Continue to Part II: Driving Sales from Social Network Ads»
Social Network Advertising Market OverviewSocial networks, such as Facebook, MySpace, and others have become extremely popular places in recent years for people with similar interests to meet and discuss various topics. These sites are also becoming powerful ways to advertise and market items, products, and services. In fact in 2006, almost $300,000,000 was spent advertising on social networks. Some projections have that number increasing to $2,000,000,000 within the next 2 to 3 years. Generally what this type of advertising consists of is creating banner ads, display ads, a profile for a company, service, or product, or even creating a group dedicated to the subject.
Costs and Resource Requirements for Social Network Marketing CampaignThe main cost for this type of advertising is time, but social networking sites have begun instituting pay per click programs. These programs work on a bidding model much like Google AdWords does. On face book, the minimum cost per click is 1 cent. Like other campaigns of this nature, an advertiser can set his own budget to spend as much or as little as he wishes. The parameters for the campaign can be changed easily and increased or decreased as the program has or does not have success. Advertising agencies and other industry professionals can be hired to run the campaign but can charge thousands of dollars for this service.
How Long to Wait for Seeing ResultsSocial network advertising can take quite some time to set up in the initial stages. Creating banners, if done in house, and creating profiles, adding friends, writing and responding to people, can be very time consuming. Of course, like many things on the Internet, there are freelancers available to whom some or all of this work can be subcontracted to.
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