As a result of all the negative publicity and the number of friends deactivating their accounts, it is easy to think that Facebook is no longer relevant. However, the mighty have not fallen, far from it. There is still a strong market for advertising on Facebook.
In other words, if you are interested in reaching a larger audience, generating more leads, and converting more customers, Facebook ads are 100% worth the investment. For some companies to stand out from their competitors, they must invest in highly organized campaigns and well-produced creatives.
Facebook Ads: Benefits
The most significant advantage that Facebook continues to hold is its scale, with 2.74 billion monthly active users and counting. In terms of traffic, it is the third most visited website in the world, behind only Google and Youtube. There is a good chance that someone will visit Facebook if they are online. If not, they are likely to visit Instagram, which is owned by Facebook. Facebook continues to offer advertisers an unparalleled level of reach, and it is likely to remain this way for some time to come.
1. Audiences with similar characteristics
A Lookalike Audiences tool allows you to find a new audience that is very similar to your existing customers. In order to target new audiences who will be very likely to become customers, Facebook uses insights from your current audience.
As soon as you have built a custom audience, you can create a lookalike audience based on it. Typically, we target 1-3% of lookalikes in our Facebook ad campaigns. We increase the Lookalikes to 10% as these campaigns scale. In this manner, we maximize the audience pool size and are able to take advantage of Facebook’s machine-learning capabilities to target the right audience pockets within the pool.
2. Options for targeting
Perhaps Facebook’s greatest advantage is its ability to offer detailed targeting. You can optimize your ad budget by targeting your ads based on factors such as demographics like age and location, ads they’ve clicked on, pages they interact with, and even the mobile device they are using.
By using this data, you will be able to pinpoint the right audience for your ads. Additionally, you should consider who you do not wish to see in your advertisements. You will achieve higher conversion rates and more qualified leads if you target the right people.
It is possible to send specific ads to customers at different stages of the marketing funnel by using targeting. Advertising a whitepaper or blog post to people who are likely to be at the top of the funnel is an example. As they move deeper into the funnel, you will be able to advertise offers and products directly with greater success.
3. Audiences tailored to your needs
Custom Audiences allow you to target Facebook users who are already familiar with your business. You can create a Custom Audience by uploading your first-party data, such as an email marketing list or a list of previous customers.
Using your data, you can target specific segments within your existing audience, such as customers who have made one purchase but have not made another. A second option would be to target customers with a high average order value with specific offers that they are likely to be interested in. Custom Audiences can also be used to expand your customer base by creating Lookalike Audiences.
4. With paid advertising, you can reach more people
The Facebook system is a pay-to-win one. Advertising is essential for potential customers to become aware of your business and consume your content. In addition, if you know how to target the right people and create content that appeals to them, you will be able to stand out from your competitors and maximize the value of your advertising dollars. Your content will reach a greater number of people when you use paid advertising than if you were to use organic methods. As a result of paid advertising, you are also able to scale your marketing efforts easily.
5. Analytical robustness
The famed management consultant Peter Drucker once stated, “If you can’t measure it, you can’t improve it.”. Due to the fact that campaigns are a complex process with many variables at play, it is imperative to identify what is working and what is not working. In Ads Manager, Facebook clearly displays all the metrics related to your campaign’s performance. In order to conduct an effective Facebook marketing campaign, it is imperative to conduct an in-depth analysis of the data.
Post engagement, conversion rates, sales, and many other metrics are included in these metrics. Using this analysis, you can refine your advertisements and increase your return on ad expenditures by focusing on what works.
Facebook Ads: Downsides
Despite Facebook’s enormous power and unrivaled advertising opportunities, it’s not all sunshine and rainbows. There is an increase in competition. Not just advertisers, but also big-tech companies are at each other’s throats, all competing for a piece of the pie. Thus, it has become increasingly difficult and expensive to run an effective campaign.
1. Learning curves
Starting from scratch has become more difficult (and more expensive) in recent years. Identifying what metrics matter, what changes to make, who to target, and everything else requires considerable trial and error.
Facebook marketing is a skill that takes a considerable amount of time and effort to master. Most brands do not have the time to devote to this process. Rather than wasting hours of frustration and thousands of pounds, brands can hire a Facebook advertising agency and take advantage of their knowledge, experience, and expertise.
2. Costs are rising
The cost of advertising on Facebook is rising. Increased competition is the main reason. With more advertisers bidding for space, the price rises. Year after year, this is expected to increase. Compared to other advertising methods, Facebook advertising is still relatively cheap.
Utilizing analytics to become more specific with your targeting will help you overcome this problem. Find niches and test variables that your competitors aren’t. Your creatives’ quality is now more critical than ever because of increased competition and cost. In order to reach a wide audience, brands cannot use weak creatives. You must create ads that grab their attention and address their major pain points if you want to convert them.
Conclusion
If you want to run successful Facebook campaigns that boost your Return on Investment, you need solid creatives and a deep understanding of media buying. The last thing you want to do is rely on boring product shots and hope that they will work for your product.
