Is your Facebook Marketing losing it’s effectiveness?
Do you see a drop in performance, or that the Facebook Ads are not performing as expected previously?
Here are 7 actionable tips which you can use to reevaluate your Facebook Marketing activities.
Tip #1: Your Creatives MUST Entertain
Noticed that I have bolded the word “MUST“.
Because we need to understand the state of a typical Facebook user. When people are surfing Facebook, are they looking to buy? Or are they looking to be entertained?
The answer is: your prospective customers are (probably) bored and they are looking for entertaining content on Facebook to alleviate their boredom.
- Bored during lunch
- Taking the public transport, looking to kill time
- & many more
Therefore, we as marketers need to really think about how we can entice/entertain our prospective customers, so that they will pay attention to our ads on Facebook.
And the key idea is to entertain them with your ads.
Tip #2: Using Lookalike Audiences
The beauty of Facebook Marketing is that it allow us to target customers via interests targeting (also known as Broad Audience).
However, if you are an established business owner with access to your past customers data such as:
- Your customers information
- Past website visitors
You can actually make use of such information to create Lookalike Audiences. Lookalike audiences are essentially audiences that are similar to your best customers data.
Why lookalike audiences?
These are audiences which Facebook has found to be similar to your best customers. Therefore, running ads to your lookalike audiences should give you a performance boost.
Tip #3: Running Remarketing Ads
Remarketing. Or also known as Retargeting. These are extremely important ads that you should be running.
Remarketing ads are ads that you are showing to customers that have already interacted with your business. For example, showing ads to customers that have:
- Visited your website
- Visited your Facebook page
- PM-ed your Facebook page
- and many more.
Here’s a look at the performance different between a remarketing ad and a non-remarketing ad:
- Remarketing: 4.42 ROAS
- Non-remarketing: 1.30 ROAS
Could you see that the remarketing ads are outperforming the non-remarketing ads by 250%?
Therefore, if you are not running remarketing ads alongside with your normal Facebook ads, you are leaving a lot of money on the table.
Tip #4: Moderate Your Ads Comments
Have you ever seen an ad on your Facebook, but with negative comments on it?
That definitely impacted how you perceived the ads correct? You tend to mistrust the ad, and even potentially not take action with that ad.
Therefore, as Facebook Marketers, we have to “QC” or moderate the comments on our ads.
For ads, we typically can either “delete” or “hide comments”.
My recommendation? To hide the disgruntled customer’s comments, but message them privately to understand and address their concerns/frustrations.
Tip #5: Think Of Hooks/Offers
Do you recall on what was the state of your prospective customer when they were running ads?
They are looking to be entertained!
Therefore, another approach that we can think about is that what are the different hooks/offers that we can use in the ad to entice our prospective customers to at least click on our ad.
Examples of Hooks:
- A big claim: “The best moisturizer you will ever have”
- A problem/solution statement: “This product will whiten your yellow teeth in minutes”
Offers are more straightforward:
- 50% off product A
- Buy 1 get 1 free
- Save $100 off product B with promo code “100OFF”
Tip #6: Proper Audience Targeting
It’s important to understand what the intended target audience of your products and services.
Let’s say if you are trying to sell a men’s pomade. And from your market research you found that people that typically buy men pomades are between the age of 18-45.
Thus, does it make sense to target men above the age of 45? Probably not.
Therefore knowing your audience and targeting them precisely or excluding them strategically will be a key performance driver.
Tip #7: Understand Your Lead To Conversion Ratio
Generally, because Facebook allows you to spend a minimum of $1.4 SGD per day, there seems to be an unrealistic performance expectation as a result of this spend.
If you are selling an expensive item (for example a luxury condominium), you can’t be expecting results or leads with just $1.4 SGD per day!
Step 1: Lead to Conversion Ratio
Therefore, the 1st step is to understand your lead to conversion ratio. Meaning how many leads do you usually take to convert into 1 successful sale.
For example, let’s assume that for every 100 leads, you get 1 successful sale.
Step 2: Benchmark The Cost Per Lead That You Can Pay
From that 1 successful sale, your net profit is $10000 SGD.
Let’s assume that you want a profit margin of 50%.
Therefore, you are looking to spend $10000 *0.5 = $5000 to acquire that 1 successful sale.
Since you know that for every 100 leads, you will get 1 successful sale. As a result, you can pay $5000/100 = $50 per lead.
Step 3: Factor In Cost Per Lead When Running Facebook Ads
Now that you know the cost per lead that you are willing to pay, it’s time to factor and compare the cost per lead from Facebook Ads.
If you are getting leads below this cost from Facebook Ads, congrats!
If not, swap out your creatives/landing page and keep testing and optimizing.