Facebook's ad revenue is projected to reach $71.32 billion, as indicated by eMarketer. With a continuous increase in ad spend from many advertisers on Facebook, the challenge is to distinguish yourself from competitors and maximize the value of your budget. In this blog post, Onroas Digital Marketing Agency will share the top 5 tips and tricks we've employed to set ourselves apart from the competition.
Tip #1 Choosing the right bidding strategy
Facebook Ads offer a selection of five distinct bidding strategies:
Highest Volume (formerly known as Lowest Cost): This strategy aims to maximize the number of desired actions at the lowest possible cost.
Highest Value: This approach focuses on obtaining the highest value outcomes, prioritizing quality over quantity.
Cost per Result (formerly Cost Cap): When you have a well-defined lead generation campaign with precise cost and conversion rate metrics, this bidding strategy proves effective.
ROAS Goal (formerly Minimum ROAS): Ideal for ecommerce businesses looking to optimize return on ad spend (ROAS) for campaigns with fixed conversion values.
- Bid Cap: Setting a maximum bid limit to control costs while running your ads.
For lead generation campaigns with a clear cost-per-conversion target, cost per result bidding is an excellent choice. However, if you lack a precise understanding of your ideal cost per conversion, opting for the highest volume strategy is advisable.
Ecommerce businesses, on the other hand, should consider cost per result, ROAS goal, or highest value bidding strategies when running ads for purchases with predetermined conversion values.
While manual bidding remains an option, it grants you greater strategic control over ad delivery. Nonetheless, it is less commonly used and should be reserved for those with a deep understanding of their cost and conversion rate metrics. Gaining this knowledge often requires starting with automatic bidding to establish a baseline.
Tip #2 Fast Learning Method: Powerful Method To Shorten Facebook AI Learning Period
After launching a Facebook ad campaign, there is an algorithmic learning period before Facebook can effectively fine-tune its ad delivery to align with your specific objectives. This delay is attributed to the time required to accumulate sufficient meaningful data.
In cases where you're working with a limited budget, your ad might not receive as many impressions, thus extending the duration of this learning phase.
By employing the "Fast Learning" method, you follow the standard process of creating your Facebook ad campaign but allocate a budget that exceeds your expected expenditure. Allow the campaign to run at this elevated budget until it garners 10,000 impressions, and then reduce the budget. This approach accelerates the learning phase and additionally provides you with valuable data for implementing your own optimizations.
Tip #3 Think outside of the box when it comes to choosing your audience.
When you're advertising a toy, what is the first interest that comes to your mind? Most people would target 'toys' as the interest, which means competing with everyone who is selling toys. Consequently, you might encounter higher CPM and cost per conversion. However, if you think outside the box, you can target related interests such as children's clothing and children's nutrition brands to achieve a lower CPM and cost per conversion.
Tip #4 Retargeting and utilise data on engaged audiences.
Many advertisers tend to miss out on utilizing their existing audience for cheaper costs per lead, cost per conversion, and converting people who are already interested in the products or service.
By retargeting ads to people who have viewed or engaged with your ads, you could
- Reconnect with individuals who have viewed products or placed items in their cart; this approach can assist in rekindling the interest of potential customers.
- Cross sell products to those who are already exploring your products; this can increase your revenue tremendously.
- Introduce complementary products to customers who have previously made purchases from your business; this can not only boost revenue but also foster loyalty among your customer base.
For lead-based businesses or services such as interior design, cabinet installation, or auto detailing, you have the opportunity to:
- Reengage with the audience that views your promotional creatives and convert them into actual customers. Many individuals have short attention spans and may forget what they've seen, even if they're genuinely interested in your service. Failing to reengage with these audiences could result in missing out on a significant number of leads.
- Reengage with your audience by employing various promotional strategies that may finally pique their interest or prompt them to decide to hire your services.
Tip #5 Using behavioral advertising interests
This is one of the least utilized interests, yet it is a gold mine of customer behavior insights meticulously categorized based on the data collected by Facebook.
Regardless of whether you perceive it as invasive or not, Facebook can typically detect if you've recently been scouring the internet with purchase intent.
For businesses offering high-end products, this presents an effective customer targeting opportunity.
Statistics show that 73% of consumers conduct online research before making a purchase.
However, it's essential to note that the window for purchase consideration is relatively narrow. In the case of most products, you typically have just one week or even less from the moment a potential customer initiates their shopping journey until they complete the purchase.
Even for products valued at over $500, a significant 54% of individuals finalize their decision within a week.
Within a span of two weeks, an impressive 75% of people have already completed their purchase.
Facebook possesses the capability to identify your ideal customers who are actively in the decision-making stage of their purchase journey and promptly direct your ads toward them.
This implies that even if they haven't yet encountered your brand and have solely been conducting research on your competitors' websites, you have the opportunity to entice them before they reach a decision.
Considering that most consumers base their decisions on price, a precisely targeted Facebook Ad offering a discount could serve as a compelling incentive to sway them towards choosing your product over the competition.
How can you utilise this?
Inside the realm of Facebook Ads, you will come across a segment known as "Behaviors."
You can try typing in ideas and see what is suggested or you can browse.
There are a ton of different options to choose from.
That's a wrap on the secrets that most advertisers would prefer you not to know to gain a competitive advantage. If you're eager to harness the power of Facebook Ads and elevate your digital marketing efforts, Onroas Digital Marketing Agency is here to help. As a leading digital marketing agency in Malaysia, we specialize in driving results that matter. Whether you're looking to boost your online presence, increase ROI, or supercharge your Facebook Ads performance, we've got you covered. Our team of experts is ready to assist you in achieving your marketing goals. Reach out to us today to discover how our tailored solutions can propel your business forward. For the most effective strategies and top-notch results, contact Onroas, your trusted partner in digital marketing excellence.