This post is by Craig Robinson in response to a previous article “How to Lower the Cost of Facebook Ads“.
Most social networks, or any form of media for that matter, follow the same evolution. First there are a couple of enthusiasts who make the product to see if it works. Then people come along and start using their service. Then everything becomes more and more corporate and the people who built it in the first place have to start thinking about profit and loss (if they haven’t sold the platform by now.).
Facebook has followed this pattern. By introducing new ways for companies to advertise they hope to see revenue advertising while still keeping the public happy, who are there mainly for social reasons. Just check out how the Sponsored Stories now appear in your news feed – also on your smart phone – to see how the advertising opportunities have evolved over just the last year.
If you run a business of some kind, you may have already jumped on the Facebook bandwagon and have already started spending on advertising campaigns. Well, chances are that you’re spending too much.
Before you keep putting money in, learn how to cut your ad costs on the site.
Simple Tips to Help You Cut Costs
Employ Detailed Targeting
The more targeted you can make your ads, the more money you’re going to save. In short, this is because you’ll have to launch fewer ads and campaigns, and you won’t have to spend nearly as much on bidding. Targeted ads receive higher CTR and bring you a much better ROI. Split up your campaign per gender, age, interests etc. and define a narrower scope.
Also, if you manage to narrow down your targeting and find your customers – people who follow up on your goals – then you obviously will see better return compared to broad targeting where a lot of people who are not interested will get exposed to your ads.
Use Sponsored Stories
Another way to amplify customer engagement, and in the long run give you value for money invested, is to use Sponsored Stories. They will put your ads in prime position on the site and experience much higher user engagement, meaning you’ll need fewer ads and will ultimately spend a lot less money.
A sponsored story stems from an organic story (e.g. a user liking a Facebook page, commenting on a post or checking-in somewhere), and by sponsoring that organic story the story’s reach is increased and thus gets more exposure.
Launch New Ads and Evaluate
Facebook advertising is an ongoing process and you always have to evaluate the numbers and statistics to see how you’re doing. Is there something in the copy you can make better, would another image give higher CTR or is there a certain time of day where your ads perform better?
When you do a lot of testing and tweaking, and also target different demographics, you will come up with ads that you know work with different parts of the population.
Carefully Track Your Costs
With the proper ad-management tool, you can track your costs and figure out what you’re doing right or wrong. For instance, you can use a third-party tool and launch more campaigns with fewer ads. After tracking the data, you can easily control your bids and find a happy medium that gives you a high CTR for a much lower cost. This is only possible when you’re using a platform that enables you to split, launch and track easily.
Post Written By: Craig Robinson, an online writer for a facebook campaign tool, Qwaya. He also loves to write different topics about social media strategies and often engages in some forums and social context.
Marker do not necessarily use or endorse particular products, services and strategies or take the views discussed on guest posts.