Tips for Using Facebook to Maximize Your Budget and Drive Conversions
With Billions of internet users across the globe and the majority of them on Facebook, it’s safe to say that many of your target audience is on Facebook. In fact, over 2.2 Billion people sign in to Facebook every day and spend an average of 58 minutes a day on the platform. There are also roughly 80 million active business-oriented pages on Facebook.
Facebook has become the most used platform for both B2B and B2C businesses in 2018. A whopping 98% of B2C businesses have invested in a Facebook budget, while only 90% have for B2B businesses. Furthermore, LinkedIn only boasts 47% for B2C and 86% for B2B, suggesting that Facebook provides a more fluid and balanced platform for both personal and business use. It was only a few years ago, that we would recommend B2B companies not use Facebook as a platform. But things are changing... again.
So, what can you do to stand out on Facebook?
Being successful on Facebook is more than just creating good content. There are a number of variables that you need to take into account. It is as much about strategy as it is about execution and distribution. Social media is a continuous effort that, if handled correctly, will massively impact the success of your business.
Experimenting with Facebook ad formats:
It’s safe to say that your business has its own Facebook page, but are you utilizing it to its maximum efficiency? You may have some followers, but if you don’t give them meaty bits of content here and there to keep them engaged they will lose interest quickly and move onto other businesses facebook pages with better content.
Don’t worry, there is still some hope to revive that Facebook page. Facebook has a lot to offer when it comes to formatting your ads. Single image ads are the predominate type on Facebook, but this ad type is also the least likely to get maximum conversions and is the most likely to get lost in your target audience’s feed. Moving beyond single image ads is a huge advantage for any business on Facebook. Facebook now has another type of ad you may have missed, and trust us, it will get your brand A LOT more exposure.
Carousel ads allow you to have 3-5 ads/images stacked in one scrollable ad package, allowing you to showcase more about your products and services in one ad unit. Conversion rates are 3.5-7% depending on the shopping cart size, and ROI can be as much as 30% higher using Facebook. carousel ads should be used in conjunction with video ads in order to maximize exposure and conversions.
Video ads generally do not perform as well as carousel ads for click-through rates, but they are important in overall campaign promotion and brand messaging. Facebook users tend to hover on videos 5 times longer than static ads so that is the time to hit them with the important information. Do some brainstorming and think what types of content your customers and industry want. Give them something fun to watch that is also informative to keep them truly engaged while really hitting home your message.
On top of this, 71% of Facebook users have increased their video consumption drastically, and that is just in 2018. Widely considered one of the most consumed media for quite some time, video content is showing no signs of slowing down in 2019. Videos are a powerful tool for brand exposure and gaining likes, shares and followers on Facebook.
If you want to talk to someone who really does Facebook videos well then talk to Frank Cunha of Storia Photo Video. He has the eye! Full transparency - he is a Maguire Marketing Group customer but that's why we know he is good!
Ad scheduling to lower cost per click and maximize conversions:
Compared to almost any other form of advertising, Facebook will give you the best bang for your buck. It has some of the cheapest advertising and the biggest communities, including large groups dedicated to specific topics.
So how do you maximize your budget and get the best cost per click on Facebook?
Ad scheduling is the answer. Oftentimes, static image ads get fatigued by sitting in a Facebook feed for too long. The click-through-rate drops significantly while the viewing rate increases, causing your numbers to drop. Your audience sees them too many times and loses interest and may even get annoyed if they see it come up too often.
With ad scheduling it is important to stagger the type and frequency of your ads in order to keep your audience engaged with your Facebook content. Be creative, use a mixture of static image, carousel and video content, spread over days or weeks, in order to keep your content fresh and interesting.
This can be accomplished by simply making a spreadsheet to schedule relevant content over a period of time, for a specific campaign, or towards a specific goal. But if this sounds too complicated, we can help! Maguire Marketing Group specializes in digital strategy and maximizing your digital marketing spend.