Have you ever considered how much additional value you would get from reaching out to your competitors’ customers and convincing them to choose you instead?
I am about to tell you how you can
a) increase your reach
b) increase this conversion rate
and therefore increase your revenue gained from Twitter.
Increase your reach
Say you already have 500,000 Twitter followers and you want to market to 200,000 users that don’t follow you but will be likely to want to follow you and – even better – buy from you. You want to target your competitors’ followers specifically but these add up to maybe 2 million Twitter users which can cost a huge amount to target via Twitter ads.
So what you really want to know is who are the 10% of these Twitter users that are the most likely to convert. Yes, Twitter ads give you plenty of options to narrow down your audience – basic interests, demographic data, location – but it is still basically guess-work when it comes to whether what you are offering will be of any interest.
To determine which users are most likely to convert you need to know more about this sample audience of 2 million Twitter users first, with valuable information including who has a large social influence, who engages a lot, what brands people are interested in (and how intensely interested they are) or even how likely they are to impulsively click on an ad (based on their personality type).
You can then narrow this down to the 200,000 deemed most relevant to your brand (for example let’s say you are a restaurant with a heavy focus on chicken, you’d want to choose the users that, for example, enjoy meat, dine out often, and maybe they love going to the cinema and you have a lot of branches in entertainment complexes).
So targeting your own 500,000 followers, plus these 200,000 relevant users already increases the number you convert into shoppers from 2,500 to 3,500 (based on the stats mentioned at the beginning of this blog) which equates to an additional $121,330 revenue from Twitter traffic alone. But when you have this audience of 700,000, how do you increase this conversion rate from 0.05%?
Increase your conversion rate
Further analysis of this audience can reveal their specific interests and the intensity of these interests so that you can segment the audience and create several different ads to target with for maximum engagement level. Not only will this increase the likelihood that your audience will be interested an click or engage with your ad, it will also result in a reduction in cost-per-click (read about Twitter’s secret ad Quality Score here) meaning you can gain more traffic per campaign for the same cost.
To put it in basic terms: the more relevant your ad to the audience, and the more your audience engage with your ad, the higher the Quality Score your ad gets. The higher the Quality Score of the ad, the cheaper the cost-per-click.
Our solution Discovery can help with all of the above, to not only enable you to reach more users (including your competitors’ followers), but also to enable you to create hyper-targeted ads and reduce your cost-per-click while maximising conversion.
Get in touch to find out more