With it’s 2.5 billion active monthly users Facebook is still a valid place to advertise. Yet, you will find people saying that Facebook ads are becoming too expensive and so they try to find other outlets through which to run their ads. However, Facebook is still a valid platform for businesses to advertise through. Here, I will show you how you can get the best ROI (Return On Investment) for your advertising spend.
Facebook advertising isn’t expensive
First, I want to address the fallacy that Facebook is making advertising on its platform cost-prohibitive. We all know how the cost per click is determined by automated bid systems, no matter if it’s for a keyword on Google or an audience on Facebook. The price you pay is dictated by the number of advertisers you are competing against for that keyword or audience. Therefore the cost per click is the result of supply and demand.
So, how exactly do you get the best “bang for your buck” when advertising on Facebook? For every dollar spent you want to achieve the highest ROI possible.
Optimise your campaigns
When running a campaign, make sure that it is optimised for the best possible result. That means looking at your creatives. How effective are they? Are they going to achieve the goal that you made them for (such as increasing your click-through-rate, turning visitors into buyers, signing up for your email list)?
Is the campaign you are running reaching the right audience? The last thing you want is to spend your advertising budget on campaigns that are reaching the wrong people. Before launching your campaign, set up your targeted audience and demographic.
Have several ads available in your ad set so Facebook can deliver the most relevant one to your audience.
Your conversion rate
A lot of people focus on the CTR metric as a measure of the success of an ad. Yet, just because someone clicked on your ad and visited your site, doesn’t mean you are getting the best ROI for your advertising spend. As a business, you want people visiting your site to be “buyers” not merely “visitors”.
Sure, there are times when people will click through to your site out of mere curiosity. But what you want to do is make sure that you are converting as many people into buyers and that occurs through making sure that every step along the marketing funnel is optimised: your ads, your landing pages, your email marketing and product offers.
Constantly a/b test your Facebook campaigns for their effectiveness at increasing your conversions. Stop pumping money into that which isn’t working and increase your spend on those campaigns that converting like crazy. For those who are starting out in their advertising journey on Facebook, aim for an initial conversion rate of 50+ conversions per week.
There will come a time when your most effective campaigns start to lose their magic. That’s when you have to revisit the campaign and see if you need to change the creatives or start with a brand new campaign.
Let Facebook do the work for you
Machine learning has gotten really clever over the past few years and will only continue to get smarter. Instead of you trying to figure out how to reach your best audience, allow Facebook to do the thinking for you.
By adding a Facebook pixel to your website you are allowing Facebook to work with the visitor data from your site and it’s users to find the most relevant audience for your ad. That means that Facebook will use your advertising budget to target the right users at the right time. That means that you are getting the best results for each dollar spent on your Facebook ads.
Review your results weekly
Some people will look at the effectiveness of their ads and campaigns on a daily level and change that which isn’t working. This is an act of futility as it doesn’t allow Facebook’s pixel to gather enough data about who visited your site and what they did while on your site. That means that Facebook hasn’t got enough information to ensure that they place your ads in front of the right users. That is going to cost you.
Checking the results of your campaigns weekly allows the pixel to do its thing and you will have more accurate information to analyse when considering whether to change an ad set or creative. Therefore, you can maximise the chances of an effective campaign and decide where to divert your advertising budget and therefore increase the ROI on your advertising spend.
So simple
It may seem to some people that getting the best ROI for their advertising spend is a complicated process. It doesn’t have to be. By making sure that your ads are reaching your target audience at the right time, a/b testing your creatives and ad sets as well as a weekly reviewing of your campaigns will go a long way to ensuring you are getting the maximum ROI on your ad spend.
Facebook’s pixel and algorithm are the best tools for helping you receive the best return for your budget. Use them and you will find that your campaigns are converting the right people because your ads are being placed in front of the most appropriate audience.
Learn How To Become An Expert Of Facebook Ads.
