The social media giant, Facebook has come a long way from just being a chatting and socializing platform. Big or small, every kind of business wants to be a part of its network. With a target audience that extends to millions, who would not want to add this to its marketing necessity.
So, what’s the taboo of Facebook advertising and Facebook ads?
The Facebook advertising made its bombastic entry in the year 2014, creating an outlet for the businesses to showcase their products and create advertising campaigns.
Facebook was not considered to be a marketing means for B2B businesses. But, the misconception soon watered down with the realization that 80% of internet users spend their time on Facebook. It proved to be a compelling platform for marketers and advertisers. And targeting the right audience at right time gave a successful edge to their advertising strategy.
There are different types of ad formats that the marketers work upon while working on Facebook.
Facebook Single Image Ad
These are just regular posts that the companies create in order to discuss their product, service or any event related to their organization. It is basically done to generate social engagement among the targeted audience.
Facebook Video Ads
This is a downright highly interactive Facebook ad type that is bound to create massive engagement if done right. The video is created in such a way that it relays the message within its short running time.
Facebook Carousel Ads
Within this, the advertiser can show atmost 10 photos or videos within a single ad unit. It could be used to retarget the audience who have shown some interest in your business. The text description is very brief but informative in describing the product.
Facebook Canvas Ads
This is one of the most influential ad formats for creating brand awareness. In a combination of images, texts, videos, and links, these mobile optimized full-screen ads give a perfect user experience.
With these many ad options on display, you are free to choose the right one that fulfills your business prospect. But the cost of every campaign is different. It depends on various factors like targeted audience, timing, placement, budget, market supply, industrial goals, and relevance. And unknowingly you might be investing a lot in your campaigns that are falling out of your budget.
Here are some of the ways in which you can lower your cost investment without sacrificing your lead generation.
1) Run Campaign for a specific group of audience
Higher sales do not mean that you have to target a huge group of audience. Rather targeting a specific group has a bigger advantage of knowing the audience. You know what content you have to create and what your audience group is going to like. Narrowing down your audience range also reduces your competition among brands and the marketers are not at odds with the demand of target audience.
There are different targeting options provided by Facebook like age, gender, geography, interests and buying behaviors. Under this, you can successfully target the customers who have brought recently from you or regularly make purchases from your platform.
It has been observed that though targeting a broader audience gives a higher reachability for the product, but CTR and conversion rates are higher when ads are run for a small audience group.
Thus, refinement of audience group is extremely necessary when you are looking to run your campaign on a budget.
2) Check your Relevance score
Relevance Score is a metric to measure the ad quality. It is a means to help advertisers in determining their ad engagement level. It will determine CPC and the frequency with which the ad will be shown.
If your score is 1, then your ad quality is poor. But, if you want to make a go with it, you have to pay premium to Facebook. Similarly, a high Relevance score is in the range of 8,9, or 10. A higher score means your ad will assuredly be served for your audience.
Facebook favours the ads that have high Relevance score. And if your ad is within the high score range, your CPC will be lowered. Thus, it is advisable to check your score before you run any ad campaign. It will surely save a lot of cost for your other campaigns.
3) Resort to Retargeting
Retargeting is an impactful marketing tool on Facebook. You have a high probability of gaining leads when you are attracting those customers who have already visited your website or added products to their cart.
Thus, running a retargeted ad is likely to increase your CTR and reduce your CPC. You can create a custom audience out of your targeted audience. With your ads shown to them about their past purchases, you have a higher likelihood of earning response.
4) Analyse your ad frequency
To manage the budget in your ads, you need to keep a close watch over the ad frequency. It is basically the number of users who get to see the Facebook advertisements.
When your ad gets displayed to an optimal number of times, your audience is likely to warm up to your products. But if it is shown too often, it will result in reduced interest and a waste of your ad investment.
Thus, it is better to add a frequency cap to your advertising report to regulate your cost. The cost gets increased with the saturation in the audience level. If it gets increased, create a duplicate ad set and add new targets.
5) Try Boosting your CTR
A high Click-through-rate (CTR) results in high relevance score. Thus, you should focus more on enhancing that.
Some of the tips to increase your CTR are:
1. You should target the right kind of audience who is interested in your service.
2. Give a perfect placement to your ad. If your ad needs a greater visual, then it’s better to target the ad in NewsFeed and desktop.
3. Maintain a clear look and feel of your ad, like keeping the headline attractive and positioning of your CTA button that must be spot-on.
4. Choose the type of ads that work better for your business. Like an e-commerce firm should go for a Carousel Ads rather than a standard one.
5. Give it a more lead-generative form. This could be done by adding a strong offer behind your ad that might say “Limited Time Offer” or “Three Day Sale”.
6. If you are just trying to gain page likes for your website, then mention that in your ad copy. It will increase your fan count.
6) Change your Ad Creative
You cannot run the same ad again and again. This will bore your audience and eventually, they will stop seeing your ad forever. Thus, it is better to refresh your creative every other week to avoid ad fatigue in them.
For those whom you are running the ad for, they get a in a habit of learning about your products at the end of the week. Thus, to keep their interest alive, you need to change the ad visuals and bring another set of products for them.
7) Keep the Facebook’s desktop NewsFeed under target
The engagement is usually higher from a mobile but when you are looking for a high CTR, it becomes essential to target the desktop Newsfeed. This is because the placement of ads on desktop gives higher CTR and engagement.
A higher CTR means a high relevance score which eventually will reduce the cost of your ad.
8) Select the right bidding
Facebook advertising makes use of bidding or auction. When you begin your Facebook ad campaign, you are on a massive auction platform. But, it is a complex method altogether.
There are various bidding options that you have to take care of such as CPM bidding, CPC bidding and Cost per Conversion bidding.
There are two Bid strategy options:
1. Lower Cost Bid: This is with or without a bid cap.
2. Target Cost: It maintains a average cost
When cost is the prime factor of consideration and if you are new in this ad field, then choosing the lowest option with a bid cap would generate definite results. Target Cost surely gives high-quality leads but the expenditure is higher for this.
9) Analyse ad performance
You should test two or three ad sets before running your campaign. For the success of your ad, you should solely focus on cost and other metrics. Create different versions of the same ad with different videos or images. Keep the ad set running that performs the best. This will help you in understanding what your audience is looking for and you can deliver the ads that will generate higher CTR.
Creating fresh ads keep the engagement high while you are being on a lower ad investment.
In this realm of advertising, Facebook keeps bringing a variety of options and algorithms to evolve the ad campaign creation for you. It definitely digs into your budget but with strategic investment and experience, you get to learn about optimizing your ad performance while keeping your cost low.