Facebook advertising isn’t just for large businesses. It’s an essential tool for businesses of all sizes. With over 2.963 billion monthly active users, Facebook has an unparalleled audience of over 37% of the world’s population. But running ads isn’t enough. You need to ensure an effective ROI (return on investment). But how do you make sure you’re running your Facebook ads effectively? Find out now!
Define Your Objectives
You can’t just jump right into making an ad. The first step for any successful Facebook advertising campaign is to clearly define your objective. Are you trying to drive traffic to a specific page on your site? Are you trying to generate leads? Are you just trying to build brand awareness?
Once you have this objective defined, you can tailor your ads and targeting accordingly. Having this extra step ensures that you won’t be wasting your budget on an irrelevant audience, but instead focus on reaching the people who are most likely to act.
Use Custom Audiences
Facebook has no shortage of powerful tools, but the ability to create custom audiences might be one of the most powerful. You are able to target people who have interacted with your business in some way, shape, or form with custom audiences. This can be through website visitors, email subscribers, or your previous emails.
If your goal for your Facebook ads is to have a stellar ROI (which it definitely should), targeting people who are already familiar with your brand, you can increase the likelihood of conversions.
But what if you don’t want to only target people who have interacted with your brand? No worries! That’s where lookalike audiences come into play. Lookalike audiences go the extra step and include people who share similar characteristics, behaviors, and interests to your audience. By using lookalike audiences, you are now able to reach people who might be interested in your business based on how similar they are to your pre-existing audience.
Facebook advertising is not a “one-and-done” kind of marketing. To make sure you’re maximizing your ROI, you need to be testing and optimizing your Facebook ads. What is A/B testing? It means creating two versions of an ad with one part changed such as the copy, the image, or the targeting, and running them at the same time to see which performs better.
A/B testing is the easiest and most effective way to optimize your ads. And by testing and optimizing ads, you can continuously improve your ROI.
There are several ad placement options available for Facebook advertising, including in-feed, stories, and right-hand column placements. Which one should you choose? Well, there isn’t a one-size-fits-all answer. Different placements might perform better for different types of objectives.
For example, in-feed ads might be better for driving traffic to your website, but stories might have a leg up when it comes to building brand awareness. How can you tell what is right for you? Testing, testing, testing. By testing different placements and analyzing the results, you can see what placement works best for your Facebook ads.
Ad creative is a blanket statement for the creative elements that go into your ads. This includes the images, videos, and ad copy. You’re going to have to find what resonates best with your audience to make sure you’re maximizing your ROI. This testing is likely going to involve a heap of A/B testing to see what works best for your brand.
Another powerful tactic for increasing your ROI with Facebook advertising is retargeting. This involves targeting users who have already interacted with your business. Isn’t this similar to a custom audience? It is, but it’s slightly different.
Retargeting can use third-party tracking tools to find people who have visited your website, viewed your videos on YouTube, or even those who have abandoned their carts on your site. By retargeting these users with relevant ads, you can increase the chance of conversion and increase your ROI.
Facebook advertising offers a plethora of tools for businesses to make their own ads, but it is on you to make sure you’re getting the best ROI possible. To do this, you’re going to have to define your objectives, use custom and lookalike audiences, test and optimize your ads, choose the right ad placement, pick the right creatives, and use retargeting to reach those who have already interacted with you. If you follow these tips, you should be able to effectively maximize your ROI with Facebook ads.
If this sounds like a lot, you’re not wrong. But fear not, we can take care of the heavy lifting for you. Reach out to us for a free consultation if you have any questions about Facebook advertising.