Advertising on social media is a daunting process for many brands as they are not able to define a proper social media marketing strategy, social media plan, social media campaign strategy, social media content marketing, and successful social media campaigns. A social media marketing strategy helps you reach specific targets through different social media engagement posts. Social media advertising is a must if you want to reach out to a new and targeted audience quickly. Bidding is a little perplexing at first. That’s why it’s good to learn before getting into it.
Google Ads offers several bid strategies that are tailored to different types of successful social media campaigns. Determine the best social media marketing strategy and bidding strategy depending on the networks your campaign is targeting and the social media plan. Decide whether you want to focus on getting clicks, impressions, conversions, or views before creating a social media marketing plan.
Creating a bid approach will assist you to decide how your price range or budget is spent. Your bid strategy will depend on your ad campaign goals, your advertising and marketing budget, and other factors like market research and internal performance metrics.
In this article, we’ll describe how a social media marketing strategy and social media plan rely on bidding strategies to form a successful social media campaign.
1. Manual Cost Per Click (CPC)
With manual CPC, your social media marketing strategy will be developed in such a way that you select the budget you’re willing to pay for each click and Google will make sure you never spend over that amount for a click. This is a great strategy if you want to have more control over the cost and spending and when you want to increase traffic to your website.
CPC, conjointly referred to as cost per click is the amount you pay whenever somebody clicks on your ad. This method of online advertising is one of the first choices for digital marketers.
2. Target Cost Per Acquisition (CPA)
With this bidding strategy, your social media strategy and social media plan can set a target CPA that lets Google know how much you want to spend on generating an action. CPA, also known as cost per action and requires you to only pay for conversions. As per target CPA, you pay for conversions rather than clicks.
Social media platforms will ensure your budget meets minimum requirements to get you at least one conversion on your ad and will not allow you to set a budget below the bid minimum. Target CPA bidding automatically finds an ideal bid for your ad each time. Google Ads sets these bids to achieve an average CPA equal to your target across all successful social media campaigns using this strategy.
3. Target Return on Ad Spend (ROAS)
With this social media marketing strategy and social media plan, you will set up the bid considering value optimization. This is a good option if you’re using ROAS as the primary metric of success. You can determine how much you want to get back from your ad spend with PPC ads as well.
This is a great social media marketing strategy to use if you want to get more conversion value at a target ROAS that you’ve set yourself. This bid strategy will focus on the social media campaign strategy, so you get the most opportunities while maintaining a minimum ROAS.
4. Maximize Clicks
When you only think about maximizing your clicks, you can use this strategy to adjust your campaign automatically through Google to get the most amount of clicks.
This is one of the simplest, most straightforward social media plans and bidding strategies ways to bid for clicks. All you have to do is set your daily budget and the rest will be taken care of by Google.
5. Maximize Conversions
With this strategy, Google will help you get conversions. This is one of the best strategies to use if you want to spend your entire budget while getting the most conversions possible.
6. Lowest Cost (Auto Bid)
With this social media marketing strategy, social media campaign strategy, and bid strategy, you won’t have a lot of manual work to do. Facebook sets up the bid automatically and it’s not a bad choice if you spend your full budget. When the goal of your campaign is brand awareness, impressions, lead generation, traffic or post engagement, the lowest cost/auto-bidding is a good option.
- Calculate the best bidding strategy and create the best social media marketing strategy for different goals.
- Enhance CPC by looking for ad bidding that is more likely to generate conversions.
- Set bids to get as many conversions as possible.
- Stop low-appearing advertisements and prioritize the ones producing the better results.
- Identify performance issues within an account