Market inn answers, ‘Is Facebook advertising worth it?’
Last week’s clear cut question didn’t have a clear cut answer. It was one of those, ‘Well it depends…’. But a new question has blown into those grey skies and turned them clear [Facebook] blue. The answer: Facebook advertising is worth it. But why?
It’s the most popular social network in the world (by a longshot!)
Facebook has over 2.6 billion monthly active users worldwide. That’s over a third of the entire planet’s population. It’s not the fastest growing social media channel out there, but no other channel is even close to its market penetration. Instagram has over 1 billion monthly active users, Twitter has around 330 million.
Why is its immense global reach important?
The larger the audience, the more granularly you can target potential prospects. Facebook has a whopping 1,300+ targeting options. You can target based on demographics (e.g. age, gender, location, income, education, job); life events (e.g. newly engaged, birthday coming up etc.); interests; behaviours (e.g. whether you upload photos, which device you access Facebook on, if you’ve made a purchase etc); connections (e.g. people who have liked your page, friends of people who have liked your page, people who have gone to your event etc); remarketing (e.g. people who have visited your website).
With this level of targeting, you can make sure your adverts are getting in front of precisely the people you want. You can get incredibly specific about who you want to see your ad. This marketer was able to target ads specifically to his roommate! But there’s a balance to be struck when targeting. Cast your net too narrowly and you could miss potential prospects; cast it too widely and your ad could be ignored.
There is one aspect that could potentially bring grey clouds to advertising on the world’s biggest social media channel: its ad platform is complicated. There are 11 different ad objectives, 12 different ad types and, as mentioned, over 1,300 targeting options. Then you need to choose a bidding strategy, make sure you’re tracking conversions, and continuously analyse ad performance so that you can adapt your campaign to maximise return.
So while you may be comfortable uploading a few snaps of your banana bread onto Facebook and reposting the latest lockdown meme, building Facebook advertising campaigns is a completely different kettle of fish. The trouble most businesses have with Facebook advertising is not understanding the platform properly; this results in them then overspending to try and get results. A lot goes into successfully using Facebook advertising, but two key things that can help ensure you’re not putting money down the Facebook drain are: know your objective for the ad campaign and know your target audience.
To sum up, Facebook is the world’s biggest social media channel and advertising on it can definitely provide a positive ROI. The only way to find out if it could generate ROI for you is to give it a try! But to give yourself the best chance of getting results, be sure to get as well acquainted with the platform as you can.
Want to advertise on Facebook, but not sure how to? We can help you out. Get in touch with us at firstname.lastname@example.org