Paid ads are regarded by most social media marketers as the only way to truly scale a business. The problem is that most social media managers have no idea what it means to use the platform to find new customers and drive ROI. Instead, most use Facebook to entertain a small fraction of their current followers with non-paid posts and believe that this is what Facebook marketing is all about.
There are a number of ways by which businesses can optimize ads on Facebook to maximize returns. In order to find the best fit for your business, you must test different strategies and verify them to maximize your investment.
Luckily, developing a funnel for ROI is simple. Successful Facebook ads marketing campaigns comprise the use of the following strategies:
Finding and Addressing the Right Audience
The most important aspect of a good campaign strategy is targeting the right audience and figuring out what they like and what they are most likely to respond to. A business can use online tools to learn more about your audience and their interests. Once you’ve identified your target audience, configure targeting options, create sets of ads based on the options, and run the ads.
If you do not get the expected results initially, do not immediately rush to turn the ad sets off. Check to see if some targeting options could be tweaked to get better conversion rates.
Most business owners often wonder how they would know for sure that one set of audience works better than the other. This can be evaluated by applying A/B test on it. A/B or split testing is a useful marketing strategy where two options (A and B) are tested against each other.
The results of this test help increase the chances for something to occur at the time when you want it to occur. The reason for running split tests is to determine which design, copy or targeting works better so you can get the most out of your ads.
Certain straightforward rules help you get the most out of your A/B testing.
- Be sure that the test is statistically significant. Otherwise, your changes won’t make an impact on your campaign performance, or worse, they will impact the campaign negatively.
- Time it right. Your A/B tests shouldn’t be too short or too long. Facebook recommends the ideal timeframe is 2-4 days.
- Always test one variable at a time. If you try to test multiple options at once, you will never know which variable made the biggest impact.
Page managers at times panic when they see that ads aren’t delivering the desired effects within the first 24 hours. So they quickly turn the ads off in order to save money. This is often the wrong move.
Business owners need to remember that the data available to them can sometimes be wrong. Most of the stats that page managers use to make decisions about ads are either insignificant or incomplete. In such a scenario, it makes sense that rather than turning the ads off, the business owner waits for a while and takes a closer look at the cost per impression, cost per click, and click-through rates once they have more data. One should always wait until the ads have reached a large enough sample size to make any changes. For instance, almost every good Facebook marketing agency quotes a figure of 1500 as a good enough sample size to begin with.
Go Beyond Analyzing Conversion Rates to Optimize Facebook Ads Marketing
Most businesses focus all their resources only on improving their click-through rates, costs per click, and cost per impression. While it is absolutely crucial to have these metrics going for you and not against you, there are even more important factors that need to be taken care of, like cost per lead and return on ad spend. Although at times ads and ad sets might not seem to have the right metrics, it is important to focus on their profitability and the conversions they are generating. Facebook ads marketing at times show dubious results wherein the ads that get clicked on most might not generate enough revenue whereas the opposite might be true. This is because not every person that clicks on an ad does that with the intention of making a purchase. In some cases, it is done to get information that is readily available on clicking the ad. Some ads are convincing in a different manner but do not inspire a purchase.
The mark of a good Facebook marketing agency is that it tries to optimize ads and ad sets simultaneously. Facebook ads marketing requires you to take out time to decide who the real audience is, understand the requirements of potential customers, fix a budget for each set, and decide the time and bidding option that should be used. Advertising is a field that is fraught with uncertainty relating to the ads performance, effectiveness of method used for bidding, budgeting the ads, etc. Facebook ad optimization bridges the gap between certainty and uncertainty. If done correctly, you will know what to focus your budget on to get a high return on investment.
Always remember to start small, and don’t test and optimize too many variables at the same time.
We’re past the days of likes and comments and are now in a world where we can truly see a transparent return from social media. So, stop using Facebook only to entertain a small fraction of followers, and start using it to actually drive truly tangible and impactful results for your business.