Traction Takes Time
In today’s world it is unrealistic to start a new business and expect people to just start lining up to give you their money. If you are expecting to become a millionaire overnight, by investing a few hundred dollars into the stock market, you’re in for a rough time. However, with the right strategy and plan in place you can certainly build a successful business or grow your stock portfolio, but first you must allow enough time for your investment to develop.
Advertising on social media is very similar. Facebook, Instagram and various other social networks provide advertisers with the proper platforms and data needed to get the right ads in front of the right people. However, you need to allow time for the ads to resonate with your targeted audience before you start to begin conversions. I have worked with numerous clients in the past that have demanded and expected immediate results. In order to properly manage expectations with my clients, I make it clear from the beginning, advising them to solidify a strategy for driving users to their site via new acquisition before they dive into a full campaign. It makes no sense to drive a customer to a website, if you do not have a strong plan of action for when they get there.
Not All Audiences Will Respond…And That’s Ok!
In my mind advertising on social media can be linked to drilling for oil. Oil Prospectors do not go out into the desert and just start digging a hole where they think the oil may be. They inspect it first. As a media buyer, you need to make educated and informed decisions as to where you believe your target audience is. If you are right, you reap the benefits of engaged and responsive users that visit (and revisit) your site, sign up and make purchases.
While in your search for these ideal audiences you will inevitably come across a few duds. This goes hand in hand with the concept that “traction takes time.” You should not abandon an audience simply because you are not seeing immediate results. It is important to understand why an audience is not interested in your business. From these learnings you can then further explain and refine your targeting in the future. If an audience is not interested or beginning to decline, it is not the end of the world. These are simple indicators that you need refine your message or choose any alternative channel of where to drill next.
You Will Be Surprised By What You Don’t Know About Your Ideal Audience
When you wrote your first business plan, I would assume that you created a detailed analysis of who you were going to market your products and services to first. If so, you most likely experienced positive marketing results to the basic cohorts of your target audience.
What is considered low hanging fruit in traditional advertising is vastly different from what media buyers consider low hanging fruit when advertising through social media. Often times, the easiest sales come from audiences that other competitors are neglecting. If you’re lucky, your product may turn out to solve an alternative customer pain point that you have not yet even considered. Pinterest started out as a website called Tote, where users get notified when things go on sale. The Pinterest team discovered that their users preferred to build out boards of their own favorite collections and share it with their friends. Consequently, Pinterest changed its focus.
So get creative with your potential audiences and look for a group that would be interested in your product/service, but isn’t currently being bombarded by like advertisements. Many of the top companies today, discovered a new ideal audience after their product was launched.
About: Hawke Media is full service outsourced CMO and digital advertising agency with clients in Santa Monica, Los Angeles, San Jose, San Francisco, Chicago and New York.