Does Facebook Advertising Really Work? (Part 2 of 2)

Now that you’ve come to the realization that the only way to float in the sea is to make your raft out of facebook advertisements, we’ll show you how to make some killer oars! By this we mean we’ll provide additional tips to help you streamline more swiftly and confidently down the raging waters of social media.
If you haven’t figured it out yet, the most effective strategy for starting any marketing project is to clearly identify your goals. These projects are the ones that have the most driven and focused execution and the highest yield rewards (we see you nodding, this is good). The First Step for effective Facebook Advertising begins by defining what it is exactly that you wish to promote. A Page? An Event? An App? A Website? And also, declare a reasonable goal you hope to achieve from this promotion (you do have goals, don’t you?).
You can start off with identifying broad goals and then narrowing them down once you determine if each goal suits your ambitions. Some examples include Building Awareness: in which you attempt to reach a large audience with a widely targeted ad campaign. Drive Sales: offer special deals and giveaway prizes in your ad in order to bring people into your store. And Grow Your Fan Base by encouraging people to “like” your Facebook Page by offering valuable benefits to engaging customers.
Step Two for hitting your goal is making sure you Target The Right People. Keep your eyes open on this one. You don’t want to be promoting the new deli meat sales from your butchery to the vegan activists in the neighborhood. Think about the profiles (and the new facebook timelines) of the people you want to reach with your ads. Select a certain set of criteria based on the interests of your audience and try to cater to that, instead of looking for what they might be looking to buy. This means you have to pretend to actually be interested in them as people, and not just the size of their wallets.
You can begin targeting the appropriate audience by pinpointing the location, educational background, and work-field of the people you hope to reach. Also noting the age, gender, birthday, and relationship status of potential clientele can help you form a more informed approach to advertising and making future marketing decisions. This is the basic stuff. Finding out their likes and interest, their connections and even the friends of their connections shows initiative and demonstrates a commitment to really working for a certain group of people.
The Third Step is learning how to Manage Your Budget. This is a crucial step for all small business owners. Once you have accrued a majority of your resources, and have an idea of the direction you want to take your company, make sure you establish a budget that will still permit you to effectively reach your target audience. This may take some adjusting and modifying, depending on the longitudinal success of your campaign. And be sure to check often on how the performance is going.
There are a few other ways you can be cost-conscious with your budget. Determine if you wish to pay on a cost-per-click (CPC) or a cost-per-impression (CPM) basis. Depending on the nature of your advertisement, one may be more appropriate than the other. Also, clearly establish a Daily Budget. Do this by deciding beforehand the maximum amount you agree to pay each day to advertise. Once you reach your max limit, your ad will no longer show online, so you don’t have to worry about checking on going over-limits. You will also want to select a Bid Price. Since bid prices often fluctuate, we suggest to set a bid within or even below the suggested range and check your Ads Manager to see if the suggested range changes during the day. This way you’ll keep your head above water when the waves start coming in by increasing your bid price.
The Fourth and last Step of advancing your Facebook Ads is to Review and Improve your marketing strategies and performance on a regular basis. Though this may seem simple, in such a consumer-driven market, the wants and needs of the buyers are subject to change at any and all time. Be sure you go through your Ads Manager and make use of the detailed metrics and reports outlined and designed to augment your ad performance. Continue to check your Ads Manager during and after you launch your campaigns to ensure that you keep up-to-date on details about creating, editing, and optimizing your campaigns. Through the Ads Manager you can get basic data about your ads, like impressions and clicks; you can learn about your audience’s age, gender, and their locations on an aggregate level; and you can browse through selected time periods that will show you how your ad performance has evolved since its launch. Having access to this information will give you control over knowing what strategies, directions, and details will prove to be an advantage to achieve your advertising and eventually, your company goals.
Whew! This is certainly a boat-load of information to handle, but by following expert advise and launching full-force into your business, you can definitely learn about how to make a significant impact in the marketing world.
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