17 Sep Is Facebook Advertising Worth It?
Is advertising on one of the world’s largest social networks worth it?
What is Facebook advertising?
It’s a type of advertising that’s performed on social media platforms. It involves paying to place your product or service promotions in the news feed of your targeted audience.
By appearing in their newsfeed, your Facebook ads will encourage your targeted audience to take action, like visit your website, download an app, or attend your event.
How does Facebook advertising work?
In a nutshell, Facebook advertising helps businesses connect with their target audiences.
Your Facebook ads will be displayed to users who are more likely to be interested in your product or service. From there, they may engage with your promotions, leading to a sale.
And the reason why it’s easy for businesses to find their ideal customers via Facebook advertising is because of the platform’s wealth of data.
Facebook holds your target audiences’ information, like their location, interests, life events (eg: are they newly married, new parents, or retired?), and more.
The audience targeting feature of Facebook advertising allows you to promote your business to the RIGHT PERSON at the RIGHT TIME with the RIGHT AD.
Different types of Facebook ads achieve different business objectives.
Types of Facebook Ads for businesses
The type of ad that you will be running on Facebook depends on your advertising goal. Here are the main types of Facebook ads you can run and their objectives:
Facebook ads designed to boost your page’s number of Likes will improve brand awareness. They encourage your target audience to ‘Like’ your business profile and follow it on social media. Further down the road, your audience will also interact with other campaigns on your business profile.
Engagement ads target your existing Facebook followers. These ads nurture brand engagement and loyalty in your online community, and are suited for product launches, sale promotions, and more.
These ads help you ‘acquire’ new customers. Your business can do so when you encourage your followers to sign up for a trial period, subscribe to a newsletter, or download an app.
Getting more people to talk about your business brings more attention (and customers) to your brand. Enhance your brand awareness campaigns by highlighting why engaging with your business will enhance your audiences’ lives.
Businesses with brick-and-mortar stores use localised ads to target customers in a specific area. These ads have location-specific goals and encourage the audience to visit a store or take advantage of a sale promotion.
If your business is new and you want to get customers to visit your website, website click campaigns should be your Facebook ad type. These campaigns are designed to drive traffic to your business website, and may direct customers to the product page, information page, or blog.
Unlike ad campaigns that send customers to your website and drive traffic, website conversion ads send them to a specific page. When they arrive, they will be performing specific actions that you have pre-determined, like signing up for a course, buying tickets, or booking a hotel room.
Get news of your events out to Facebook users with event promotions ads. Sell tickets, boost attendance, and track event responses without leaving the platform.
Capture the attention of your customers with discount codes, promo offers, or freebies with offer promotions ads. They will help you stand out on your target audience’s news feed and promote a positive interaction with them.
Lead Generation Ads
The traditional way to generate leads is by sending your target audience to the landing page of your website, where they will fill a form with their contact details. However, with lead generation ads, an instant form on the platform lets you collect customer information without leaving Facebook.
Talk to Pandan Social about what you can achieve with your preferred advertising budget.
How much do Facebook Ads cost?
What you will be spending on Facebook Ads will depend on several factors. You will need to take into account the elements like:
The campaign objectives
Are you trying to increase the reach of your brand? Or are you aiming to generate leads on Facebook? Ask yourself these questions and more before starting your campaign. The objectives that you plan to achieve will determine your Cost Per Click (CPC, or the amount you pay for each click on one of your ads). Take a look at AdEspresso’s guide here to get started.
The campaign period
Are you planning on running your ads at peak hours (or when the majority of your target audience is browsing the platform)? Or will you be advertising during a peak season when everyone else will be doing the same, like Christmas and Valentine’s Day? Chances are, your CPC will be higher when compared to running your campaign when the competition is not as intense.
Your target audience
Your advertising CPC will also depend on whether you’re advertising to people (B2C) or businesses (B2B). Advertising for B2C businesses usually costs less than their B2B counterparts. This is because the B2B audience is smaller, and hence makes search volumes lower and competition for searchers tougher.
If your company trades in apparel, retail, or education, good news – your CPC is generally lower. But if you’re in finance and insurance, customer services, or home improvement, you will likely pay more to advertise on Facebook. Take a look at WordStream’s guide here to view the cross-industry benchmark.
Your ad relevance score
The Relevance Score is the platform’s way to measure ad quality. The higher your ad quality, the lower your costs and the more people will see your ads. And improving your Relevance Score is as easy as:
● knowing your target audience (so your ads will always be relevant)
● doing split tests (or ‘A|B tests’) on your ads to find the best design that your audiences respond well to
● using high-quality ad images and copy to encourage your audience to click on your ads
Advertising on Facebook is one of the most important aspects of social media marketing.
Should I try advertising on Facebook?
The short answer? Yes, you should advertise on Facebook. It has been called one of the most cost-effective advertising platforms available. When your ad campaigns are set up right, it can be a profitable way to market your business online.
Knowing who your target audience is, what do you want to accomplish with your ads, and how much you can afford to spend are some of the questions you need to consider. Having an awareness of their answers is a good foundation to your Facebook advertising strategies.
Facebook advertising is an essential part of any business’ marketing efforts. With more than 2.85 billion monthly active users, the platform is the biggest social network in the world.
Using sound advertising strategies, reaching out to your target audience on this platform can be an easy way to begin your digital marketing journey.