Should You Advertise on Facebook?
During the third quarter of 2018, Facebook had 2.27 billion users who visited the site at least monthly, including 1.5 billion users who visited the site at least daily. If contacting a huge number of people is in your marketing plan, then Facebook is a good bet.
The social behemoth makes very clear that advertising is its lifeblood. But figuring out how to target, place, budget or measure the effectiveness of Facebook ad campaigns can be confusing.
Making an impression. Facebook advertising is more about setting a budget for how much you’re willing to spend per impression instead of paying a set amount to showcase your product. Should you advertise on Facebook? Start by asking if you have the type of advertisement that will draw the attention Facebook seeks. Your ad will compete in an ad auction with every other advertiser on the site, and the amount you pay to advertise will be based on the number of impressions or actions users take when they view your ad. This includes when your ad shows up on users’ news feed or when a user clicks the ad to go to the advertiser’s website.
The most successful ads are:
- "Carousels" with multiple images
- Those with very little text
An ad based on a stock photo isn't a good choice for Facebook advertising. Neither is an ad with 100 words describing what you're trying to sell. It matters what the ad looks like, so it's important to spend time with a creative or design team to make something worth spending money on.
Invest in the metrics. One of the most essential aspects of this process is figuring out the metrics to understand if your ad is reaching the users you want. If not, then you need to replace the ad, tweak it, or start from scratch. If you don’t have the time and inclination for the process then you may need to hire a firm that does. For a small or medium-sized business, you’re probably getting into expenses you don’t want.
Who’s your prospect? Before setting off on this advertising journey, you need to decide who you’re selling to. A small business needs to put its advertising with its current customers, says Dave Lavinsky, writing for Forbes in the article, “The Hands-Down Best Place to Advertise Your Business.” He says your own customers will buy from you more often, buy higher priced products and will spread the word to their friends about the quality of your service you deliver.
Engagement is everything on Facebook. A series of positive comments on an ad or post can go a long way toward helping someone who is researching an insurance product or agency. It is the new word of mouth — just the electronic version.
So if you’re just starting to consider and navigate the Facebook advertising world, start with some research. Identify and develop your target audience and curate creative ads that will catch people in their news feeds.