Meeker Report and the Full-Funnel Approach: If You Post It, They Will Buy
Think of the last time you were scrolling through Instagram and you found a product you couldn’t live without.
Was it a pair of eco-friendly shoes? A travel app that alerts you of dirt-cheap flights? A subscription box of toys for your dog? Now that you have an image in your head, think of how you didn’t know it existed several months ago, and how it’s currently part of your daily routine. It became a part of your life because it was marketed to you specifically, and many others, through large-scale product awareness campaigns.
Building awareness of a product is key to getting a larger pool of people interested in it, and ultimately purchasing it. Marketing through social media is on the rise, and so is the need to invest in a “full funnel” marketing approach that includes product awareness campaigns, consideration campaigns and conversion campaigns.
Contrary to trends though, the Pattern89 Data Co-Op suggests that marketers are slow to adapt to investing in product discovery. According to our data, only 10.5% of ad campaigns focus on awareness and product discovery, and only 17% focus on getting consumers to consider products. With the remaining 72.5% of social ad campaigns focusing solely on conversion, marketers have a lot of room to grow the tops of their social spend funnels.
Product discovery is where marketers need to invest for success, and we have data to back that claim up.
In the Internet Trends 2018 report by Mary Meeker, we see that the most successful marketers are leveraging awareness objectives on Facebook in order to connect with potential future customers. Following the path of the full-funnel approach, we see that increasing awareness leads to increasing engagement in the consideration campaigns, and a further increase in purchases in the conversion campaigns. In the past few years, referrals from social ads to e-commerce sites have risen from 2%-6%, and this trend is continuing upward.
Not only are site referrals increasing from product awareness campaigns, but conversions are as well. In the same report, Meeker reported that 55% of survey respondents purchased a product after they discovered it through social advertising. While some respondents purchased immediately, and some purchased later on, there is no denying the effectiveness of paid social advertising according to the Internet Trends respondents.
Reaching large audiences through product awareness campaigning on social media is an increasingly valuable investment, and marketers will continue seeing growth in their clientele if they choose to pursue it.
How Do Your Ads Stack Up?
So how do you get started with marketing to the masses on paid social? By registering for a Pattern89 Scorecard, you can get a personalized cross-platform ad performance report. You’ll also be able to compare yourself against industry benchmarks and get recommendations on where you can improve your campaigns.
Interested in growing your efforts where growth is needed most in your funnel? Get your free scorecard here: https://www.pattern89scorecard.com/signup