Facebook Advertising: How To Stop Wasting Your Budget?
In recent years, Facebook advertising has become an excellent medium for generating quality B2B and B2C leads.
Experienced digital marketers say strategic use of the reach and popularity of Facebook can help businesses improve brand awareness, sales, and revenue.
But, the fact of the matter is, you cannot fully utilize the potential of Facebook advertising free of cost! You will have to spend money on creating adverts and targeting potential customers.
Now here lies the trick!
Irrespective of the budget, the ads must be properly optimized. Else, Facebook might charge you way more than what it actually does.
In this blog, we have discussed how you can properly optimize Facebook Ads, and generate quality leads for business –
1. Have A Clear Set of Goals
Well, this is the most important step! A clear set of Facebook advertising goals will help you define your ad budget. Wanna know why?
The quite simple reason is: a pre-defined Facebook advertising goal will help you decide the ad budget and achieve the desired goals.
Additionally, it helps the management to decide how much money they should allocate on Facebook marketing, what should be the daily ad budget, what should be the overall ad budget, etc.
2. Target A Specific Audience
The best way to optimize a Facebook advert is to select the target audience as precisely as possible. By narrowing down the target audience, you can reduce the competition from other brands running similar adverts and targeting the same set of audience.
Furthermore, always make sure that your ads are appealing and are targeting a specific demographic, a certain geographical area, and with a common set of interests.
Expert marketers say targeting a specific audience is always the best strategy to gain clicks and generate traction, and in turn, reduce unnecessary expenses on an advertisement.
3. Start Working Backwards
This is a simple, yet effective Facebook advertising strategy to maximize leads generation from Facebook adverts. The simple trick is to start from the bottom and move one step backward in the conversion sequence.
Let’s consider, you want 300 sales from your campaign.
Considering 30% conversion rate, you will have to generate 1000 leads, right?
The ‘custom audience’ option on Facebook is a great option in such a situation.
Just include a link in your advert to a landing page, or any page on your website to lure people to sign up with their email address.
Ideally, you should walk backward until you reach the top of your marketing funnel.
Here’s a step-by-step process –
- Page ‘Like’ campaign for converting targeted Facebook users into Page fans.
- List-building campaign for converting fans into leads.
- Website conversion campaign for converting them into customers.
4. Look For Audience Overlap
The Facebook Audience Overlap tool can help you see whether or not the audiences are overlapping each other. If yes, then you might lose a considerable portion of your Facebook advertising budget without any tangible result.
That’s why it is always better to choose the audience that is most relevant to the marketing goals. Experts say it is essential as a high percentage of overlap means you are bidding against yourself in the Facebook auction.
The net outcome: you are displaying your every Facebook advert to the same set of individuals, and are also paying more due to competition.
5.?Estimate The CPM (Cost Per Millennium)
Well, now that you have a targeted ad impression count, you should know how much each ad impressions will cost you.
The CPM of reaching your target audience will give you a fair bit of idea. But, remember that the CPM differs a lot by industry and marketing objectives.
For example, if you are running a Facebook campaign for website conversion, a $10 CPM is good to start with. And, if you are running a campaign for likes and shares, a $30 – $40 CPM will meet your needs.
6. Calculate The Cost Per Ad group
This is the final step of the ad calculation process.
To get an idea about your expenditure per ad set, you will simply have to multiply your target ad impressions by the estimated CPM, and then divide by 1000.
Now considering the example, we have used above, if we multiply 10,000 ad impressions by $10 and then divide by 1000, it leads to $100.
Needless to say, $100 is not enough to convert 1000 leads to 300 product sales in just 3 months. That’s because a 30% conversion rate is too hard to be true!
You should never expect a conversion rate above 5-10%. This simply means you will need more leads to actually sale 300 products in the same span of time.
Stop Wasting Your Facebook Ad Budget – Get In Touch With Expert Social Media Experts
Well, if you don’t have any idea about Facebook advertising and how to optimize your ad, you will lose a lot of money. This is when we can help you!
At ShopizioSupport, we have a highly dedicated team of social media experts having more than 5 years of experience in helping businesses grow through Facebook marketing.
Creativity and dedication are our core strengths, and we leverage it to its fullest to improve sales and revenue of our clients.
Our goal is to help young businesses tap the untapped potential of Facebook marketing, by providing them with valuable Facebook marketing tips.
It doesn’t really matter whether you own a big enterprise or a startup, we can help you achieve your business goals through our strategic Facebook marketing techniques. Just send us a mail, and we will get back to you within 24-hours.
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