of this underpriced marketing platform.
What’s going to happen over the next five years is the major brands are going to wake up and start spending tens of millions of dollars on Facebook. This, in turn, will dramatically drive up prices in the auction marketplace. It’s the simple principle of supply and demand.
THERE IS NO ‘SOCIAL MEDIA’
Social media is a slang term. It’s the current state of the internet. The internet used to be a cold place full of information but no interaction. Now it is a place to have a conversation about one's interest, no matter what the subject matter.
Currently, over 50% of users’ time on their cell phone is used on platforms like Facebook, Instagram, Snapchat and YouTube. This is what is coined social media but really it is communication and if you can get enough attention in these communication channels you can grow your business.
STORYTELLING IS KEY
Since these “social media” platforms are really channels of communication, you need to start communicating your story. Your story is what attracts people to you, thereby you now have their attention. The companies and people who attract the most attention WIN.
It doesn’t matter whether it is written, audio or video, all communications attract attention. In fact, in my opinion, audio still has huge growth potential. More people listen to podcasts now than ever before. So stop trying to figure out what medium to use or how to make it perfect. Instead, tell your story and speak the truth and mixed with a little patience over time you will have the attention to continue to grow your business.
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