Advertisers are flocking to Facebook to promote their wares and reach its 1 billion users. People spend more time on Facebook than any other platform, providing opportunities for advertisers 24/7. However, using Facebook as an effective marketing tool is a process that’s still evolving. So whether you’re using the Marketplace to bid on ads, sponsored stories or news feeds, in the end your level of success is determined by how Facebook is used. As advertisers and agencies gain more experience as well as more tools to measure and optimize advertising become available, best practices are starting to emerge. Here are seven tips to help you make the most of social advertising:
1. Plan for success. Eighty-four percent of North American executives in a new eMarketer study believe social media campaigns increased marketing effectiveness and sales efforts. Along with the people reached through targeting based on profiles and “Likes,” the viral effect extends campaign reach. Case studies documenting Facebook success have recently come to light, including Ticketmaster, which reported that every time a user posted a purchase on their news feed their friends spent an additional $5.30 on TicketMaster’s site. According to Facebook’s road show, Ben & Jerry’s is getting back $3 for every $1 spent on Facebook. The opportunity is there, but achieving stellar results requires going in with eyes wide open and making sure you’re doing everything humanly possible to maximize results.
2. Engage, engage, engage. Facebook’s biggest advantage is that it’s viral and powerful for building a large, loyal following. The goal is to start a dialog. You can ask questions about products, updates and recommendations, trivia with “yes”, “no” and “fill in the blanks.” Once you become buddies with your fans you can become an additional source of fun content by pulling in blog posts and articles. Photos and other content that’s eye catching and interactive can also be included. The possibilities are only as limited as your imagination. Remember, the best way to extend this engagement is within the platform. Don’t rush to send fans to an external landing page that can make you lose the interactive power of Facebook. Engage your loyal fans and they’ll be your best advertisers with their social impact.
3. Refresh campaigns/segments every 48 hours. Unlike other online advertising where you can target new users via new publishers with your creative, Facebook ads are sent to the same users on the same platform. That means advertising eye fatigue happens much faster. Creative and targeting, including text, graphics and keywords, needs to be updated at least every two days.
4. User razor-sharp targeting. Ad effectiveness always boils down to delivering the right localized ad to the right person at the right time. Facebook provides a multitude of variables (e.g., gender, age, occupation and likes) that can be analyzed both individually and together to discover the combination of image, description and keyword that’s most likely to monetize each user. Although there are algorithms that can point you in the right direction, it’s always advisable to also use the human eye to keep recreating ads based on best-performing elements to help bring in new customers.
5. Optimize bids in real time. In most other fields of advertising, you have big brands dominating premium inventory while smaller companies have to seek out more affordable niches. Not so with Facebook. One publisher and a small business can be chasing the same eyeballs as Coca-Cola! With advertisers competing for the same Facebook users, being able to respond quickly with a sound pricing strategy is essential. Real-time, automated bidding is therefore even more valuable to ensure you get the right users at the right price. To keep media purchases cost effective, it’s recommended to update bids every three minutes to five minutes and set them based on the ecosystem’s changing price range.
6. Have a direct line to Facebook. New features as well as advertising guidelines are being introduced by Facebook all the time. It’s recommended to be the first to implement new capabilities to maintain a competitive edge. The best way to keep up to date is to work with an API partner that has the inside track.
7. Don’t underestimate mobile. Take advantage of targeting on different operating systems and versions, and take into account that more and more users are engaging with Facebook via mobile devices.
The advertisers that succeed on the social media site will be the ones who are willing to try whatever it takes to make the most of what Facebook has to offer, as well as keep adjusting their strategies to respond to its rapid evolution.
No one can argue that the best source of a product recommendation is a friend and Facebook is the most popular platform for connecting people. So it’s only logical that once best practices are fully developed and deployed, Facebook will reach its true potential as a trusted and effective marketing channel.
Source: eMarketing & Commerce
