You know Facebook Ads, right?
Okay. First let me go over some basic stats, before we dive into the details.
According to Facebook’s Chief Operating Officer Sheryl Sandberg, Facebook has over 7 million active advertisers. 2.4 billion active users. Facebook has only 342 active users per advertiser.
Not only are more people promoting ads, but it’s getting harder and more expensive to get clicks. Now when you look at the cost in clicks, Facebook ads CPC on news feeds have gotten more expensive this year.
According to Instapage, the average Facebook ad converts roughly 9.21% across all industries. You would have to pay on average $64 to get nine conversions. Conversion doesn’t necessarily mean a sale either in this context, it could be just collecting an email right? So it doesn’t necessarily mean you’re making a positive ROI.
So the real question that comes to mind is, hey you’re a small business, how can you still profit from Facebook, even though ads in many cases are getting fewer clicks and is getting more expensive.
Don’t go for Profit in the first contact with a Prospect
It used to be that you would just put ads in front of people, you would send them to your product or service page, try to get them to convert, and boom you’re making money.
And that’s expensive, a great way that we generate sales now and we found this to be much cheaper is, we first take an ad on Facebook, drive them to content or our educational piece, educate them. Then we remarket them, and then show them an ad that drives them to our product or service page.
Even though we had to show that same user ad twice, we found that the overall cost to conversion is far less then we send them to an ad in the first place.
So instead of sending them an ad straight away, we first send them to an ad that goes to an educational piece, then we market them.
Which is for us when you look at a conversion standpoint it’s cheaper and more cost-effective then just having ads at the beginning, send some indirectly to a proctor service.
Use Retargeting for your Ads for Qualified Prospects
So what I mean by this is, when someone visits a checkout page and they don’t buy, we create a video that shows them what it would be like if they were a customer.
Use video ads
Video ads are way cheaper to expose your brand to people because even if they don’t convert right away you’re getting your brand across, and as they say in marketing the rule of seven, the way you build a brand is having someone see and engage with your brand seven times.
If you use video you’re going to get way more engagement for the price because Facebook really wants to push video ads over text-based ads.
Use Lookalike Audiences
Once you have people that are converting, use the 1% lookalike audience on Facebook. This will allow you to find other people who are very similar, have a higher probability of converting.
If you’re not using lookalike audiences you’re doing a ton of ads and blowing a ton of money. Lookalike audiences will help you fine tune and save you a lot of cash.
Test Different Creatives more often
You’ll be surprised at the difference in performance when you rotate up your creatives at least once a week. It’s that effective by just cranking out so many creatives, you’ll find that they don’t have as much fatigue and your ROI is better.
Keep your Ads fresh
It’s not just about the, hey here’s what my banner is, here’s what my creative is.
What’s your copy? Are you changing things up? Are you trying a different message? Are you trying to target a new audience?
If you continually test and tweak and keep your ads fresh not just on Facebook but remember it’s a whole funnel, you’re landing page, the copy on there, the testimonials, the review. Changing all that kind of stuff up, a lot of times bring lights into your campaign and will cause you to get more conversions.
Monitor your Ads frequency
If people keep seeing your ads multiple times, you’re either not reaching new people, or people keep seeing your ads without converting. You need to stop that. Those two factors will make your ad score decrease and make your cost increase. So if you fix that, you’re going to be better off.
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