Traditional media such as TV, newspaper and outdoor advertising has been the staple diet for any medium to large businesses to get their name out there. However, the expansion and popularity of social media outlets has created a new segment to advertise through. Facebook has been the leader with an easy and open way for many different sized companies to advertise their product or page. Facebook advertising is always changing, much like the platform itself. They are constantly changing it and improving its functions.
Since the launch, Facebook Ads have been such a powerful tool for online markets. This method of advertising allows marketers to easily produce and release an ad to millions of potential clients. In 2010, Facebook obtained 1.86 billion dollars in ad revenue and in 2012 it is predicted to see Facebook obtain 5.06 billion.
One of the reasons for their success is the ability to advertise to a specific audience. Facebook Ads are highly targeted; reach your desired audience by age group, interests and location. Having said this, one of the barriers for many to succeed with Facebook Ads is the complexity of this tool. It is easy to create an ad, but the sheer number of options creates a lot for the average business to learn, before they can maximize the power of Facebook Ads.
This complexity allows a lot of room for errors and wasted money spent on targeting an audience which may or may not be the right one. 44% of companies and marketers are spending their budget on initialising their ads to increase their audience, however how many of them are getting the result that they are after.
When creating a Facebook ad, there are some key points that really need to be addressed. The following tips are some basic points to look for when creating ad:
- Understand the target audience. Buyers surveyed from Social Fresh 2012 Facebook Ad Survey are not putting high importance on gender. Justin Kistner, Director of Social Products at Webtrends believes that there is a big difference in performance based on gender, so implementing this segment within a Facebook ad can really affect the success of a company’s Facebook ad.
- Aim the ad at existing fans. Connections should be the number one criteria used by advertisers. Nothing increases your click-through rate more than targeting your own fans, which is what connection targeting allows you to do. It states in the Social Fresh 2012 Facebook Ad Survey report that targeting fans has an average of a 7x higher click-through rate and a higher conversion rate. The difference can be as much as multiple dollars per click.
- Nail the content. There is a lot of guesswork about which types of Facebook ad images, headlines and copies work. It does come down to what works with different target audiences, however, there is some evidence that creating a variety of ads and testing them against one another, helps. 34% of Facebook advertisers are not split testing at all. This means that over a third of marketers that use Facebook ads put up one ad and do not test it against other images, headlines, ad copies, landing pages, or targeting options. It is effective to create a number of ads and find which works best. This allows you to obtain valuable data which showcases which content works well, to whom and at what time.
The success of a company’s product or page can really depend on the effort that is put in at the start. The time spent now can pay dividends towards the business’ future and success of its presence in social.
Putting your company’s foot in the social door is one thing, but to ensure that Facebook users open it, is another. It will always depend on your target audience and what you are advertising; the above tips and hints will hopefully steer you towards success. Tune in next week where more tips and stats will be posted on Facebook ads. The success of your social media presence depends on it.
This report was produced using content from the Social Fresh 2012 Facebook Ad Survey.