Increased Social Ad Spend
According to the latest forecasts, social media ad spend is predicted to surpass print ad spend for the first time in history. The report indicates that while social ad spend will jump 20% in 2019, spend on print sources like newspapers and magazines will dip 6%.
Today, social media is the third-largest advertising medium, accounting for 13% of global ad spend. It is surpassed only by paid search (17%) and television advertisements (29%). Overall, television ad spend is shrinking, while total amount spent on paid search is expected to exceed $100 billion for the first time in history.
Growth Fueled by Small Businesses
One key contributor to this trend is the accessibility of social media advertising to small business owners. While multi-million-dollar budgets permit international corporations to purchase Super Bowl ads, radio promotions, and full-page spreads in prominent magazines, newer companies must instead tailor their approach to a smaller scope. There are two key benefits to social ads: comprehensive local targeting and an increased sphere of awareness.
Broader Reach, Increased Relevancy
For a fraction of the cost of traditional advertisements, family-owned businesses may make use of Facebook’s targeting tools to identify individuals near and far who are interested in their products or services.
On a local basis, marketers may tailor their ads’ demographic parameters to those who are nearby and interested. Rather than casting a wide net via the local paper or missing out on the younger demo, business owners are able to reach a different audience (without wasting money on irrelevant exposure).
On the other hand, social ad spend may be used to grow the brand beyond the confines of city limits. While small businesses were previously limited by word-of-mouth, today niche products and services may reach potential interested customers all over the world. Through social media, companies can build brand equity and loyalty; they are able to tailor their ad objectives to engagement and audience-building, rather than just attempting to sell a product or service
What Does This Mean for Your Marketing?
By keeping track of this data, businesses are able to position themselves in a way that takes advantage of changing ad trends. Social ad spend and paid search will play an increasing role in advertising in the months and years ahead. Use these ads to lead your customers to optimized landing pages for best results.
Founded in 1999, Webconsuls is a full-service digital agency headquartered in Nashville, Tennessee. We have grown alongside social media platforms and major search engines. To learn more about our digital advertising services, call 949-701-4714.