Brands spend a whopping £30 billion on social media ads in an effort to build audiences and increase their bottom line. It has become normalised and is just like any other traditional form of marketing.
For Build-to-Rent communities, the benefits of social media are clear: it’s a chance to showcase your spaces and appeal to the lifestyle of renters. But building a following isn’t easy, let alone converting clicks into tenants.
Enter social media advertising, a bonafide way to connect with renters. In this guide we’re looking at the benefits of social media advertising for your Build-to-Rent brand and how much it costs. Read on to find out more.
Why use social media advertising?
Even before the pandemic, we were all hanging out online. It’s where your audience spends its time, and social media makes up the crux of our online involvement. People spend around three hours a day on a social media platform.
So your audience is probably active online, and social media advertising lets you target specific personas. You can narrow down your search by things like location, demographics, interests and more. That level of access allows for highly target ads reaching the right people and at the right time.
Understanding how social media ads work
Before you get into the nuts and bolts of social media advertising, it helps to understand how it works and the best way to measure success. Typically, you pick a keyword that you want to target and measure the results. Social media analytics is broken down into categories: impressions, CPC, CTR and CVR.
An impression is someone who has seen your social media ad. Therefore, an ad with 5,000 impressions means that 5k people saw your ad. However, it doesn’t mean they clicked on your ad and therefore isn’t a great way to measure success.
CPC (cost per click)
The cost per click is the amount you pay for each time someone clicks on your social media advert. You can set a maximum cost per click so you don’t go over budget with your ad spend
CTR (click-through rate)
Unlike impressions, the click-through rate provides a better indication of a campaign’s success. It’s the percentage of people who saw your ad and clicked on the call to action. This is the most popular method for measuring if the social media ad was a success.
CVR (conversion ratio)
Conversion ratio relates to the number of people who went through the entire journey. From a Build-to-Rent perspective, that could mean clicking all the way through to the “enquire now” or “book a viewing” stage.
How much does social media advertising cost?
And so we come to the big question: how much does it cost to advertise on social media? The amount you pay varies depending on the platform and campaign type. We’ve listed the average prices for the most popular social media platforms.
On average, each click in the UK costs around £0.78p per person. If 100 people click on your advert, you can expect to pay around £78, give or take.
When advertising on Instagram, the average costs is between £0.14p and £5 depending on the competition for the keywords targeted.
Promoted tweets on Twitter cost between £0.35p and £1.50p. There’s also the option for promoted accounts and promoted trends, which are more considerably more expensive.
After exploding over the last 12 months, TikTok has become a hotbed for social media ads, thanks to its ultra-targeted audiences. Therefore, it’s slightly more expensive, with ads starting at £7
Which type of content should you promote (and on which platform)?
As a Build-to-Rent operator, it’s all about selling the lifestyle of living in one of your communities. Therefore, Instagram is a good place to start. The visual aspect allows you to highlight your Build-to-Rent communities, and if you’re looking for inspiration, take a look at what we do at Movebubble.
You can show people your social spaces, as well as nice things to do in the local area, creating a visual scene for what it's like to live in your community.
Platforms like Facebook and Twitter also work, especially if you have special offers on your home. TikTok is worth investigating, too, as long as you don't mind a slightly higher ad spend.
Living the social life
Social media advertising is important for Build-to-Rent brands to connect with audiences. It can enhance your reach, impress renters who want to move into your building and showcase your homes. And the end result will likely be more people living in your awesome Build-to-Rent communities.