Love it or hate it, Facebook is here to stay, what started in a dorm room somewhere at Harvard, with Zuckerberg banging away at his keyboard, has now turned into one of the most powerful advertising platforms on the web. Not only does Facebook offer the most advanced targeting options (over 850 + at the last count), it is extremely cost effective for entrepreneurs & businesses to market to their perfect customer.
Since the early days and some primitive banner ads, the platform has matured into an advertising powerhouse dominating the social-media space by claiming a whopping 12% of the $186.8 billion global digital-advertising market.
As a digital marketer and Facebook advertising agency owner, I am always monitoring what’s working and what’s not so we can help our clients get the most out of Facebook advertising and marketing. I came across a recent article on INC.com which I thought I’d share with you.
The article covers 5 points about FB advertising – have a read below:
1. Video reigns supreme.
Vying for a piece of television-ad budgets, as well as YouTube’s user base, Facebook has made it no secret that it’s out for the title of preferred video platform.
The consequence is that video ads are currently some of the cheapest on the market, both digitally and above-the-line, costing around $4 for 1,000 impressions or $0.01 per video view.
The ability to re-target those who watched your video further solidifies Facebook’s commitment to prioritising video content and makes it a no-brainer to be used as leverage in your own funnel and ad strategy.
2. Don’t worry too much about your website.
Howell says that one of the greatest struggles between social-media platforms and advertisers has been the often-jolting user experience that occurs between the social platform and an advertiser’s website.
Often, sites have poor mobile experiences and take too long to load, negatively impacting conversion rates.
To mitigate this, Facebook has built out its repertoire of ad formats to allow advertisers to generate conversions straight from the platform, meaning the user never needs to leave Facebook to engage with your brand or product.
An example of this is ‘lead ads’ which allow advertisers to collect email addresses or quote requests straight from the ad itself.
The recent rollout of the revamped Facebook Shop is another cue that the platform is getting ready to offer social-commerce ads.
3. It’s very hard to sell directly to a cold audience.
Going straight for the sell with your Facebook ad doesn’t cut it anymore. With user newsfeeds becoming increasingly cluttered with ads, the effectiveness of ads is diminishing.
It is difficult to get people who have never interacted with your product or brand to commit to taking action, even one as simple as downloading a free course or template. You have to build a relationship first. This approach is called a sales funnel, or pipeline.
The speed and effectiveness of your funnel will ultimately depend on your offer, price point and target audience. For service-based entrepreneurs who don’t have this, Facebook ads will become a costly exercise.
For e-commerce entrepreneurs, the ability to successfully sell your product to a cold audience using Facebook ads (for anything under $150) will come down to sourcing what are called ‘kingpin’ products. These are ‘impulse buys’ that are in hot demand, and they will usually generate 85% of your total sales. If your products are over $150, retargeting is where you will find the sales.
4. Facebook prefers mobile – watch out!
Howell says that advertisers need to understand the fragile balance between mobile users and data with their conversion rates.
If you are running ads using both desktop and mobile in your placement, Facebook will always feed your ad into mobile, simply because that is where there is the most real estate.
While your offer and audience may operate very well on mobile, these can result in very expensive or unsustainable conversion numbers for some.
Certain consumer groups haven’t adopted mobile purchasing behaviour as effectively as others. If you need to ensure your ads are shown on desktop, make sure you split out this placement between ad sets.
5. It’s only going to get more expensive.
Earlier this year, Facebook announced that it had hit a milestone of 3 million advertisers. While this number may not mean much to you, it’s important to remember that Facebook Ads, and the pricing of ads, is set by auction.
Once you specify your target for your campaigns, Facebook will pit your ad against those from other advertisers and, in a split-second decision based on a number of factors, will determine the winner.
The more advertisers jump onto Facebook, the higher the auction price goes. An example of this is video view ads, which average $4 per thousand impressions, up 14% in the last year alone.
At the end of the day, one key benefit of using Facebook ads is real-time feedback and tracking. Test your campaigns against best-practice benchmarks and see what your audience responds to.
Facebook advertising works – period. We understand that you may have tried it in the past with limited success either in-house or by employing an agency to do it for you.
We see this all the time and speak to frustrated business owners who’ve wasted money with agencies who promise the world and deliver bugger all – and give you some shitty excuse as to why it did not work.
Getting Facebook advertising right, takes time, effort and more importantly expertise – here at Ads Lab – we specialise in two things:
And we’re incredibly good at both.
Let’s have a chat and see how we can help your business attract more leads and customers at a low cost.
Get in touch today!