In its recent 2019-20 CMO spend survey, Gartner reported that 26 percent of the marketing budget is going to paid media. That’s an increase over the past two years, and it’s tied with martech for the biggest piece of the budget pie.
That’s one of the most important messages that Socialbakers CEO Yuval Ben-Itzhak has for those looking to make their paid campaigns more successful.
Get more of Yuval’s insights in a brief Q&A session:
What’s the secret to running a successful paid campaign?Running a successful paid campaign over social media should not be just a gamble. You should start by learning who is the audience that you want to go after. You need to define the KPIs to know when this campaign is successful.
Once you’ve done that, you need to go and find, what is the content that will get your audience engaged? What format of content? What should you produce? Is it a video, a story, an image?
Once you have that, you need to define the budget for the goals that you want to achieve. And you should not make a guess. You can actually leverage benchmarks and data that’s coming directly from systems that monitor the spend of many brands in every region and every vertical. Then you can understand the budget that you should allocate.
Once you execute a campaign, either with the help of agencies or you’re doing it yourself, it’s good to have a platform that brings all of this data together and provides you a holistic view of how your campaign is being executed and how your spend is actually performing and attribute all of these different activities to the goals that you’ve defined for that particular campaign.
Connecting your web content into the social campaigns that you have and having a dashboard that shows you all that information together, so you really know the spend that you’re doing is delivering the results that you need.
What advice do you have for brands that currently work with external agencies to manage their paid social media?Many brands are missing the talent to execute ads over social media so they’re working very closely with many agencies around the world. And agencies are great; they’re providing the talents that the brand is missing, they’re executing the campaigns based on the instructions that they’re getting from the brands.
But in that case, many brands are missing the visibility and exactly how the budget is being spent. What is the performance of the ad account? They have to wait until the campaign is finished or the weekly call in order to see the results.
When you’re running a paid campaign, you need to have a platform that collects the data in real time and gives you a holistic view of how the campaign is actually performing so that you can slice and dice the data and really understand how you’re progressing towards your goal while the agency is executing that campaign.
What is critical to managing multiple ad accounts across several brands or teams?When you’re managing multiple accounts, things start to be a little bit more complex.
You need to sync the data between the different campaigns, between the different regions, the people that are all working on it.
You’re spending many hours on the phone, Excels flying around; being able to bring all of that data together, as a budget owner who needs to have a holistic view on how things are actually executed and what really works well for you in each region, this is where the platform’s giving you the power to see all of that information and execute quickly.
So you’re saving all the time to connect and collect the data from each and every team and each and every region.
What are the benefits of moving data and paid social media analysis in-house?Over the years, marketers were using different tools to execute their digital marketing campaign, either internally in the brands or by working with remote agencies that execute the campaign for them.
However, as a result the data was stored in silos. Each tool has its own data and you’re basically missing the context of how the campaign is being executed and how your marketing operation looks like.
By in-housing all of this data together, by connecting the dots, you’re getting a much better view, a holistic view, of how your campaign is being executed. For marketers to connect and bring the data in-house while still giving access to the agency or remote team to operate, this is of great benefit and gives the executives a holistic view of how everything is actually working.
To read more on this subject, check out a step-by-step guide on how to get your paid social media in order.
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