Digital advertising is the new norm in the marketing world, and there’s a reason why. Not only is it effective, but it costs pennies on the dollar compared to other advertising platforms. In fact, the cost per impression for social media advertising can be as low as $2 compared to direct mail at $60 or radio around $10.
Facebook is a data powerhouse, making it one of the best advertising platforms. You can target based on general information such as age, demographic, location, household income, interests, etc. Then you can layer those targeting options with additional options such as recent purchase behavior, life events, etc. And that’s just the beginning.
Spending $2 to get in front of 1,000 laser-targeted people is a no-brainer. And with over 2.3 billion active users, Facebook provides the flexibility to run ads and drive results no matter what your marketing budget is.
As a coach who helps businesses leverage internet advertising, I often share with my clients the benefits of advertising on social media. Here are four key tips I share with them.
1. Focus on the right metrics.
If you want to be successful with your Facebook ads, keep an eye on the right key performance indicators, and tailor your strategy accordingly.
You might care about how much each lead or customer purchase costs you, but many times, I have found that just because you lower your cost per action doesn’t mean you make more money. Why? Don’t forget about quality.
If you’re an e-commerce business, quality shows itself in your average order value (how much people buy from you, on average, per order). If you’re a real estate company, quality shows itself in how many people actually end up buying from you.
Bottom line: You don’t want to be so focused on trying to get your cost per action down if it means you’re going to make less profit.
2. Leverage your existing customer base.
You can make powerful assets with the customer lists you already have. When it comes to Facebook, you can do this a couple of ways:
• Advertise to your current customers. Upload your customer list as a custom audience on Facebook. You can do a number of things with this. For example, you could advertise a new product or service your company just launched. Or if you’re an e-commerce business, you could drive people back to your site to purchase again.
I’d recommend having retargeting ads going at all times. This means re-engaging users who have previously interacted with your website, watched your video ad, engaged with your Facebook page and so much more. Retargeting is extremely powerful and generally yields the highest ROI. Don’t let these users slip away! Going for the low-hanging fruit is a great start when it comes to social media ads. Don’t chase after the shiny object when you have lots of money being left on the table already.
• Make Lookalike Audiences. Using your current customer list, Facebook will find users with similar attributes as your seed list. Think of Lookalike Audiences as identical twins of your original list. Facebook will find users with very similar attributes as your customers. Lookalike Audiences work extremely well if your original list consists of quality customers and accurate data points. Your seed list should ideally be 1,000 users in size, but you can do as few as 100 and still see positive results.
3. Test, test, test.
When getting started with Facebook ads, it is imperative that you figure out what works for your business. To be successful with your ads, you have to be willing to test and compare different tactics.
A few things you should switch up are ad placements, creatives (your ad images or videos), copy and calls to action. When you test all these variables, you will find a winning combination that many times can be the difference between making money and losing money. Test all the available options, and see what’s working well. When testing, make sure to let the ad run long enough to see results before drawing conclusions.
Facebook also allows you to run your ads across multiple channels with ease. For example, you can run ads on Facebook Marketplace, Messenger, Instagram, Stories, etc.
4. Keep it simple, clean and effective.
Your customers are on Facebook to catch up with friends and be social. So, to be successful using Facebook Ads, you must understand what your customers are thinking and feeling to grab their attention.
When running ads, you need to ensure you are:
• Providing value or eliminating a pain point or problem for your consumer or targeted audience
• Keeping your advertisements and offers clear and concise
• Using attention-grabbing graphics and video
• Being authentic in your approach
Understanding what triggers pleasure in your audience’s brain will increase engagement, click-through rates and sales. Remember, to spark happiness, make it about the customer, and promote engagement.
Facebook is one of the best avenues to reach current customers and create new ones. And Facebook’s dedication to improving its ad platform as well as the user experience ensures it will be around for a long time to come. So, are you going to invest or let the opportunity slip away?
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