In continuation of my 3 part series, How to Ramp Up Your Facebook Advertising, here is the final installment
#7 Don’t Always Rely on Setting a Bid Cap
The bid cap option is an attractive choice for those on a tight budget and you don’t want to pay over a certain amount. In this strategy, you want to pay the lowest amount possible for your ad placements in an effort to extend your budget.
However, they can, in fact, limit you. Sometimes, the law of averages can work in your favor. For example, let’s say your desired bid is $2.50 an audience network placement might end up costing $2.00 and that would leave you with a $0.50 surplus to cover a more expensive Instagram placement. As a result, you’re getting more placements while still remaining close to budget but on an average basis. Ensure to take into consideration what will work best for you before deciding on utilizing a bid cap.
#8 Create Lookalike Audiences with High-Value Customers
Yes this is pretty much a Facebook advertising staple but it works so it’s worth mentioning. All businesses typically have customers that are higher in value than others. What makes them so valuable? Depends on their relationship to your business. Some could produce higher engagement or most likely they spend the most money with you and are the most loyal.
Create a custom audience that is comprised of these people. Then, create a lookalike audience that is based on that custom audience which will help you convert cold audiences that are similar to your high-value customers. This will expand your opportunity to reach even more of your target market.
TIP: When creating your high-value lookalike audiences, try to keep the audience as similar as possible while maintaining a large audience size. You can accomplish this by sliding the audience size tab left and right.
#9 Decide Your Audience Before Your Target
You know how they say don’t go grocery shopping when you’re hungry? Same principle. With all of Facebook’s various targeting options, it can become incredibly tempting to want to “stock up” on selections. However, just because there are so many options doesn’t mean you should choose them all. In fact, hyper-targeting can shrink your audience and make it too small which will result in a high frequency and limit your overall performance. You can read how a high frequency affects your ads in part two of this series.
TIP: Deciding who you want to target before creating your ad helps you stay focused. So know in advance you want to target “bodybuilders” and “fitness,” and avoid adding on four other interests just because they are related. Creating niche targeting, even when the target options may make sense to your industry can possibly result in your cost per click increasing.
Bringing It All Together
Facebook Ads can seem overwhelming especially if they are new to you, but these tips can help make the process a little easier and a lot more profitable. Each of these tips will help you master Facebook ads with the same strategies used in my agency, achieve better return on your ad spend, and increase your conversion rates.
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