Social media has become integral to modern marketing, with many brands using it to promote their products and services. However, one of the biggest questions marketers often face is how much they should spend on social media advertising.
This article will look at general and individual platform ad statistics to help you determine your brand’s optimal social media advertising budget.
General Social Advertising Statistics
According to recent data, social media advertising spending is projected to reach $47.9 billion in 2021, an increase of 20.4% from 2020.
This indicates the growing importance of social media as a marketing channel and the increasing number of brands investing in it.
Regarding the average cost per click (CPC), social media advertising is relatively cost-effective compared to other digital marketing channels, with the average CPC across all social media platforms being $0.50.
Instagram Ad Statistics
Instagram is one of the most popular social media platforms, with over 1 billion monthly active users.
According to recent data, the average CPC for Instagram ads is $0.97, with an average cost of $7.91. Regarding ad formats, video ads are more expensive than photo ads, with an average CPC of $1.80.
As businesses aim to maximize their ad spend, it’s crucial to consider the trust factor. When potential customers see a substantial following on your Instagram profile, it lends credibility to your brand. To expedite your Instagram growth and enhance trust, consider buying followers on Instagram from trusted platforms like Buzzoid.
Facebook Ad Statistics
Facebook is the most widely used social media platform, with over 2.7 billion monthly active users.
It offers various ad formats, including images, videos, carousels, and more.
According to recent data, the average CPC for Facebook ads is $0.97, with the average CPM being $7.19. Video ads are more expensive than other ad formats, with an average CPC of $1.23.
Twitter Ad Statistics
Twitter has over 330 million monthly active users, making it a popular brand advertising platform.
According to recent data, the average CPC for Twitter ads is $0.38, with the average CPM being $6.46. Promoted tweets are the most popular ad format, with an average CPC of $0.46.
Snapchat Ad Statistics
Snapchat has over 280 million monthly active users and is particularly popular among younger audiences.
According to recent data, the average CPC for Snapchat ads is $1.53, with the average CPM being $5.56. Video ads are more expensive than other ad formats, with an average CPC of $2.00.
LinkedIn Ad Statistics
LinkedIn is a professional networking platform with over 740 million members.
It is particularly popular among B2B marketers, as it offers a range of advertising options to help reach a professional audience.
According to recent data, the average CPC for LinkedIn ads is $5.61, with the average CPM being $7.85.
YouTube Ad Statistics
YouTube is the second most popular search engine after Google, with over 2 billion monthly active users.
It offers a range of ad formats, including skippable and non-skippable video ads, bumper ads, and more. According to recent data, the average CPC for YouTube ads is $0.10, with the average CPM being $9.68.
TikTok Ad Statistics
TikTok is a relatively new social media platform that has quickly become popular among younger audiences.
It offers a range of ad formats, including in-feed ads, brand takeovers, and more. According to recent data, the average CPC for TikTok ads is $0.10, with the average CPM being $4.65.
Social Media Advertising Budget Factors For Your Brand
- Firstly, you should consider your overall marketing budget. Social media advertising should be seen as part of your broader marketing strategy, so it should not be the sole focus of your marketing budget. A general rule of thumb is to allocate 15-25% of your marketing budget to social media advertising.
- Secondly, consider your target audience and the platform they are most active on. For example, if your target audience is younger and more likely to be on TikTok, you may need to allocate more of your budget to TikTok advertising. Similarly, if your target audience is professionals and more likely to be on LinkedIn, you may need to allocate a larger portion of your budget to LinkedIn advertising.
- Thirdly, consider the ad format you are using. Video ads are more expensive than photo ads, so you may need to allocate a larger portion of your budget to video ads if you want to use them. Similarly, some ad formats, such as brand takeovers on TikTok, can be more expensive than others, so you may need to allocate a larger portion of your budget to those formats if you want to use them.
By following some general guidelines and considering the statistics for each platform, you can easily determine an appropriate budget for your social media advertising efforts.
Does the success of social media advertising depend on how much you spend?
No, the success of social media advertising campaigns will depend on various factors, including their ad creative, targeting, and messaging.
Spending more money does not necessarily guarantee success. It is important to continually optimise and measure your campaigns’ success to ensure they deliver the desired results.
How often should I adjust my social media advertising budget?
Regularly reviewing your social media advertising budget, such as quarterly or bi-annually, is recommended to ensure it aligns with your marketing goals and objectives.
You may need to adjust your budget based on changes in your target audience or industry, as well as the performance of your campaigns.
Are there any free social media advertising options available?
While most social media platforms offer paid advertising, some free options, such as creating organic content and engaging with your audience, are available.
However, these options may not be as effective as paid advertising in reaching a wider audience and driving conversions.