Facebook Ads are an interesting tool for promoting and building a business, but they’re not right for everyone. With that in mind, let’s explore the facts of this marketing tool to see if spending dollars on FB Ads makes sense for you.
The Facebook Ads success stories are definitely out there…
• Online fitness and dietary supplement group Shredz used carousel ads and Lookalike Audiences to pump up interest among health-conscious women, boosting its return on ad spend by two times in just over a month.
• Pura Vida, a bracelet retailer, spurred its eCommerce sales by using Facebook’s carousel and dynamic product ads, resulting in four times more orders in two months.
• During a Thanksgiving-Cyber Monday sale, lingerie retailer Adore Me used ad automation software in combination with Facebook’s Audience Insights to optimize ad targeting and delivery. The result was 1,500 new customers and 40% boost in online traffic.
Ah, but not all Facebook Ads campaigns lead to success. One of the more famous stories (way back in 2012) involves General Motors’ decision to discontinue its $10 million annual ad spend on Facebook because they weren’t seeing good enough results.
Whether your company is fledgling or Fortune 500, understanding a few facts about Facebook Ads can help you make the right decision.
FB Ads Are Affordable
On the bright side, Facebook Ads are relatively inexpensive when compared to more traditional forms of advertising. Recent statistics reveal that it costs about $32 to reach 1,000 people with a newspaper ad; $20 through magazines; $8 with radio; and $7 on cable.
How about Facebook? The same study shows that it costs just 25 cents to reach 1,000 people via this social media behemoth. That’s pretty impressive.
FB Ads Aren’t Free
Although Facebook offers ad plans as low as $1 a day, you’ll still have to open your wallet to advertise via this social media giant. This is a hugely important note for businesses hoping to grow organically (i.e. via free posts, shares and likes). You see, Facebook’s current algorithm largely favors businesses who are paying for their content to be seen. As a result, it’s a lot harder to get your “free” posts noticed.
On its ”Facebook for Business” page, FB provides these bits of insight:
• “Anticipating organic reach can be unpredictable, and having a piece of content ‘go viral’ rarely corresponds to a business’s core goals. Your business will see much greater value if you use Facebook to achieve specific business objectives, like driving in-store sales or boosting app downloads.”
• “Like TV, search, newspapers, radio and virtually every other marketing platform, Facebook is far more effective when businesses use paid media to help meet their goals. Your business won’t always appear on the first page of a search result unless you’re paying to be part of that space. Similarly, paid media on Facebook allows businesses to reach broader audiences more predictably, and with much greater accuracy than organic content.”
This truth about the probability of organic growth was proven by 2014 analysis conducted by [email protected] (a global team of social experts from across all of Ogilvy & Mather’s businesses). In its study of 106 brand pages (those it has administrator access to), they found that the average reach of organic Facebook posts went from 12.05% in October to 6.15% in February.
FB Ads Are Targeted
Every form of advertising offers some level of audience targeting, but Facebook knows so much about its users that it truly allows advertisers to reach very specific sets of people. Businesses can target customers via location (state and zip code, for example), age, gender, interests (music, movies, sports, etc.), behaviors (those looking for a home or car, type of phone they bought).
This microtargeting allows, for example, a 1980s memorabilia shop to target Facebook members born in the ’50s, ’60s and ’70s. They can also drill down to reach Facebookers who have shown interest in people or things related to the ’80s—Molly Ringwald, “Sixteen Candles”, Rob Lowe, Demi Moore, Bon Jovi, Bruce Springsteen, “Fast Times at Ridgemont High”, “Terminator”, Magic Johnson, Pac-Man, Donkey Kong, and on and on.
With such great power to reach particular audiences, advertisers can make the most of their time and money by reaching out to people who are very likely interested in what they’re selling.
FB Ads Requires Insight To Get Results
Although its fairly simple to get started with Facebook Ads, the fact of the matter is that they are a marketing tool that works best when the person behind the campaign has deep insight about their audience, goals, and media.
With that in mind, Here are some interesting statistics about Facebook Ads and relevant steps to improve your return on FB Ads spend:
• Facebook keeps track of the 50 most recent pages a user has engaged with and boosts that content on the user’s News Feed, so post consistently to be one of those popular 50 pages.
• 75% of a post’s total engagement will happen within its first five hours, so post quality content when your users are likely to be online.
• Friday is typically the best day for users to post, so if you post only once a week make sure it’s Friday.
• Shorter posts (250 words or less) receive 60% more engagement, so choose your words wisely.
• Posts that include emoticons yield 57% more “Likes” and 33% more shares and comments, so use emoticons (when appropriate, of course) to enhance your brand’s visibility.
• Videos hosted on Facebook are prioritized to make up 30% of a user’s News Feed, so make sure your video posts are hosted on Facebook.
• Asking a question at the end of your post brings a 100% increase in comments over posts with a question in the middle of the post, so put questions at the end of your posts.
• Photos account for 93% of user engagement activity on Facebook, so it’s wise to use them in your ads.
Like most other forms of growing your business, it will likely take deep insight about your target audience, some time and energy, and quite possibly a few dollars to succeed with Facebook Ads.
Have you had success with Facebook Ads? We would love to hear how you used them to bolster your business.
To speak with a professional about building your business through Facebook, contact DotcomWeavers at [email protected] or 888.315.6518.