You might have heard a lot of mixed reactions about Facebook ads. Some people say that they are good for nothing, and some others have made a fortune by marketing on Facebook. Assuming that you are in a state of confusion as to whether you should be investing in Facebook Ads, this article will be busting all the myths around Facebook ads.
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Working of Facebook Ads
A brief answer to your query would be, yes! Facebook Ads work. Now let’s deal with the why’s and how’s. Paid searches on social media help you to find the right customers based on their search behavioural patterns on the platform, their data, likings, demographics, etc. Facebook is the world’s biggest social media platform, with a user count exceeding 2 billion.
If used right, Facebook Ads are bound to work. BionicGym, by using Facebook Ads, generated 9 times their erstwhile ROI. They spent more than $300,000 and generated a revenue of $3.64 million in return. These figures sound astounding, but the right targeting can land you close to being a millionaire if you aren’t already.
It is advisable that you start small and keep a fixed budget that is not breached. Invest meagre $5-10 on a daily basis to spend on Facebook ads and use different targeting tactics. Analysing what’s working for you is the best way to develop the right strategy. This process might take time, but it’s worthwhile and you must not rush.
Why Facebook is an optimal platform for Advertising
The bastion of Facebook is its access to user data. Facebook holds a huge pool of data which allows the ads to be laser focussed to the right customers. Audience segmentation is the process where you tell Facebook what your ideal audience would be like and then Facebook does its magic. It looks for those users who are a reflection of the ideal customer.
Your ads are displayed to these ideal customers. Facebook offers thousands of custom filters that you can choose from to perfectly tailor the precise prospective audience. You can also upload the data of the already existing customer and then Facebook will clone the data and preferences of these existing users with the new prospective customers.
This laser-focused marketing, when dovetailed to the enormous user share of Facebook, makes it a killer platform. Facebook holds a staggering amount of 2 billion daily active users. These users are a prospective market that must be exploited. The market penetration of Facebook is unparalleled. This makes Facebook marketing a bang for the buck.
Facebook Auctions
Facebook takes into use, a unique predictive feature to determine the probability of someone taking the desirable action on an ad.
Facebook uses an auction system that is similar to other platforms to determine the display of ads to the users. It also takes into account the competitive value which is the sum of the advertiser’s maximum bid and the intrinsic ad quality of the bid. The quality bid depends on the engagement which the ad is bringing to the user experience and the user.
The maximum bid is the amount that the advertiser is ready to pay each time the desired action is performed on his ad. Facebook’s algorithm quantifies the maximum bid by analysing the estimated cost-per-thousand impressions. This pattern allows all the advertisers to compete at an equal footing by decreasing the gap of the bid that they place.
Conclusion-
Facebook ads have taken off. It is high time that you invested in Facebook ads for your business. If you haven’t already, get your ad campaign set up right away lest you want to miss the bus.
