Budget Refueling is a concept I have coined to describe the process of quantifying marketing values in order to justify an ongoing budget for social media advertising. While I learned the foundations of this process in college throughout my bachelor’s degree in Business Management, social media was in its infancy and it was never once mentioned by my college professors. The three major social media platforms, Facebook, Twitter and YouTube are all optimizing for live and on-demand video content. While this is a huge marketing opportunity, the only way to truly take advantage of the platforms is to monetize your efforts or get really lucky. Since we are not in business to “get lucky” we are going to review several strategies for monetizing live and on-demand video content on these platforms.
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In past articles, we have explained how to host free online webinars (for your longer more expansive events) and how to create short engaging “television style” videos (for your general product/service marketing). Now it’s time to get the videos we have created the attention they deserve.
Boosted Posts, Pay-Per-Click and Pay-Per-View
The fastest way to get your content out into the world is advertising. If you truly believe your content can convert prospects into customers you should be willing to pay for advertising. The trick for most businesses is understanding what content is worth promoting and what isn’t. We can use several different methods for analyzing our video content to determine what our most effective content is. (SOURCE #1)
TIP: If you are promoting a live event you may need to create a promo video and direct users to a landing page to purchase tickets.
Look for subscriber conversion, look for organic growth, follower engagement, comments
Setup advanced goal tracking (Phone Calls to your office, Subscription to your email list, orders on your e-commerce site)
This is the most powerful tool for tracking conversions
Tweet Favorites, CTA Clicks, Retweets,
Looking for post engagement, shares and likes
Once you have determined your videos that are most likely to succeed you need to determine your audience. Perhaps you have determined that 90% of our customers are male and between the age of 35-55. Therefore in order to optimize our budget spending we will segment our advertising efforts to match these demographics.
TIP: every platform is a little different but each offers audience segmenting. On Twitter you can actually segment followers of a specific company!
Conversion trackIng and budget refueling
I like the term “Budget Refueling” because it reminds my of a well oiled machine. If you can properly track conversions and create a reliable ROI (return on investment), then your paid advertising campaigns become the fuel for your growth. Best case scenario: your content working for you on “auto-pilot” as your advertising campaigns chug along within your allocated daily or monthly budget. I would suggest scheduling a call with your Google Adwords representative and setting up as many variables for conversion tracking as possible upfront. This tracking data will help you judge the effectiveness of your marketing and justify increasing or decreasing your budget. (SOURCE #2)
TIP: Google wants you to be effective and they have tools for conversion tracking ready. The platform may look daunting but just remember you can always call, email or chat for instant help 24/7.
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