It is no secret that social media is now one of the most effective digital advertising channels available, and Facebook is the most affordable way to do it, being significantly cheaper in advertising cost compared to other social media.
Are you currently planning to start a Facebook Ads campaign? It is definitely not too late. These five facts below will help you decide whether Facebook Ads is the right platform for your advertising.
Let us start with the first one.
First things first, let us answer your biggest question: do you actually need Facebook ads? To answer this, let us look at the key facts:
However, there are also some things you might want to consider before starting a Facebook Ad campaign:
Yes, Facebook offers as many as eleven different ad types. While having more options and versatility are certainly great, it can be overwhelming for beginners.
So, here we will list all the eleven possible types, what they do, and which is the right one for you:
What it does: As the name suggests, this is the type of ad you choose if you want to advertise a certain post. So, in this type of ad, you won’t need to create a new ad creative, as your post will be your creative.
You can do this type of ad either from your ad dashboard, or by clicking the ‘boost post’ button on any of your posts.
This type is for you if: You are a content-heavy business, or you just want to get more traffic to your posts.
What it does: Promoting your Facebook page. Facebook offers very nice options for your image promotion here, and this type can be very effective if you need more traffic to your page.
This type is for you if: You need more traffic to your existing page, or just created a new page.
What it does: Pretty self-explanatory, you can use an image, slideshow, or video to promote your website.
This type is for you if: You need more site traffic, period.
What it does: Pretty similar to the ‘Promote Your Page’ option above, with the main difference being the ability to track conversion through Facebook Pixels.
This type is for you if: You need to track and boost conversion.
What it does: Advertising your mobile app, and you can also track conversion.
This type is for you if: self-explanatory, you are promoting a mobile app.
What it does: Great if you are looking to promote just some part of your app. For example, when you currently have a special offer on your mobile game, and want more engagement in that specific promotion.
This type is for you if: As mentioned above, great especially when you have a new feature or special promotions on your app.
What it does: This is a great option if you are a brick-and-mortar business like a restaurant or hotel, as you can target people based on proximity.
This type is for you if: You are a brick-and-mortar business, or your business needs more local conversion.
What it does: As the name suggests, this type is for promoting offline events.
This type is for you if: Again, self-explanatory, you have an offline event going.
What it does: Specifically promoting a special offer, the ad will link directly to your offer, and you can track conversion.
This type is for you if: You are specifically looking to boost a special offer conversion
What it does: As the name suggests, promoting a video content.
This type is for you if: Your business is heavy with video contents, or you have a specific video ad you want to promote.
What it does: This one is relatively more complicated. Here, you have 6 different button options:
So as you can see, you will need a specific ad creative for a certain button. As the user clicks the button, they will need to fill out the Facebook Lead Form, collecting the user’s information.
This type is for you if: You are looking to build your lead database, or planning to do retargeting (more on this later).
So, as you can see, Facebook offers a wide variety of options for your ad campaign. Make sure to choose the right type depending on your needs, and always monitor your progress.
As we have mentioned, managing your Facebook Ads budget is very easy, since Facebook offers a wide variety of tools within the dashboard itself.
Here are some of the things you might need to know:
By default, Facebook will suggest a $20.00 daily budget, and you can change this number however you want it to be.
There are two different budget options: “daily” and “lifetime”. With the daily option, the amount of money you set will be the MAXIMUM of any given day. With the lifetime budget, the amount you set will be the MAXIMUM you spend on the ad’s total lifetime.
Now, you might think that the “daily” option is generally the safer route, which is true. However, Facebook does offer some extra features with the “lifetime” budget, especially the ability to target your ad at certain days of the week, or certain times within a day, which might be useful.
As mentioned, if you choose the “lifetime” budget, you have the versatility to adjust your schedule however you want. For “daily” budget, Facebook will suggest you run the ad continuously throughout the day.
The good thing is, Facebook will provide you with the calculation on how much you will need to spend based on your schedule.
When the ad it up and running, and you see some success, you might be tempted to increase your budget immediately. However, it is best to do it slowly, as you are closely monitoring the progress. When the performance starts to dip, that is the best time to pour more money.
LTV or Lifetime Value is a prediction of the net profit generated by the entire relationship with a customer. How to calculate it? This infographic by KissMetric is a very nice explanation.
So, instead of seeing your Facebook Ad as a short-term, one time only profit maker, you should see long-term and calculate your ad ROI based on LTV.
Here is an example. Let’s assume you are selling a service worth $20, yet you will need to spend $30 on Facebook Ad to get one conversion. At first glance, it might seem like a bad deal, right?
However, say based on your calculation, the customer’s LTV is $300. This way, you spent just $30 to get $300, which is a huge profit.
Thinking long-term will also help you in planning your budget, monitoring your progress, and adjusting your strategy when necessary. Why? Because now you have a different mindset.
In our previous guide to retargeting (link), we have explained how retargeting is a really powerful way to ensure conversion, and how Facebook is a great platform to perform retargeting, depending on your niche.
Creating a retargeting campaign on Facebook is really easy, and you get all the versatility from an ordinary Facebook ad.
Is Facebook Ad the right platform for your promotion? Based on what we have shared above, you can decide the answer better.
Facebook itself is still a very powerful social media with a wide variety of audience. Facebook Ads itself is relatively more affordable than AdWords, and is also easier to use. So, in our opinion, hiring one the top SEO specialists and consultants in Toronto to set up and manage your Facebook Ads is definitely worth considering if you are currently looking to advertise.
There are still so many things to discuss with Facebook Ads, and this article is just a beginning. So, stay tuned for more in-depth and advanced strategies for Facebook Ads in the very near future.
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