According to Facebook Chief Financial Officer David Wehner, there are three main factors contributing to Facebook’s growth – an increase of ad load, an increase of users and an increase in time spent on the platform.
While Facebook has more than 50 million active business pages, it only has three million active advertisers – and in 2017, it is expected that many more advertisers will join Facebook and Instagram’s advertising platforms.
So will your business be one of them and how can spending money on Facebook ad campaigns benefit your business?
As I wrote in a previous article, Facebook has an incredible capability to deliver content to a very targeted audience, something that no other media platform can offer.
With Facebook’s massive user base, even tapping into a targeted niche market with your product or service can expose you to a huge number of potential customers.
However, keep in mind that even though Facebook may look straightforward for your advertising campaigns, you must spend your money wisely – particularly with the “Boost your post” option. Boosting every photo, video or link posted may garner your business with many “Likes”.
However, that does not necessarily turn those ‘Likes’ into customers. Good social media marketers are increasingly shying away from the boost button and developing more complex and focused marketing strategies.
Some of the best advertising practices on this platform involve a feature called Power Editor or Ads Manager. These simple-to-use programs allow you to easily identify 11 different objectives you want to achieve with your ads and, with the use of detailed metrics, enable you to gauge whether your ad is having the desired affect.
For example, if your source of business is around your physical location, targeting people around your area would be a great option. You can even customise your audience from a customer list made up of existing customers’ email addresses or by targeting people who have visited your website.
You can also create many versions of similar ads to test them out on different audiences to see what works best. This is a powerful tool to hone your ads and really target them for specific purposes and audiences.
By arranging the placement of links, photos, text and so on, you can begin to see which style of ad is working better and continue to hone it so your ads become more targeted and much more effective at their goal, whether it be garnering page Likes, click-throughs to your website or downloading your app.
This ability to start wide and narrow down your campaign to the most effective ads, aimed at the right demographic, helps you reduce spending and get more bang for your buck.
For those of you who have tried this already, it’s easy to see why this is one of the most essential tools for any successful advertising campaign.
There is a lot to learn when you begin to create and optimise your campaigns. But the more you do it, and take note of the feedback metrics, the better you will get.
That doesn’t necessarily mean that you will always succeed, but it’s probably the best advice to keep in mind when spending your money.
In this column we will work towards connecting hospitality businesses with the right customers through social media channels. It’s a brave new world for business and we will do our best to equip you for it!
Daniel Villota is the Managing Director of E-Media Asia, the number one social media consulting agency in Southern Thailand. He can be contacted at firstname.lastname@example.org or visit www.e-media.asia