With a recent debate surrounding the effectiveness of Facebook ads, there has been a lot of talk regarding whether or not Facebook ads actually provide value to your business. So you may be thinking, why should my business be advertising on Facebook?
Over the past few years, online advertising has seen tremendous growth; social media platforms such as Facebook have been no exception. As we all know, social media channels are a great way to engage with potential customers and reach a vast audience. With Facebook ads, your business can hone in on that perfect customer and provide new and valuable offers without burning a hole in your pocket.
The following blog will provide a few tips on how to get your Facebook ads rolling, how to reach the right customers, and how to measure your results.
Before diving into what factors to consider and what metrics to follow, it’s important that you understand the key elements that make for an effective Facebook ad. ²
DEVELOPING YOUR CAMPAIGN
Now that you know the elements that go into an effective Facebook ad, it’s time to review some factors to consider before developing your first campaign.¹
Campaign Goals – What is your business trying to get out of your Facebook advertising campaign? Are you looking for fan engagement, likes, increased sales, or just trying to get your brand name out there. If you don’t have any goals in place, how will you know whether or not your ad is performing as expected?
Campaign Budget/Duration – Determine how much you plan to spend on Facebook ads and how long you want them to run for. Considering how much you’re willing to spend overall will help determine how much daily engagement you can expect, and what it will cost you. You don’t have to spend tons of money- for starters try running an ad or two for just a few days. Doing so will allow you to figure out what’s working and what isn’t.
Click-through Rates – Determine ahead of time what your click-through goals are for the ad campaign. This way you will be able to know when your ad has become outdated and users are tired of seeing the same thing. Depending on the nature of your campaign, different clickthrough rates may be acceptable. Just remember that you can pause and reactivate your ad at any time depending on its success and relevancy.
Once you determine your campaign goals and create that awesome Facebook ad, now it’s time to measure your results. Follow these ad metrics to decide whether or not your ad is producing the results you had in mind.¹
Clicks – The number of clicks the Facebook ad received; whether it was a “like” from the ad itself or a user following the call-to-action.
Impressions – Impressions tell you how many times the ad has been seen by a Facebook user. This is a great way to determine if ad has dropped out of the suggested range.
CTR – (Click-through rate) how many times your ad was clicked, divided by the number of times it was shown (impressions).
Actions - The number of people who took the action you had in mind when developing the ad itself.
Conversions - How many people responded to your CTA. This metric counts actions from the ad, including when someone has gone to your page and clicked “like.”
Cost-Per-Conversion – Calculates how much you pay for a new Fan, RSVP, or new group member.
When developing your own ad campaign, remember that Facebook ads change all the time. Facebook is constantly introducing new and improved ways to customize and add value to your advertisements. If your ad isn’t producing the results you expected right from the start, be patient. Just remember the three key elements to an effective Facebook ad as listed above, and don’t be afraid to try something new.
Image courtesy of IdeaGirlMedia