When it comes to answering this question about Facebook ads, there are opinions from both sides of the equation. Some businesses praise the effectiveness of Facebook ads while most report that the advertising platform did not pay off for them. We think the reality is somewhere in between the two. Facebook ads can be effective if you know what you’re doing. There are several reasons why using Facebook’s paid platform is a viable strategy.
Facebook Offers the Most Advanced Targeting Options You’ll Find
Facebook is unlike other advertising platforms because of the advanced targeting options you can use. Everyone is aware of the fact that you can target audiences based on interests and demographic information. But the real value is the ability to target custom audiences and lookalike audiences.
You can target people that are followers of your business page or even your email subscribers. This means that you can combine your social media and email marketing campaigns to ensure that you reach users that are hyper-targeted for your offer. We think that the best feature is actually being able to use Facebook Pixel to study your audience and find lookalike audiences. This really allows you to scale winning campaigns quickly.
Facebook Ads Are Very Affordable
Although the cost of Facebook ads has gone up over the past few years, it is still one of the most affordable ways to reach your target audience. Compared to traditional advertising (print, direct mail, TV) and other online media channels, using Facebook for display advertising is the cheaper alternative. This data chart shows how much social media ads costs compared to other channels.
You also get to control your budget and how much you pay per click, so you won’t have to worry about your ads costs getting out of hand. Because you have so much control, you can really acquire leads and customers affordably if you optimize your campaign properly. Some business owners are acquiring targeted leads for cents on the dollar with successful campaigns.
Retargeting Helps Your Ads Succeed
One of the most important features of Facebook’s advertising platform is the ability to retarget users. Retargeting is a type of advertising that where users that haven’t taken action on your website are presented with follow up ads. By re-engaging your target prospects, you’re able to remind them about your offer and also approach them in different ways to catch their attention and interest.
For example, if a prospect visited your website and browsed a particular product, you can follow up with retargeted Facebook ads that offer a time-sensitive discount. This may motivate the prospect to take action on a product they were interested in instead of window shopping or comparing prices between similar products/vendors. You can also highlight other benefits of the product or even offer different pricing options to appeal to different segments of your audience.
Just how effective is Facebook retargeting? Retargeting ads generate 76 percent more clicks than normal ads. The same resource page also found that retargeting ads lead to a 10x increase in branded searches. And while it may seem like an intrusive way to engage prospects, only four percent stated that they were annoyed.
Reasons Why Facebook Ads May Not Work
If Facebook ads work and have many benefits, then why are so many business owners unable to make it work for them? After all, over 60 percent of business owners reported that they weren’t seeing results. The answer is complicated but we feel that it comes down to several common factors:
Facebook ads do come with a decent learning curve and require a good amount of money and time to learn how it works.
The profitability of Facebook ads increases with multiple engagements. This means that for advertisers not using retargeting ads, it’ll be either be a hit or a miss.
It often costs money upfront for Facebook’s pixel to learn about your audience. Many advertisers give up before Facebook gets a chance to improve their ad targeting.
Most businesses have spent only $1000 or less on Facebook before deciding that it won’t work for them. This usually isn’t enough to figure out how to make a campaign profitable.
Too many advertisers are approaching Facebook ads with a short-term strategy. They want to convert Facebook traffic directly into sales. In reality, many campaigns require more work including lead nurturing, multi-channel engagement, and customer funnel optimization.
In conclusion, Facebook ads do work. It’s just a matter of learning how to use the platform and make use of all its extensive features. You also need to approach it with an effective strategy and constantly optimize campaigns for profitability.
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