On this episode of your favorite business show on radio – SME Digest Radio Show, Mike Leo, one of Nigeria’s best Social Media Ads experts UN-ravelled the secrets to boosting sales using media buying.
It was a 30 minute of loaded information that will help scale your business to a greater height.
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Transcription
Q: What is media buying?
Talking about media buying, let me break it into tow; first is Media and the second is Buying. When we talk about media, it means, what are the means available for communication, how do people communicate, how do they interact, how do they receive their information. That is Media. So, Media Buying being the fusion of two words is simply saying, how people pay for attention, how do they pay for bringing the attention to sellers’ communication.
Q: Talking about media buying and SMEs complaining about low sales and turn over, what do you think is the advisable for SMEs in terms of buying media?
For some businesses out there, when they talk about getting traffic in the context of media buying, they think towards the Big signage post and all that; but then, times have changed, what works 20 years ago is not what worked now.
The way people consume their media have changed, lots and lots of people are now online, so your buyers are definitely online, so you as the seller must be online.
For small businesses, I will recommend Facebook advertising for reaching out to a mass number of their potential customers.
Q: So, you are saying it is NOT advisable for small businesses to float the billboard advert and signages, etc.
Anyone who is in business, the most important Metric is Return on Investment. I like to give this analogy of David and Goliath. If David has approached Goliath the way Goliath approached him, with the massive weapons and spears, etc., he wouldn’t have made it alive. But David came with something so simple; that was his advantage.
You cannot fight the way Goliath fought. People who do a lot of those signage and billboard have a robust budget that small businesses can’t afford, so you need to cut your coat and come in on the Digital and Social Media Advertising and with that, trust me you can achieve even what the Goliaths can’t achieve.
For every $1 you spend there is something we call Direct Response Advertising. What this simply says is unlike people who do brand advertising (which ofcos works), you put out an advert that makes people take a particular action instantly! Like; Call this Number, Visit this website, Give us your email address, etc.
Q: Is there a difference between the Facebook page and the normal Facebook account in terms of using them business-wise
Yes, Facebook is divided into two. We have the Social Network which everybody knows about, where you get your personal Facebook profile and you can like, comment, share, post, etc. and the second part is the Business Angle to Facebook. Now people think Facebook is free, but no, “You are actually the product”, and people pay Facebook for them to get access to you – that’s people in the Business Network of Facebook.
Hence, Facebook profile is different from Facebook Page. The profile gives you access to the social network while the page gives you access to Business Insights and other analytics and assets you will not get from a basic social profile. And every user has access to creating a business page.
Q: How much do you think SMEs should spend and what is the ROI like?
Short answer is, it depends. Different products, different businesses perform differently. You can start as low as a thousand naira and also it depends on your skill level.
Q: How technical is it for running Facebook advert. Is Boosting a post different from Facebook advertising?
When people boost posts, they are actually exposing the post to people that engage with Facebook content. Boosting post only give you the option for engagement and NOT for sales or leads. To run an effective Facebook advertising where you have different options like telling Facebook to bring you sales, telling Facebook to give you leads (contacts of prospects), etc. you have to do this through the Facebook Ads Manager.
Boosting your post only tells Facebook to show your post to people that engage, such as “liking your post”, “dropping comment” and “sharing your post”, not necessarily making purchase.
Q: Your last words of advice for SMEs
Time and Money. Invest your time to getting the required knowledge. But if you don’t have the time and you have the money, then you should out-source getting these implemented in your business right away.