While popular social media site X (formerly known as Twitter) has been through numerous changes recently, it still has a huge user base. According to Made in Canada, X reaches almost 10% of global internet users, with 8 million of those users here in Canada.
Whatever you might think of the controversial new CEO, Elon Musk, this stat indicates Twitter marketing strategies will remain a crucial part of your marketing efforts for the foreseeable future.
One of Musk’s most significant changes relates to advert pricing. Changes to Twitter advertising rates mean you need to adapt your approach. Read on to learn more about Twitter Marketing strategies in 2024.
Understanding Twitter Advertising Rates
Advertising on X may differ from other platforms you’ve used in the past. Twitter ad pricing involves selecting a bidding strategy. Essentially, this is like an auction where you bid against other advertisers for an ad placement spot. While this certainly complicates things, it does have some advantages.
For example, you can potentially lower the costs of advertising by producing quality ads that are relevant to your target audience. X is trying to improve the quality of the platform by providing an incentive for advertisers to produce better content.
Types of Bidding
There are various ways you can bid, and you’ll need to select the method that aligns best with your Twitter marketing strategies. One option is simply setting a maximum bid amount, the higher you set the maximum, the more likely you’ll beat the competition and win a bid.
Of course, most advertising campaigns have a limited budget, so if you’re looking to keep your 2024 social media costs down, you might set a target bid. According to Sprout Social, the target bid system lets you optimize your bid to stay within a certain cost-per-action range.
Pacing Your Advertising Campaign
Advertising budget tips often warn you to pace yourself, but that doesn’t always apply. When advertising through X you can choose between standard or accelerated delivery. Standard is suitable for campaigns requiring consistent exposure, whereas accelerated lets you spend your advertising budget as quickly as possible.
The accelerated option is great for time-sensitive promotions, but it can seriously drain your budget, so you need to use it wisely.
Maximizing Your ROI
Advertising is all about maximizing your ROI, and because of its dynamic bidding system, X rewards advertisers for creating high-quality, engaging ads. If you want to have your ads shown in prime positions, it makes sense to focus primarily on crafting great ads.
With that said, having a good ad isn’t enough; you also need to select a suitable bidding strategy.
Harness the Latest Social Media Trends of 2024
Changes to the Twitter advertising rates mean many companies are struggling to adapt their advertising strategy accordingly. Is your company looking to start up a successful X campaign? Here at Bloom Marketing, we know what it takes to run a successful campaign on X.
We’re experts on all the main social media platforms, so contact us today, and let’s craft the perfect advertising strategy for this new social media era.
