Deciding how to spend your marketing dollars online can be an overwhelming and confusing task. With so many options available, where should you spend your money?
Not sure where to even start?
Facebook advertising, please stand up.
The reasons why you should be advertising on the most popular social media channel.
Largest social media audience
Let’s start with the sheer size of active users on Facebook. Facebook now boasts 1.44 billion monthly active users (http://newsroom.fb.com/company-info/); there are 7 billion people in the world! Speaking of the world, the Facebook user base covers across many countries leaving you an opportunity for vast growth. With so many people actively using Facebook, your target audience is sure to be on the platform.
Powerful audience targeting
Whether you like it not, Facebook has a ton of information about us and marketers can use this to their advantage. Audience targeting can be drilled down to age, gender, location, interests, relationship, education and many more. No other social platform compares to this specific type of targeting.
Audience targeting gets even more powerful when you start building your own custom audiences. By dropping in a tracking pixel on your website, you can place your ads in front of an audience already interested in your brand or product.
Someone added an item to their cart but didn’t finish his or her purchase? Remind them with a product ad at the right time.
With organic reach decreasing, you need to pay to play
If you want to build a brand or business on Facebook without spending any money on advertising, it could be a long journey. Facebook has been decreasing organic reach (especially on business pages) over the past year. There have been tests ran on business pages where they only reach 9%-11% of their total followers with a single post.
Whether you agree or disagree with this move, it’s happening. To create and run a Facebook business page is a free service, but at the end of the day Zuckerberg runs a business. I think we were all spoiled with free marketing on Facebook in the early days and now are struggling to open up our pockets.
Let’s face it, Facebook marketing for free is over.
With that said, you can reach a large targeted audience on a small budget. This leads us into…
Low cost of advertising
For a small budget you can reach a wide audience. With options to set a daily or lifetime budget, you can place your ad in front of thousands of people for a small cost. Compared to other marketing channels, Facebook could end up costing you the least amount.
FB Ad cost (source: https://moz.com/blog/1-dollar-per-day-on-facebook-ads)
All of this does depend on the ad type, who you’re targeting, and ad placement. In the end though the cost is still relatively low compared to the others. Mixing in an advertising budget to supplement your organic posting strategy is key moving forward. Just like any other advertising platform, without a smart strategy and on-going analysis, you could be spending a lot without any positive results.
You can actually advertise for only $1 a day.
You have a larger budget? Well, there are 1.4 billion people waiting.
Need help spending that large budget strategically? Take a look at our social strategy here.
Generating leads and traffic
With the right pieces in place you can generate a significant amount of website traffic, and track them as a conversion or lead. Facebook has multiple ways to advertise specific to your objective.
Do you write and post blogs regularly?
“Boost” it on Facebook to reach a large audience.
Need to sell tickets to an event?
Setup a Website Conversion ad and track leads and conversions from your Facebook ad.
To take it one step further, setting up a strategy around building Custom Audiences and re-targeting can help your ad performance greatly.
Easily track spend, performance
As far as social media platforms are concerned, Facebook has by far the most advanced performance and analytics tracking data available (for free!). Other social media platforms are just playing catch-up. It’s important to know what you’re getting out of your advertising dollars. Don’t just set it and forget it. Be sure to analyze and adjust during the ad timeline to produce the best results.
In the last couple years, digital marketing group and analytics have become a powerful and necessary piece. There are many analytics options on the market from third party sources that have elaborate systems, but in my opinion Facebook Insights does the job very well.
If you’re not, your competitors will be
Facebook just announced there are now 40 million active small business pages on the platform. Join the party if you haven’t. Using social media as a platform to communicate with your audience, your fans, and your customers is powerful. Your customers might be talking about you, make sure you are there to listen and respond.
If you’re in a common industry, most likely there are going to be competitors on the platform. I would venture to guess over 80% of these business pages have no idea what they’re doing when it comes to smart and strategic Facebook advertising. Get on there and do it better.
It’s never too late to join, especially as the platform seems to be progressing rapidly. The platform, the ads, the data, and even where the ad is seen are all getting better. Facebook is now looking into advertising on third party sites (with the purchase of Atlas), so get comfortable with the platform now.