When it comes to marketing on social media, it can seem like your strategy changes as fast as the technology itself.
But as Julianne Will points out in the February 2016 issue of Paint & Decorating Retailer Magazine, advertising on Facebook has become one of the more affordable and efficient ways to reach your target audience. With print’s steady decline and other mediums likely beyond your budget, Facebook can help you connect with its built-in audience while allowing you to spend whatever you’re comfortable with.
And while its effectiveness varies from industry to industry and company to company, there’s no doubt that Facebook ads are here to stay. As stated in this infographic by adespresso.com, Facebook advertising has grown over 680 per cent since 2010, and has over 1 million advertisers spending $8 billion on their promotions.
So is it worth it? We’re here to say that it is – at least for the time being. Here are five reasons why:
Massive reach. Whether you’re promoting a special offer, a new product, an upcoming contest or a weekly blog post, Facebook is one of the easiest ways to attract a lot of attention to a particular advertisement. In fact, according to Facebook, there are more than 1 billion people with active accounts on the social media platform! While you certainly aren’t aiming to reach that many people with your ads, it goes to show how much potential is out there.
Budget-friendly. Perfect for any size budget, advertising on Facebook is a cost-efficient way to create – and test – various promotions. Since you have the option to choose the amount you want to spend, you have the luxury of experimenting with different ads and seeing what works (and doesn’t). Furthermore, whether you want to spend $3 or $100, you can spread it out over a day or a lifetime; the reach is based on the amount you spend, not a time limit. No matter what you choose, the options are customizable enough to make the promotion work for you. (image credit: socialmediatoday.com)
It creates actions. While it can be exciting to see your advertisement in the pages of a newspaper or a magazine, or on a billboard, the problem with these promotions is that they don’t encourage the reader to immediately take action. The beauty of Facebook ads is that they include a clear call to action. Whether you want someone to like your page, visit your website, buy a product, or enter a contest, it is just a click away.
Extreme targeting. It may seem like digital wizardry, but advertising on Facebook gives you the power to access your EXACT demographic. With more traditional types of advertising, you cannot always control who sees your ad. With Facebook, you choose everything from geographical location, age and gender to education, occupation and interests. Instead of wasting time and money trying to sell to anyone and everyone, you can market directly to the select few you are targeting.
Helpful feedback. If you spend money on a new ad, you’ll likely be interested in collecting data and gauging its success. Facebook Insights allows you to monitor specific analytics, including how many clicks, likes and shares you received – and where those clicks, likes and shares came from. Not only will this help you determine your return on investment, but you’ll be able to tweak certain aspects of your campaign to make it more effective next time.