When Facebook first emerged, it was purely a social media networking platform which helped connect people with their friends and family, but over the years, it has evolved into a medium used to effectively promote brands and market businesses.
One of the major factors to consider when it comes to marketing is the ability to engage with potential customers since Facebook was a platform that connected people with people, and people with ideas; it was only a matter of time till it began to harness its full marketing potential.
Due to Facebook’s unique ability to connect people, it has now become an important part of every businesses marketing strategy and can be used to generate significant leads which can be converted into loyal customers.
With over 90% of social media users currently on Facebook, the company is constantly evolving and customers/marketers are also changing the way they interact and use its platform. The info-graphic below is a clear and concise depiction of just how far Facebook has come since its launch in 2004.
With a large percentage of marketers already using Facebook as a marketing platform, there is no doubt it has become one of the principal aspects of marketing, with its diverse, laser-targeted ad platform paying dividends to businesses with a mapped-out Facebook advertising strategy.
Yet, succeeding with Facebook advertising strategy isn’t as easy as one would think as it requires a lot of effort from targeting specific users to finding the right ad format, and a host of many other variables which can make or break ad campaigns. This struggle has now given rise to the current emphasis on creating an optimized Facebook advertising strategy.
Benefits of Facebook Advertising Strategy
From small businesses to mid-sized enterprises and large corporations, everyone can profit from creating a Facebook advertising strategy, regardless of what industry they’re in or how big their businesses are, using Facebook as a marketing tool truly has its benefits for businesses owners, if they go about it the right way, first they get to benefit from Facebooks massive global exposure.
With over 1.2 billion user accounts, Facebook is one of the leading social media platforms, with a great percentage of active users visiting the platform daily giving marketers an opportunity to reach a large demographic. Facebook also offers other marketing platforms in the form of pages, groups, and ads.
A Facebook page for an individual or a business is the easiest and most popular way to represent an individual or a business. The group page, on the other hand, can be opened by a company, small business or even an organization to promote its products or services.
Users are also able to join these groups and post comments on the group page and interact through discussion threads.
A typical example of Facebook’s massive reach is the “Dove Real Beauty Sketches” campaign which was conducted in 2013. In this campaign, FBI sketch artists asked the participants to describe their facial features, followed by that of their relatives and friends who were also asked to do the same. The outcome showed that most people were overly critical of themselves.
The campaign got over 6,30,000 shares on Facebook within the first 10 days of its release, keep in mind that this event happened six years ago and that Facebook has grown by leaps and bounds since then.
Another benefit is that you actually spend less on marketing expenses. For example, small businesses may no longer require a website which costs a substantial amount of money to build, host and maintain. Instead, they can create a Facebook page for their business at no cost and upload any content they wish to show their audience. Manufacturers and service providers can also display product descriptions and details of the services they render on their Facebook page at virtually no cost.
There is also the Facebook ad features which enable businesses to target potential customers using the data collected from a number of demographic attributes of various users, this data can be utilized while creating a target audience for marketing ads which are relatively affordable as well. Despite its affordability, some Ads are charged on a different basis depending on what is suitable for the user.
CPM and CPC are the most popular charging methods, Cost per Million (CPM) is charged per thousand impressions, while Cost per Click (CPC) is charged per click. Other methods include Optimized CPM (OCPM) and Cost Per Action (CPA) where which Facebook shows an ad to individuals who are more likely to respond favorably, and one which prompts users to take a specific action (e.g. liking a page) respectively.
With Facebook ads, you also have the unique ability to target potential customers based on demographics and interests. Facebook also allows you re-target visitors who have previously interacted with or visited your site. This helps to further narrow down your target audience and introduce you to users who are likely to become customers.
Facebook has a unique algorithm which is designed to encourage interaction between page owners and their audience. Asides posting messages, pictures or videos for your audience. Facebook allows you to create and launch marketing campaigns on your page as well.
Facebook also gives you a platform where you can develop brand loyalty. With the ease of interaction it provides, Facebook gives businesses the opportunity to respond to customer complaints rapidly. Which further promotes brand loyalty. Quick customer interaction means businesses can now provide effective customer support by posting a message for the customer. Which instantly shows up on their Facebook page.
If you already have a website, you can guide users to your website via Facebook. These users will be more receptive because they voluntarily made a choice to click on the link that directs them to your website.
You can now use your landing page to give the visitor a more direct marketing pitch in the form of a call to action or ask them to view products or service you offer. You can also get a lot of useful information that will help grow your business from Facebook Insights.
Data like the number of page likes, total reach of your post, and the number of people engaged with the post. Can help you further adjust and create a better ad campaign for your products and services.
How to Use Facebook Ads Manager
Companies and industries will find value in advertising on Facebook. With its Ads Manager tool that lets you track a range of performance metrics. Which help measure the impressions (number of times ad was shown), reach (number of people who saw your ad), and frequency (number of times visitors go through your ad) of your ad.
You can use Google Analytics on your website to get some more useful data. Such as visits, percentage of new visitors, location of visitors and so on.
Before you finally make the decision to use Facebook for your advertisements. Make sure it is the right fit for you, because as great and as effective as Facebook marketing is. It may not always be the best for your business.
However, if you have clear goals which you want to achieve. It is much easier to figure out if Facebook is the best platform for you. For a brief explanation on how effectively use the Facebook ad manager to create and manage adds,
First, you will be required to set up a Business Manager account. Through which you can access your Pages, ads, and grant access for people to manage your accounts. After creating your Business Manager account, you can now access Ads Manager. The Facebook Ads Manager will serve as your advertising “headquarters”. It is incorporated with features that allow you to Set up ad campaigns, manage and modify media spend, target specific audiences, and monitor campaign performance metrics.
Once you are in Ads Manager, select the “Create Ad” button in the top-right corner of your page. You’ll be prompted to select a campaign objective. Which represents what you want to achieve with the ad: awareness, consideration, or conversion. Once you’ve made your selection, create a campaign name and proceed to select your target audience. Set your budget and decide where you want to run the ad (on the mobile news feed, desktop news feed, or on the right side of the screen).
After you’ve set up your campaign, audience, and placement, it’s time to input the creative and copy. You’d start by selecting how you’d like your ad creative to display, there are typically 5 different formats:
An ad which consists of two to ten scrollable images or videos. The carousel ad format engages viewers because they can scroll through up to ten videos or images at a time.
An ad which consists of up to six variations of your ad displaying one image at a time. The Single Image ads are one of the most popular ads and is a great place to begin for those starting out with Facebook Ad Manager.
An ad with one video. The Single Video ad enables you to tell an engaging story to your target audience or the viewers.
This could be a video ad (looping video) with up to ten images. This ad format enables you to create a correlative visual story.
An ad that combines both images and video that displays as a full-screen experience. This is a great option to bring an increased level of interactivity with users.
When it comes to selection and creating a copy. It is important to use compelling images that focus on the things that make your business stand out. The people, the environment, the products, it is important to pick an image that will grab your audience’s attention.
After uploading your image, populate each field and then insert a copy for your ad. A couple of specs to keep in mind are the main ad text, headline, and link description. For better results front-load your copy with the most important information. You also need to ensure your ad is informative and catchy. After this is done and you have successfully created an ad you can now place your order and use the available tools to monitor its progress.
Facebook Ad Targeting Tips
There are various tips that will enable you to reach the right audience using Facebook, they are as follows:
Google Analytics for Ad Targeting:
Google Analytics provides an abundance of information about your customers that you can leverage to produce a highly targeted Facebook ad campaign.
It gives you a piece of extensive information that shows how your site performs through Facebook. If you desire to publish your ads to the broad Facebook audience, and NOT specifically targeting your Facebook fans. It is highly recommended that you make use of your Google Analytics reports.
Before you can target your right audience, you need to properly setup Google Analytics on your website.
Leveraging the Potential of Facebook Audience Insights:
Facebook Audience Insight is a great tool which enables you to target three groups of people on Facebook.
Your Facebook Fans: Consists of people who liked your page.
Your Custom Audiences: You can target your existing customer base or email subscribers.
Other Facebook Users: Get the demographics and the interests’ data of your ideal audience using Google Analytics and serve your ads only to those users.
Targeting Tips for Customer Retention:
Brand awareness is the major reason marketers use social media. But with the right strategy, it can also be used to retain your existing customer base.
Tips to Save Costs:
The cost of your Facebook ad’s will certainly vary based on a number of factors. Including your audience, industry, goals, and optimization settings. It is however common to expect the cost per thousand impressions (CPM) to vary between $5 and $10 and cost per click (CPC) to come in below $2.
While CPC costs for re-targeting are typically in the $0.75 to $1.25 range. With cost per acquisition (CPA) costs for re-targeting in the $5 to $10 range according to another source.
Although these costs are affordable for smaller businesses. There are steps you can take to save money while using Facebook ads there are as follows:
Target a more Specific Audience
When advertisers are more precise with the criteria used to select their audience they reduce competition from other brands running similar ads for a similar audience. Narrowing down your target audience means that you can tailor ads to appeal to people in a specific demographic, geographical area and set of interests, giving you the best chance of gaining clicks and generating traction.
When targeting a broader audience, you may achieve a better reach but the click-through rates and conversion rates will be low but once you target the specific audience. Who is perfect for the brand your conversion rates will improve.
Use Bid Caps:
The more detailed your targeting is the more expensive your results tend to be. This is because Facebook offers a tool to reach your most valuable audience.
By using rules and bid caps, especially for app installs, based on the lifetime value of an individual lead or sale you are more likely to save up on cost.
Look for Audience Overlap:
You can use the Facebook Audience Overlap tool to see if your audiences are overlapping significantly. If they overlap you can choose an audience more relevant to your marketing goal.
Facebook Ad Costs Audience Overlap Tool:
It is an important step to take if you want to save costs because if there is a high percentage of overlap, then you’re basically bidding against yourself. Having low or no overlap, on the other hand, allows you to better test the different audiences you’re using and customize your bids based on each audience’s ROI.
Your Facebook Pixel is a few lines of code. Which you insert into your website to track conversions and access data about your clients. It not only tracks down who your clients/visitors are right down to their Facebook page. But it also collects specific data such as: What their interests are, Where they live, How many kids they have, How much money they earn, What is their average purchase price is, etc.
The information you get is very detailed. Which means as a marketer you are able to target people who are in a position to start purchasing your products. Setting up a Facebook Pixel also means brands can track which ads are performing best and yielding more sales. Which means they can invest their money wisely.
It also allows you to create dynamic sales funnels which can last forever and effortlessly increase sales.
Test Different Creative:
You should also test your Facebook creative to see which executions resonate most. Even if you’re familiar with your audience slight errors in choosing images. The copy or the call to action can make a huge difference in results over time.
But by using different combinations of text and images, you’ll be able to pinpoint trends in the ad performances. You can start by testing the image in the Facebook ad first followed by the headline and ad copy slight improvements in click-through rate and conversion rate can make a significant difference to ROI in the long term.
Tap into Re-targeting Segments:
Segment your website visitors by engagement levels to create better-re-targeting segments on Facebook. You can use a custom re-targeting algorithm. Which will automatically sort your website visitors into low, medium and high engagement groups.
Facebook Ad Costs Re-targeting Audience Segments:
You can also run dynamic re targeting and re-targeting advertisements to generate sales at a cheaper cost per acquisition rate on Facebook.
Target Fans Separately:
In addition to segmenting your consumers who are connected to your Facebook page. You can save them as an independent fan audience and build a unique campaign for them.
Meanwhile, you can exclude your existing Facebook fans in other audiences (this can equally be done for website visitors and converters). Because Facebook fans are typically the best-performing audiences in terms of engagement rate and conversion rate.
Refresh your Creative:
This is one of the major problems faced in marketing once people see that an ad is performing. They stop monitoring its frequency which eventually results in ad fatigue or the point. When the audience becomes very familiar with the ad.
To prevent this, advertisers should document reports on ad-level conversion metrics daily especially after a few ads run. And they’re able to get a feel for the range of impressions where the ad will likely fatigue.
You should indicate this metric in your reports. So, you are able to pause the ads as they approach their fatigue point.
Take Advantage of Video:
You can pay on average of $0.15 to $0.50 per click on video campaigns. While single image ads cost $2.00 per click and higher for the same audience.
The reason being that Facebook values video content in ads because it gives videos a bigger impression share and therefore cheaper CPC.
For businesses who do not have the budgets to produce detailed video ads for campaigns. You can use Facebook’s own in-platform tools to create slideshows of product or service imagery. Which will be downloaded as video content for Facebook video ads.