SOCIAL MEDIA MARKETING: GET THE MOST BANG FOR YOUR BUCK
Digital ad spending in the US is projected to hit roughly 191 billion dollars in 2021, growing over 25% from 2020.
To stay on top of the fast-paced digital advertising game, let’s take a look at which platforms give you the most bang for your buck. Because the average dollar spent can vary widely among different industries, we will look at the average overall spending in the market in terms of CPM (Cost Per 1000 Impressions) and CPC (Cost Per Click).
Facebook is by far the biggest social media advertising platform, generating roughly 84.2 billion in ad revenue in 2020 (with the help of its fellow company Instagram). Facebook also happens to be the most popular social media site, with WhatsApp coming in third, Instagram trailing behind in fourth, and Facebook Messenger in fifth.
Facebook has a minimum daily budget for impressions starting at $1. Clicks, likes, or views daily budgets start at $5 and $40 per day for application installations or offered claims. The average cost per click (CPC) is about $1.05 and the average cost per 1k impression (CPM) is about $16.07 as of November 2021.
On the other hand, Instagram is ranking in at $1.46 average CPC and $12.55 average CPM.
The social media platform made $1.06 billion back in 2018, and by the end of 2019, the company was at $1.53 billion. There are on average 360 million active monthly users and 210 million daily active users. In mid-2018 the company reported an average CPM of $2.95, but with the release of new advertising features like programmatic selling and longer video ads, CPM periodically surged to a high of $10, with an average of $3-$8.