2020 Paid Social Trends & Gearing Up For The New Reality
Being a professional in the field of digital advertising, your paths are always filled with new challenges, and only continuous learning and innovation can make you stand out from the crowd. However, the year 2020 has brought us lots of unexpected things and the strategies which worked early are no more relevant, and therefore it’s important to understand what are the current trends in the paid social world and accordingly will have to keep ourselves ready to face the upcoming trends. Let’ Begin.
There has been shift in the consumer’s interest and products:
Due to this pandemic situation people have to follow the strict rules of social distancing which has eventually changed the shopping pattern. For instance, in the normal times consumers preferred visiting malls and shops but now they are engaged in online shopping. This pandemic has also caused financial crisis, therefore there is a huge impact on the spending habits of consumers. Now they want to spend on quality products which are readily available & this has compelled them to try out the other brands as well apart from their regular ones. Also, if we carefully look at the spending pattern of consumers we will find out that they prefer more of essential items and the spending on discretionary items has been reduced. But yes, consumers continued buying small luxury items like cosmetics, workout materials, board games etc. as due to pandemic situation they do not have any heavy expenses like holiday packages. And what has encouraged the consumers online shopping? Well it is social media ads and ecommerce fast delivery.
What do we expect coming? How can we have competitive advantage?
You can have competitive edge only when you have an action plan ready. Your focus should be on… Are you able to reach the new consumers? Have you been evaluating various placements of the promotion? whether it is an ad copy, creative or even your landing page experience? In order, to create your retargeting audience, you should begin testing micro –promotions which will increase the traffic that is being sent to your site. If you do not want to lose out on the revenue to your competitor who are already engaging with your target audience then you must create a large retargeting audience. Few recommendations that will help you to stay ahead in competition are mentioned below:
- Keep an eye on the competitors’ ads, review your previous year promotional activities & top performing audience and accordingly frame your strategies.
- Have a promotional calendar planned prior your competitor.
- Keep a close watch on your competitors launch campaigns.
- Make your offer more compelling.
Modifications in Promotional Strategies:
In the coming up Q4 this year, one must have a very precise paid social media marketing plan that will play a very vital role in increasing sales number. Especially during this coronavirus time we can clearly see a shift in the marketing strategies, so it is the right time to place emphasis on the social media marketing trend that will fulfill not only client’s requirement but also your business requirement.
What we can anticipate:
As businesses will be competing to make their presence felt and to gain more visibility on social media platform, therefore social media advertising will be very much in-demand which will increase CPM’s. This cut throat competition will benefit the consumers to a great extent as businesses will offer good discounts in order to stay ahead in the competition. Hence, we are expecting larger than normal discounts and freebies in comparison to past Q4’s
How should you Tackle this situation:
Don’t think much just act.
- Since we know that CPM’s will increase so launch campaigns earlier than normal this year. As social media ads take time to learn and optimize towards their goal. It is essential to launch your ad before this happens. In this way, by the time CPM’s increase, campaigns would have achieved the learning phase and would be entirely optimized.
- Run multiple promos as engaging in site wide promo will assist your brand in staying competitive.
Invest more on Digital Media Ad to Grow Your Business:
In the year 2020, when stay at home orders are in place, advertisers must be very agile while managing digital media ad spend. To scale up ad spend, they should closely monitor cost-per-acquisition and return on ad spend. Since the economic downturn will precipitate the rise of mega sales in Q4, it’s vital to increase prospecting spend now to attract new audience to your brand.
Messaging Strategies for Paid Social in 2020
Simple, attractive and engaging messaging always sells in the advertising world. Being a Paid Social advertiser, our main aim should be to establish a connection with our existing and potential consumers. Messaging has always been proven useful whether it is ecommerce, Lead Generation or Brand awareness. 2020 has been a roller coaster ride, especially in the digital marketing space. It is important to frame such messaging strategies that can position your brand during the Pandemic. The fundamental aim should be building a relationship through meaningful messaging and social ads that could convert these engagers into loyal customers.