Leveraging the Power of Facebook Ads to Boost Your Revenue
Facebook remains a robust digital marketing platform, despite new players on the scene, such as TikTok.
Facebook advertisements can reach about 30% of the world's population—2.9 million people and the platform continues to gain active users. That's an impressive number, no doubt. However, Facebook is all about getting your message to the right people when they are most likely to be interested in buying your products or services.
What Business Owners Need to Know About the World of Facebook Ads
Facebook ads enable businesses to leverage the power of their advanced targeting features to create engaging ads that can reach a large audience. They help boost the online visibility of your Facebook content and increase your website's traffic. Hence, Facebook Ads give businesses heightened opportunities to engage prospects and existing customers. You can target users on Facebook in these ways:
Locations
Interests
Demographics
Consumer Behavior
Connections
Search History
When creating an ad, you could set a budget and bid for each click or the number of impressions the ad receives. These ads can appear on their page, in their stories, and even in the marketplace. Users can tell the difference between an ad and native content by the "Sponsored" label next to the post.
How Much Does Facebook Advertising Cost?
Facebook ads have two primary costs:
Management Fee: You are creating and engineering the ads in-house or outsourcing advertising management to an outside party, such as an advertising agency like Radically Distinct.
Ad Spend: This is the actual money that goes to Facebook and can vary greatly depending on several factors, such as:
Campaign Duration: The number of days (or hours) you want your campaign to last.
The Time of the Year: Believe it or not, this is something to consider. Prices can fluctuate depending on the season or even industry-specific events.
Ad Placement: This depends on whether you want to promote on Facebook or Facebook and Instagram.
Target Audience: Your ads may cost more if you target a specific demographic. Going broader is a way of keeping your costs down.
Industry Competition: If you're in an industry where Facebook Ads are popular, your prices may increase. Also, remember paying more does not mean your ads will perform better.
Location: Depending on where you try to promote your ad, you may find that some countries have higher or lower ad prices.
5 Types of Facebook Ads
Depending on your campaign, you should look into different kinds of creatives you can use for your advertisement. It's essential to weigh the pros and cons of each type to determine which will work best for your business and your campaign.
Image Ads - Image ads are as basic as you can get for ad creatives. Typically, the image will have your brand, so consumers know who you are and what you sell. This ad option works best for businesses wanting to promote just one product. However, carousel ads work better if you want to promote a product selection.
Video Ads - Video ads are perfect for most services or products. These videos can be up to 240 minutes long – although Facebook recommends keeping them at around 15 seconds. Users find shorter videos to be more engaging than longer ones. One thing to remember is that some people will watch video ads without sound. It would help if you had captions in your videos so those who don't view with sound or people with hearing issues can enjoy them. The downside to video ads is that they can be time-consuming and may cost more.
Carousel Ads -These lovely ads feature multiple photos that consumers can scroll through. Carousels are the way to go if you sell products with visual appeal. Each image will have a headline, description, and link to each product's landing page. However, you need to avoid falling into the trap of trying to do too much in one carousel ad. It can result in an unfocused ad, causing your audience to lose interest.
Lead Ads - You may not have heard of lead ads before, but they serve one essential purpose: they allow consumers to give you their contact information quickly and easily. This type of ad is great for collecting email addresses, signing someone up for a trial of your product or service, or allowing people to request information from you. For example, they are trendy in the automotive industry for booking people for test drives or getting more information about getting a car. Unfortunately, Facebook has not integrated lead ads into email management tools like Mailchimp. As a result, you will have to spend more time manually downloading leads from Facebook, uploading them to an email platform, and setting up autoresponders.
Stories Ads - Did you know that an estimated 62% of people will use Facebook Stories in the future? So why limit yourself to regular ads when you can do story ads too? Stories can contain images, carousels, or videos. And the best part, Facebook Stories allows you to cross-post with Instagram Stories, enabling you to reach new demographics. On the other hand, these ads need specific formatting and will not appear on regular feeds.
How To Get The Most Out of Facebook Ads?
You need an objective to get the most out of Facebook ads. Objectives clarify what you expect from the campaigns, allowing you to track performance accordingly. For example, objectives include brand awareness, increasing store traffic, or encouraging more video views; you can choose the ad option that will work best for you.
Need Help Getting Facebook Ads To Work For Your Business?
Radically Distinct can help you build scalable marketing solutions to improve lead generation rates using digital technologies and social platforms. From advertising to automation, we provide the strategy, creative, and technical support you need to achieve your revenue and growth goals. Contact us to discover how to incorporate Facebook Ads into your business.