Paid Social Strategies for Maximizing Return on Ad Spend 

A strategic approach to paid social advertising is more important than ever. According to DataReportal, the number of active social media users now equates to 60% of the world’s population.

Statista reported that social media ad spending to engage those users reached $207.1 billion in 2023. This year, your paid social agency must be more data-driven than ever to stand out from the competition. 

B2C and B2B companies must collaborate with paid social partners on new and innovative ways to propel their brand forward. Below are the social media best practices you should discuss with your agency to maximize return on investment.
 

1. Year-over-Year Analysis and Benchmarking

A deep dive into your past performance is crucial. To set your brand up for social media success, your paid social agency should focus on the following:

  • Review Account-Level Settings: Take a step back and review overall performance by geo, demographics, day/time, and other broad themes to see if any efficiencies can be gained or tested further. 

  • Conduct Competitor Analysis: Understand who is gaining market share in the paid social space. Identify new opportunities to adjust your strategy accordingly.

  • Align on Data-Driven Strategies and Goals: Reviewing last year’s performance against goals and setting new targets based on tested KPIs helps to set a new north star for strategies and campaign implementation. 

2. Leveraging Platform Insights

Platforms like LinkedIn are rich with data that can transform digital marketing campaigns. LinkedIn has a potential ad reach of more than 950 million users worldwide.

There is plenty of data to mine on social media platforms to improve your campaign. Here is how your paid social agency should be helping you uncover those insights: 

  • Engaging with Platform Reps: Your platform reps are an often underutilized resource. They have access to first-party platform data across industries or audience segments that can provide context beyond what is available to you and your agency.

    Collaborate with your platform representatives to glean insights that could refine your strategy.

  • Assessing New Capabilities:   Evaluate new features and determine whether they align with your campaign goals and brand vision.

    Social platforms constantly add new features and ad products. Your agency should have a testing strategy to help identify the efficacy of new platform capabilities.

3. Refreshing Your Approach with New Perspectives

Sometimes, an outside perspective can make all the difference. On an annual basis, ensure your social media agency:

  • Invites External Reviews: Have tactics assessed by an unbiased party to inject fresh ideas into your strategy.

  • Seeks New Insights: Take a step back to gain broader perspectives. Ensure your strategy remains dynamic and forward-thinking.

4. Planning for Key Dates to Maximize Opportunities

Anticipating and planning for significant events can significantly boost your social campaign's performance.

Paid search partners should be discussing:

  • Key Dates: Plan well in advance for major events like the Super Bowl or Valentine's Day to capitalize on these opportunities.

  • Develop Tailored Campaigns: Craft specific strategies for these dates to maximize engagement and ROI.

5. Staying Informed and Agile

The social media landscape is ever-changing. Staying informed is vital. Your social media agency needs to focus on the following areas: 

  • Discuss Platform Evolutions: Regularly review how social platforms change. Understand whether these changes present new opportunities or challenges.

  • New Industry Trends: Keep a pulse on industry happenings. Understand how emerging trends like GA4 and the evolving cookie landscape impact your social campaign. 

6. Enhancing Communication to Strengthen Partnerships

Effective communication is the backbone of any successful paid social partnership. The most successful social campaigns develop synergies with your agency partner. Here is how they do it: 

  • Constructive Feedback Loops: Regularly provide feedback on account management and productivity to streamline collaboration.

  • Open Dialogue: Ensure open and transparent communication channels to keep both parties aligned and responsive.

7. Innovative Ad Testing to Explore New Avenues

Experimenting with new social media ad types can uncover untapped potential. Your agency should constantly be testing new opportunities to help maximize ROI. These steps include: 

  • Inform About New Ad Types: Your paid social agency should update you on innovative ad types. This briefing could include LinkedIn's connected TV and CRM integrations for revenue attribution.

  • Platform-Specific Features: Assess how your team can integrate features like TikTok shops or collection ads with Meta reels into your strategy for added impact. 

Contact our team to learn more about paid social services.

Antonella P.