Social media advertising has become an essential part of any marketing strategy. With billions of active users across platforms like Facebook, Instagram, Twitter, LinkedIn, and more, social media offers unparalleled opportunities to connect with target audiences. However, with so many options, it can be challenging to determine which channel actually provides the most cost-effective paid media. In evaluating the cheapest options, there are several key factors to consider.
Evaluating Cost Per Click (CPC)
One of the most direct ways to compare paid media costs across smm panel is to look at average cost per click (CPC) rates. This refers to how much advertisers pay on average each time someone clicks their ad. Here is a quick overview of current average CPC rates on major platforms:
- Facebook – $1.72
- Instagram – $2.28
- Twitter – $2.00
- LinkedIn – $6.18
- Pinterest – $1.22
- YouTube – $0.62
YouTube has the lowest average CPC, likely because it serves both search and display ads. Pinterest and Facebook also tend to have lower CPCs compared to other social platforms. However, click prices can vary significantly based on audience, targeting, and competitors. It’s important to test each platform to see what works for your specific goals and target market.
Considering Cost Per Impression
Along with CPC, cost per impression (CPM) is another useful metric for evaluating paid social media options. CPM refers to the cost an advertiser pays for every 1,000 impressions (views) their ad receives. Average CPM rates include:
- Facebook – $8.24
- Instagram – $7.91
- Twitter – $7.19
- LinkedIn – $17.21
- Pinterest – $4.74
- YouTube – $7.23
Again, Pinterest and YouTube tend to have lower average CPM rates compared to other social platforms. Facebook and Instagram are moderately priced on a CPM basis, while LinkedIn remains one of the most expensive in terms of impressions. Channel choice may depend on whether your priority is clicks or impressions.
Comparing Audience Size and Targeting Capabilities
The size of an available audience on each platform is also key in determining value. Facebook and Instagram have over 2 billion monthly active users each. YouTube has 2 billion logged in monthly users. Twitter, Pinterest and LinkedIn have smaller but very engaged audiences in the hundreds of millions of monthly active users.
Each platform also offers robust targeting based on demographics, interests, behaviors and more. The larger platforms like Facebook and YouTube tend to offer the most extensive targeting options to zero in on your ideal audience. But smaller platforms can still effectively reach more niche markets.
Evaluating Unique Ad Options
It’s also important to consider the unique ad formats and options available on each platform. For example, YouTube offers a TrueView video ad format that allows skipping after 5 seconds at lower cost. Twitter provides innovative card formats for greater visual impact. Facebook has optimized offerings for different goals, like lead generation and Messenger ads. Evaluating the specialized offerings on each platform can reveal which channels may be best suited for your different marketing objectives.
Calculating Overall Campaign Cost and Impact
Ultimately, the cheapest social media paid media comes down to campaign cost in the context of overall results. A channel with a slightly higher CPC or CPM may end up being more cost-efficient if it generates higher conversion rates or better brand impact. Analyzing cost per result or engagement can illustrate true return on ad spend. Testing across multiple channels is the best way to make accurate comparisons for your specific business.
In summary, while averages give a general indication, the cheapest and most cost-effective social media paid media channel will depend on factors like audience fit, ad formats, and overall impact toward your marketing goals. With the right targeting and testing, even more expensive platforms like LinkedIn may end up generating cheap conversions compared to other channels. The best approach is to test across multiple networks to determine where your dollars go furthest.