Optimizing Ad Spend: What’s New With Facebook
Facebook advertising is an important way to connect with your audience on the world’s largest social network. Many marketers consider Facebook to be the most effective social media advertising platform based on proven return-on-investment (ROI). Facebook ads can get your message in front of the people who are most likely to want your products or services, and that is why It’s important to understand the different Facebook ad types, targeting options, and how to optimize Facebook ads properly. This blog will discuss ways that your business can strategically optimize Facebook ad campaigns to ensure that you maximize every dollar spent.
Increase Brand Awareness
In order to gain someone’s business, you will have to capture their attention first. Because Facebook has a massive community, your brand’s message has the potential to reach many people. In order to drive engagement on posts, your business needs to invest in paid Facebook posts as well as organic Facebook posts. Facebook has several features to help people find your products, such as brand awareness campaigns, reach campaigns, unique ad formats, and brand analytics. Being discoverable is key to building a strong brand and driving sales. By selecting the brand awareness objective in your Facebook ads dashboard, you will be able to reach and receive attention from the people who are most likely to respond. One tip to avoid overspending is to use only one placement per ad set (Facebook Mobile News Feed, Instagram, etc) and set a bid specifically for that placement. Stick with one location for your brand awareness ads that way you will be able to reach the right audience. Estimated ad recall lift is a new metric by Facebook that will give you an estimate on how many people are likely to remember your ad after seeing it. Brand performance metrics are designed to be a better benchmark for brand awareness than metrics like clicks and page likes.
Target and Optimize Key Audiences
Since audiences are not all created equal, it’s smart to have a comprehensive Facebook ad strategy. Optimizing your audience targeting by using Facebook Pixel’s targeting and retargeting capabilities, you can get the most out of your social ad budget. A Facebook pixel is a line of code that is placed on your website that helps brands track conversions from ads, optimize ads based on previous data, and build target audiences for ads in the future. To learn more about Facebook Pixel, read more here. There are different factors you must consider when building your audience targeting strategy, one being the devices your target audience is most active on. There are two types of audiences: custom audiences and lookalike audiences. The difference is when using a custom audience, you want to reach people who visited your product page but didn’t complete a purchase, whereas, when using a lookalike audience, your main goal is brand awareness and acquiring new customers based on the data from custom audiences. Offer ads and carousel ads are two formats that are effective for retargeting to encourage and increase conversions.
Testing Your Ads at Scale
When coming up with a digital marketing strategy, you must stay ahead of the curve with constant innovation and testing. Using A/B testing is great to find those top-performing ads and learn what resonates best with your audience. After testing, you can better predict what ad content will convert and outperform other ads. The five key areas to test include text, call to action, visuals, format, and target audience. By testing these five areas, you are able to see what works and what doesn’t, allowing you to come up with the best digital marketing strategy possible. Headline and image are the first tests we recommend you should run since they are so visible and are key areas for quick testing.
Optimize Your Ads Like a Pro
Facebook’s App Event Optimization allows businesses to run a mobile app install ads for the people who are likely to take action in your app. Optimizing your mobile app ads is key when you are looking to acquire customers most likely to make a purchase within your app. When collecting contact information of your customers, lead ads are the most efficient way to do that. Lead ads allow you to gain this information and then reach out to them with email campaigns and retargeted Facebook ads in the future. To reach an audience already familiar with your business, select the Lead Generation objective when building your ad.
Measure and Performance
Advertising can be expensive, that is why it is important to ensure you’re spending your Facebook ads budget as efficiently as possible. To optimize your ad spend to the best of its ability, there are certain metrics to consider. Return on Ad Spend is the overall return on ad spend from website purchases. Relevance score is a way to see how relevant your ad is to your target audience. Click-through-rate will boost your relevance score when it is high, therefore lowering your cost. Cost per Mille (CPM) is the price of 1,000 advertisement impressions on one web page and is the basic measurement for social media advertising success. Cost per Acquisition is the amount you pay when an ad leads to a sale. Cost per Lead is calculated by dividing your ad spend by the number of leads generated during the campaign period. You want to acquire high-quality leads at the lowest cost. And finally, Cost per Engagement is when advertisers only pay when a user engages with their ad unit. Always monitor your ads properly by using these metrics and determine what is performing well to drive better results in the future.
Effective Facebook ads offer a way for customers to connect with your brand at every stage of the buying journey. You need to figure out what your target audience is exactly looking for and when they want it, that way you can provide a better customer experience for them and grow your business as a result. Using Facebook ads, you can better manage and optimize your social advertising campaigns. Facebook ads are one key tool your business should start using right away if they’re not already. Especially if you offer a consumer good. If your business needs help with utilizing and optimizing Facebook ads, let JSK Marketing help you! Visit our website to learn more about the services and solutions we can offer you to help build your fan base.