Facebook may have had a hit to their reputation in recent times due to privacy and data breach concerns, but as a marketing platform it not slowing down. Up to 93% of marketers still use Facebook as part of their advertising mix, making it a competitive environment that can’t be ignored. As with any marketing initiative, if it isn’t used properly it could end up costing time and money with substandard results.
Here are 5 different high ROI (return on investment) strategies for your Facebook advertising:
Facebook advertising is pay per click, and not all clicks are created equally. Imagine a scenario where a local hairdresser wants to increase salon profit, which can only be done by customers physically entering the store. Facebook could be a perfect fit for boosting the business with over 1 billion members, but out of this who is going to walk through the door? Sure, you can get 10,000 likes from your friends in the Philippines for a low cost outlay, but are they going to visit the hair salon? Unlikely. Targeting those in the local area with the right interests might cost more per click, but with ads directed at the right people the ROI can be up to three times higher.
If you are feeling particularly clever, you can target people who are fans of your competition. The benefit of this is they are already interested in a similar service, and you will be giving them a choice. Facebook’s audience selection tool allows you to choose from a range of demographics, location, interest and behaviours while targeting users who have similar interests to that of your existing followers. This is not the time to create a generic ad, the features for targeting are there and if you are serious about a high ROI you will take the time to use them.
In addition to being able to choose from different audiences, there are a range of ad placements to consider. You only have to login to Facebook to see they are not all situated in one position, but ads are scattered (methodically of course) in various locations. Test your ad placements to see what works best, and experiment with design. Extensive reporting features will allow you to see what works and what doesn’t and recording these results will help you boost your ROI into the future.
This type of research is often referred to as split testing, or A/B testing. This is a strategy based on experiments with positioning, copy and creative design shown to different audiences to see which achieves the desired results.
There may be a reason why yes, we would like fries with that, and that is because when things are enhanced they are that much better. This strategy will give you more bang for your buck as you combine your Facebook promotion with other things. One example is to write a piece of unique, fresh content and post it on your business page. Instead of a simple ad in the sidebar, promote this content instead. This will give the audience something of value, and they may even find it worthwhile to follow your page.
The platform allows you to choose different options for posting, for example you can get sign ups, post a photo, create events and offers. You could use this opportunity to collect email addresses, and follow up with a reminder. Remember, simply posting content on your business page won’t necessarily mean it will be visible to your followers. With Facebook algorithms many companies are finding they need to spend a few dollars just to be seen.
People can be fickle, and when your ad is shown, it is only for a short amount of time so you have to make it count. One way to increase your ROI is by making better ads. Taking five minutes to whip something together in MS Word might be OK if you have those rare supernatural creative skills, but for everyone else a little more thought should go into the final design. Scroll through your newsfeed and consider what makes you stop, and what would be appealing to your potential customers. Everything from colours to content matters.
Mix it up with video ads and live streaming, as Facebook is pushing this area with various incentives. Video has a larger organic reach and can quickly go viral, and with over 100 million hours of videos a day being watched on the social media king, so it makes sense to jump on board. Add a sense of urgency to your Facebook ads with a special offer such as “limited time only” to really push those calls to action.
When it comes to creating brand loyalty, repetition and recognition can be invaluable as seeing your company time and time again builds trust. When you use Facebook’s Ad Manager tool there is an option to create a custom audience, and this is where the fun of retargeting begins. These ads focus on users who have already been to your website, and may need a gentle reminder of who you are.
A transparent pixel with tracking code is placed on your website, and this is linked to Facebook. Again, you can use targeting to find the right audience for your ad, for example this could be anyone who has visited your site, viewed specific pages only or those who have abandoned their cart at checkout. The types of ads you create will vary depending on these targets, and give you the opportunity to give them a special deal such as free shipping. If you have ever wondered how Facebook knew exactly where you had been online, here is your answer!
For assistance with increasing the ROI of your Facebook marketing campaign, please contact us today.