Marketing remains the most essential frontier in any business. When it comes to creating presence and brand value for a small business, audience-targeted marketing approach is the best approach. Understanding the demographics is a crucial step to get a large share of any market.
In today's vast open market having an active online presence can give you an advantage over your competitor. Tools like google ads and Facebook ads offer convenience to get the best out of your online advertisement campaign. The “population” of Facebook is massive! It's no wonder that all companies want to use it to promote their products and services. The problem is, 62% of small businesses feel their paid Facebook ads are failing. Fortunately, there are ways to fix this problem. You don't have to be in that 62%!
With the help of Facebook business, you will be able to increase online presence for your small business. Facebook ads is one of the most widely used tools in today’s Digital marketing agency. It makes it very easy to target your audience based on the region. It can be used to increase your audience which can be a potential lead.
Looking at the Facebook ads, we can see two broad spectra for its audience reach.
First, it allows you to engage the audience with the help of an immersive story. Having a brand story not only helps to increase the brand value but it also makes the brand more inclusive. According to recent studies, More than 50% of customers agree that a brand story makes them feel to belong to a larger community. Having a brand story helps your customer to connect emotionally with the product. For example, most companies are adopting “cause marketing”. Now, marketing itself is a great story point for the brand.
The second spectrum would be the vast outreach of Facebook itself. While creating a facebook ad, you have broad factors to choose from. Facebook ads for small business allows you to customize your advertisement outreach to reach the most suitable demographics.You can start by selecting the marketing objective which will be your ultimate goal for the campaign.
An objective gives you the flexibility to make the ad more suitable for a particular type of business. You can target a product sale, online subscription, or a download.
Last would be community engagement. Facebook allows you to increase your online presence with community engagement. With the help of Facebook stories and the business page, you can help build a strong community.
Facebook ads for small businesses need to start with a small budget. You can experiment with different content, different target audience combinations, different time of day, different location-specific ads to get the best output. Facebook ads also can take time to perform, so be patient and understand the performance of your past ads and change accordingly.
The main goal of Facebook advertising needs to be to educate the targeted buyer and audience about the company rather than being product-specific. You need to look for the advantage you can provide over your competitor’s product.
A Lookalike Audience is made up of a group of people very similar to another group of people.
This is great for Facebook advertisers because you can take a lead list or customer list, upload it to Facebook, and use it to build a lookalike audience. Advertising to people who look a lot like your existing customers is Incredibly effective. You need at least 100 people in your source audience to create a Lookalike Audience. But as soon as you do, make sure to add similar audiences to your Facebook ad campaigns.
You don’t need to run your Facebook ad all the time. You can learn about your audience’s interest and choose the timing in accordance with that. Learning about the customers for the time when most customers are active will definitely improve your campaign.
Facebook currently has different ad goals and the one you select determines how Facebook handles your campaign. Facebook's advertising algorithms are very sophisticated. If you tell Facebook you want traffic, Facebook will try to get you as many link clicks as possible. If you select conversions or achieve the goal, this is what Facebook will try to offer you. Go for the option that best describes what you’re after.2. Spy on Your Competitors’ Facebook Ads
Determining what works in your industry can be time consuming and expensive. If you have competitors who you know are driving great results with Facebook Ads, why not model from what they do? With the Facebook Ads Library tool, you can view anyone's Facebook Ads! You can even see how long they've been running and where those ads are sending people.3. Use Automatic Placements Most of the Time
A placement simply refers to where your ad is displayed. Not all placement options are created equal. Some placements perform much better than others. If you run a campaign using the conversions goal, the placements that are automatically selected will usually give you the best results. This is because Facebook will optimize your campaign to generate the highest number of conversions and that includes placing your ads in places where people are more likely to convert.4. Dedicate 10% of Your Budget to Brand Building
Everyone wants to generate leads and sales quickly from their Facebook ad campaigns. And there is nothing wrong with that. But that doesn't mean you shouldn't spend a small chunk of your budget on longer-term branding campaigns. Most businesses should spend at least 10% of their advertising budget on branding on Facebook.
Indeed, a loyal following greatly facilitates every Facebook advertising goal.5. Get Specific with Your Retargeting Campaigns
Instead of just retargeting all website visitors on Facebook, why not retarget people with specific offers, based on the actions they've taken on your website. You can retarget people who have visited specific pages on your website. It works great when people visit specific product pages but don't buy. You can also target previous customers who haven't made a purchase from you in the past 3 months. You can even retarget people who have added products to a cart on your website but haven't purchased yet.
This type of Retargeting campaign is Facebook's advertising equivalent of shooting fish in a barrel.6. Campaign Budget Optimization
Take Advantage of Campaign Budget Optimization
Campaign Budget Optimization (CBO) is a Facebook advertising feature that shouldn't be ignored. With CBO, you can set your budget at the campaign level. As opposed to the ad set level.
Setting your budget at the campaign level means that Facebook will optimize your budget across different ad units. This will result in more of your budget going to target audiences that deliver the best results. Automatically spending more of your budget on high performing items in your Facebook ad campaigns is a no-brainer. It will definitely lead to more conversions and a lower cost per conversion.
There are two bidding strategies at the lowest cost and at the target cost. Since the lowest cost is the default bidding strategy, the vast majority of Facebook campaigns use the lowest cost bidding strategy anyway.
But Facebook tells us that Target Cost is the bidding strategy to use if you want to scale a campaign or run it for a long time. Suggesting that small businesses should stick to the lowest cost bidding strategy in the beginning phase.8. Video Ads
All other things being equal, video ads on Facebook outperform regular image ads and other ad formats. There are some notable exceptions, as you can see in Facebook's Ad Tip 9, but for the majority of businesses, video content will win. This is especially the case for service-oriented businesses.9. GeoTargeting
There is no prescribed target geographic area for a small business. Some SMEs are purely local and only serve their immediate community. Others are nationwide with broad appeal, and others could serve a niche community around the world. No matter what category your business falls into, make sure you are leveraging the right geo targeting to reach your audience. All geo-targeting settings for Facebook live at the ad set level.10. Monitor Ad Relevance Score
The Facebook Ad Relevance Score is a number between 1 and 10 that shows how well your ad is received by your target audience.A number of factors determine the relevance score of your ad, including positive and negative reviews. Not only does it show how well your ads are performing, it also determines how much Facebook advertising is costing you.
Facebook wants to encourage advertisers to create interesting and engaging ads. This way their users will have a better experience on the platform. They do this by rewarding ads that have high relevance scores (8+) with lower CPMs (cost per thousand impressions) and do the opposite with low relevance scores.11. Don’t Adjust Your Facebook Ad Campaigns During the Learning Phase
The learning phase of Facebook Ads is a very important Facebook advertising feature that you should not ignore.During the learning phase, Facebook tests the delivery of your ads and determines who within your target audience is most likely to take the desired action.
The learning phase usually lasts a few days, and it's important that you don't make any significant adjustments to your campaigns during this time. If you do this, the learning phase will be restarted and the optimization of your campaigns will take longer.
Consider the Tips above while running your Facebook Ad Campaigns & see the success rate for yourselves. We are experts in paid and Organic social media marketing campaigns with detailed social media research, implementing various social media strategy & Social media advertising. As a social media agency, we believe in Lead Generation & promoting your business on social media platforms.