120,826 people saw ads on Facebook for our wired.com post featuring Steemit with 8,992 clicks on those ads to read the full article for $179.20 in ad spend! View the post and respond to comments at https://www.facebook.com/jbanfield/posts/1568731239813713.
We are only about 50% through the campaign and can expect similar results for the other half!
Thank you to @andrewmcmillen for getting us featured on wired.com! Thank you to each upvoter giving money to support the ads at @jerrybanfield/ads-for-wired-com-story-featuring-steemit-on-facebook-and-google which provided $331.98 in author rewards all of which I am using to promote this article! The top 10 upvoters were @hendrikdegrote, @transisto, @newsflash, @xeldal, @craig-grant, @v4vapid, @theprophet0, @cryptoctopus, @czechglobalhosts, and @sweetsssj who contributed over half of the total budget!
Detailed Reports
To make this campaign have the highest impact, I targeted only wired.com readers because of a probable trust in the brand to maximize the impact of reading this article. I split the audience by country with a worldwide audience and a USA+ audience including the US, UK, Canada, and Australia along with a -1 global audience subtracting countries gaining too much of a share of impressions from the first global campaign.
The results are tracked primarily on cost per post reaction, cost per post share, cost per page like, cost per like click, and CPM which is the cost to show the ads 1,000 times to that audience.
What I love about advertising Steemit is that we are a global community where a user from any country can add tremendous value to our blockchain! I try to spread the ad budget around to make an impression in the countries where competition is the highest such as in the USA and to also show a lot of ads in countries where the costs are extremely low. With Bitcoin available globally at https://localbitcoins.com/ in almost every country, users in almost any country can both cash out and invest in Steem using @blocktrades or another exchange to make the transfer! Here are the results by country and ad spend with the USA having the single largest ad spend although as expected at a much higher cost per click!
Here are the results sorted by where the most ads were shown along with how many times the ads were shown there.
Here is a breakdown by age and gender!
Next by device.
Value of Advertising!
The top companies in the world like Apple consistently do an amazing job with advertising because ads can be extremely effective. If we want the price of Steem to increase and the amount of users to keep growing, continuing to advertise is one of the best ways to guarantee these results. So far we have reached over 3 million people in nearly every country with the good news about Steem as seen at https://airtable.com/shrXuoYTnODWA0QG1 which has a summary of posts like this.
We have a community unlike any other in the world here. We offer a social media network and blogging platform that is 10 times better than any other option because of the ability to earn money from posts, get shares on social media such as a retweet by Steemit on Twitter, and rank higher in Google organic search versus on our blogs. Advertising is our best chance to bring in new users everyday that will contribute to the viral growth of Steem for a relatively low cost.
Increasing Our Budget!
As a witness for Steem, the top way I am serving outside of just publishing posts is creating and maintaining ads on Google, Facebook, and YouTube for us! While up until now I have primarily used author rewards on posts to fund our ads, I am now switching to using my witness earnings after server costs as explained at @jerrybanfield/giving-100-of-my-witness-rewards-to-advertising-steem because witness earnings come in every day without requiring me to post, cannot be downvoted, and do not artificially boost me to the trending page the way asking for funding on posts does.
With 100% of my witness earnings being dedicated to ads for Steem, each post with an update like this will no longer add the author rewards to the budget. Instead, the earnings in block producer rewards since the last post like this will be calculated and any server costs will be subtracted first. After that, 50% of the previous week's witness earnings will be reserved as Steem Power for delegations to users making new ads for us successfully in my upcoming writing contests. The remaining 50% will be converted to USD for ads paid to Google and Facebook.
If you would like to add funding to our ads going forward, would you please make a vote for jerrybanfield as a witness or set jerrybanfield as a proxy to handle all witness votes at https://steemit.com/~witnesses because 100% of the rewards I receive are spent advertising Steem? Thank you to the 1,797 accounts voting for me as a witness, the 718M VESTS assigned from users trusting me to make all witness votes by setting me as proxy, and @followbtcnews for making these .gif images!
OR
Witness Earnings + New Ad Budget
In the last six days as a witness, I am grateful to have earned about 53 blocks a day on average at about 0.95 Steem Power per block which is equal to 302 Steem Power rounded slightly down for simplicity. This week I am subtracting nothing in server costs because the bills are prepaid for another month or two.
150 of this Steem Power is now added to the budget at https://airtable.com/shrXuoYTnODWA0QG1 with this post for ad funding at $1.05 per Steem or about $158.55 USD. I effectively am buying this Steem meaning I did not power down and will just spend that money on the ads because this is easier than cashing it out and I also want to invest more in Steem. The remaining 151 Steem Power is reserved for delegations in upcoming writing contests which will pay out delegations of 1,000 Steem Power in exchange for making outstanding posts that we can advertise. These contests will be launched as soon as I have 1,000 Steem Power saved to delegate on the balance sheet or am voted into the top 20 witnesses which will make for the Steem Power come in 5 times faster.
View my blocks anytime at https://steemdb.com/@jerrybanfield/blocks.
Witness Voting
We can see who I am voting for today as a witness at https://steemd.com/@jerrybanfield. My philosophy is to build relationships via witness votes by voting for those where my vote does the most good. For example, my vote on the number 1 witness does no good essentially because it does not impact the earnings or blocks received. Meanwhile, my vote does a huge amount of good voting on a new witness because it helps that witness get their first blocks. My system is not perfect yet and I feel it is getting better each week with tweaks.
An intention to do the most good with my witness votes in terms of growing Steem has effectively produced a dating process of voting for witnesses often where no previous relationship exists and remaining open to collaborate going forward. An indication of a healthy relationship is generally mutual support meaning I intend to continue voting for witnesses voting for me and consistently adjust witness votes away from witnesses not voting me back to test out new relationships. When a witness that was voting for me removes a vote, I consider this a breakup and will remove my vote to make room to have a new relationship in its place unless a message is received indicating something else such as placing a vote on a lower ranked witness to help get the first blocks or starting a new voting system from zero.
Thank You for Reading!
I appreciate your time here and hope this post as a witness update and summary of the work I am doing with the most recent ads for Steem has been useful for you!
Love,
Jerry Banfield
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