All I Really Need to Know I Learned by Getting a D in Economics
by MGB2B
Now several years out of college, the D grade I received (and wholly deserved) from my Economics 101 course stings far less, and the few lessons that managed to stick have proven quite useful. In fact, the three things I still remember from those grueling 50-minute installments have translated into some useful B2B social media advertising tips:
- There’s no such thing as a free lunch. The first of only three things I remember from my college economics class (which explains my less-than-impressive grade) is that there’s no such thing as a free lunch. While some big-name brands can generate lots of organic (unpaid) social media engagement, it takes more effort, and often dollars, for smaller brands to do the same. That is not to say that all of your social media content needs to be promoted, but a portion of your budget should be put towards paid content. Surprisingly, it’s often your top-performing organic content that makes for the best paid posts. Organic engagement is a good sign that your content is a match for your audience, and likes, retweets, and comments serve as a vote of confidence for the users who might be unfamiliar with your brand.
- Don’t throw good money after bad. The second thing I remember from the back row of Econ 101 is that you should never throw good money after bad. When launching a monthly Twitter ad campaign, it’s easy to just set up your targeting, spend, schedule, and walk away until next month. At any given time, however, the keywords, followers, or interests-based targeting you selected could spike in price due to trending topics or other advertisers, making your initially competitive bid of $1.75 per click completely ineffective against the now $14.00 cost per click. And if you’ve set your daily spend to $20.00 thinking you’d rake in at least 11 clicks per day, imagine your surprise when you barely score 30 all month. Be sure to check your social media campaigns regularly throughout the month to avoid waste and maximize your efficiency.
- Visuals send a strong message. This is a lesson I’ve learned time and again, and perhaps not originally in economics class. But when my be-speckled, bow-tie-wearing professor was able to effectively silence a room filled with wired college students simply by the way he stood, I learned the lesson all over again. Visually driven messages are powerful. This holds true for B2B social media advertising strategies because in today’s highly visual culture, an attention-grabbing image can mean the difference between generating a lead or getting lost in the scroll. Big, bold visuals are no longer limited to Facebook and Instagram. Twitter, and even LinkedIn, now feature large images and encourage brands to use them in their advertising campaigns. Had my professor stood with even a slight hunch, or had a glimmer of doubt in his eye, our semester would have gone very differently.
Paid content is an important part of your social media strategy, but ads can’t succeed without regular updates, tweaking, and strong visuals. While strategies change drastically from industry to industry, these B2B social media advertising tips can help you earn an A on your next campaign.
Tags: B2B social media advertising tips, B2B social media strategies, economics quotes