Facebook most recently reported its active monthly user base has reached 1.9 billion which is a gigantic 25% of the world’s entire population (currently standing at 7.5 billion) and Twitter follows with 328 million monthly active users. Given the huge popularity of social media, it can act as an effective channel for reaching your target consumers, the difficulty is: how do you make sure it’s relevant?
How much do you take into account when planning your social ad strategy? Do you target your social ads purely based on whether a consumer is a parent, where they live or whether they follow Ed Sheeran? This might be okay but is ‘okay’ ever good enough? Does ‘okay’ get you the best ROI possible?
Social networks for businesses offer ways of segmenting and targeting consumers based on different aspects such as interests and demographics like age and location. Twitter, for example, offers you the option of targeting based on keywords, followers of certain accounts and various interest categories.
These data insights may be enough for some level of improvement when compared to completely generalised audiences but it is still very much making assumptions based on what the average of a group of people do or like meaning that the actual click-through and conversion rates can be incredibly low.
What if you could drastically increase conversion and reduce your cost-per-click by 8 or 9 times? Here’s how you can.
One blogger recently experimented in how they went about segmenting and targeting audiences for Twitter ads and found that using smaller, more narrow and specific audiences reduced the cost-per-click for campaigns by 9 times in comparison to targeting based on key words, with the click-through-rate increasing from 0.13% to 1.43%.
Refining your audience to this extent is not possible without deep insight into the users. For example, let’s say you are a company that sells experience day packages – it would be extremely valuable to know what kind of day someone wants. While a proportion of your Twitter followers would adore a spa day, another group would far prefer a day spent at a race-track and displaying an advert for a spa day would be completely irrelevant to them… so how do you find this out?
With Discovery, you can analyse groups of Twitter users such as your followers or the followers of a competitor to gain detailed insight into the breakdown of interests and personality types of that particular audience. For example, if you are this experience day company, you may want to run a report on all of a competitor’s followers so that you can target relevant ads to them and encourage them to buy from you over the competitor.
So let’s say that 45% of these followers’ top interest is ‘wine’, 30% is ‘sports’ and 20% is ‘music’ with the remaining 5% being miscellaneous. You can then divide these into separate audiences for different targeted ads for wine tasting, sporting events, or festivals respectively. You could go another step further here as Discovery can also delve deeper into these categories and tell you breakdowns for the audience’s interest levels in each sport. For example, the default go-to might be football but actually this audience is most interested in golf.
Another key aspect is that Discovery isn’t limited to identifying how many users talk about ‘golf’ but to what intensity they talk about it. There might only be 25% of the audience that talk about golf at all but the intensity that they talk about it might be high, meaning that they are much more likely to respond to a targeted ad for a day at a golf resort than if they had only mentioned it once or twice in passing.
On top of these interest insights, audiences can also be analysed and segmented based on their personality types, so whether they are likely to be an impulse buyer, whether they are more motivated by images of groups of friends or of beautiful scenery, or whether they are likely to want comparative options or a single confident suggestion. This could be used in conjunction with (or separately to) the interest reports, holding great potential value for the company to understand not only what consumers are interested in, but what motivates them to buy.