This is a big question that has a verity of different opinions circling the web.
I will share with you the experience I had with Social Media Advertising and how it benefited the businesses I own and have owned in the past.
In this article I will only focus on the three most popular social media platforms, Instagram, Facebook and Twitter.
I learned in my previous experience that Social Media advertising is great for branding. The companies I started we're not brands, and therefore there was no use for me to brand anything.
How do I define a brand? Think of three large corporations that first come to mind. Those are brands. Now ask yourself this question. Can your business compare apples to apples with those three businesses? The answer is probably not.
Now if one business that comes to mind is the largest shoemaker, and you're a small start-up in a new line of shoe productions, and you are thinking, wait a minute I am just like that large shoe brand, I make shoes. Yes, you are correct; you make shoes, however, has your company sold 100 million shoes and has 25 million loyal customers on the lookout for the release of a new design? Probably not.
Have I known this in the past I would saved myself some money, and used it in other forms of advertising? This is part of the trial and error.
Since the beginning I have started the journey of business ownership, I don't believe we closed a single sale that came from a Social Media platform and advertising on Social Media. The big reason for this is because I have almost always specialized in the service industry. For example, LGV Limousines is a limousine service. Business individuals who use our service, don't have the time to sit on social media and share memes, they don't care about how many likes they have on Instagram, people who use us for weddings in most cases use a limousine service once, and unless you have over one child, the prom service happens once.
Here is a good example. If you are advertising airport transfers with a limousine or a taxi service to a group of audiences, and let's assume you set a budget of X amount of money, to reach 10000 people, across seven (7), days. How many of those 10000 individuals do you really think will need to travel that immediate moment the ads reach them?
I would strongly recommend to any individual to shift that budget to more useful advertising platforms, such as Google Ads, or Yelp Ads.