The Cost of Social Media Advertising

When it comes to the actual cost of social media advertising, much conjecture is made. According to statistics, there will be $94.4 billion spent on social media advertising in 2023. Is it truly worthwhile, you could be asking yourself? Simply expressed, the answer is a resounding yes. Even while social media advertising expenses in the Maltese market are not in the billions, we nevertheless receive a sizable portion given the size of our population. You have more opportunities to expand your reach among Malta's client base the more you advertise. The benefits of doing so are as follows:

Boost Engagement

We frequently hear the phrase "engagement," and for good reason—that's what social media is all about. From the convenience of your workstation, social media platforms let you interact directly with your clients or potential clients. Because so many people are turning to social media to make purchases, it is now essential for your company to be present there, promoting what you have to offer and interacting with both current and potential clients. Engagement enhances your chances of connecting with new people who haven't followed you yet while also letting your current customers know how much you value them.

Customer satisfaction enhancement

From the first contact to the after-sales period, the customer experience is now everything. Through social media, you can respond in real time to your consumers' issues, forging genuine connections with them and making them feel valued—both of which are crucial. Customers are increasingly contacting businesses in Malta via Facebook Messenger and WhatsApp, and this trend is expected to continue. Social media gives you a direct line of communication with your customers, as well as the opportunity to speak directly to them and offer solutions before they even complain.

Increase brand recognition and authority

Even on a small island like Malta, brand awareness is crucial if you want people to instantly recognize your company. Whether it be a billboard or television commercial, social media is the best place to advertise because you can reach a wide range of people thanks to your large following. Nothing is more authentic than real individuals promoting your business or product, which is what social media delivers more than other platforms. Social media also aids in building your reputation as a brand authority, or more simply, an authority in your industry. The greatest method to demonstrate to your followers that you know your stuff is to post reliable, informative content.

Boost your sales and SEO

Your website will receive more traffic if you leverage the content of your blog to create social media posts that link back to it. Although getting your content shared and loved is the ultimate goal, doing so also results in more inbound links and more time spent on pages, two factors that search engines use to determine where you rank. Sales are what matter most in the end, and social media has repeatedly shown to increase a company's revenue. The fact that businesses worldwide spent $226 billion on social media advertising in 2022, and that figure is projected to rise to $385 billion by 2027, demonstrates how much businesses believe in social media advertising.

Follow us for more insight on Marketing and Social Media; we also offer Social Media Consultation and Strategy. Get in touch on bernice@bailogik.com to find out more.