By Marco Aspaas on Mar 6, 2023
Facebook has been a popular advertising platform for quite some time, but Facebook has a lot more competition. Does it still make sense for your business to be advertising on Facebook?
Facebook is still a very vital platform, but whether or not you should advertise there depends on your business, what you sell and your audience. For example, eCommerce ads tend to do very well on Facebook. B2B ads could do well on Facebook, but you might want to consider LinkedIn or other more business oriented channels first.
Also consider that Facebook demographics have changed. Once frequented by a very young demographic, the Facebook demographic has aged. If you are trying to reach the youth market, you might be better off on Snapchat or TikTok. Since 2015, the percentage of teens on Facebook shrunk from 71% to 32% in 2022. This could be good or bad depending on your industry.
Following are some major benefits that advertising on Facebook offers businesses.
In spite of the competition that has popped up over the years, people still use Facebook more than any other social media platform. So much so that in the United States, 81% of adults have a Facebook account. These Facebook users often belong to a demographic many businesses want, because 75% of people who earn high incomes use Facebook.
Contrary to what some may think, the Facebook audience continues to increase by 2% each year. Currently, there are 2.96 billion monthly users worldwide.
And let’s not forget that Meta owns both Facebook and Instagram with its 1 billion users. You can opt to have your ads displayed on both if you choose.
If Facebook advertising is a good fit for your target audience, and if you develop good creative, you can reach a very attractive ROI with Facebook advertising. Ecommerce in particular can get great ROI with Facebook ads. Conversion rates vary by industry, but the average conversion rate is 9% to 10%, which is higher than Google ads.
How well your ads do, of course, depend heavily on you and your marketers. Creativity is critical.
If you just throw anything up there, don’t expect much of a payoff. Good advertising is strategic. Test various aspects of each ad before committing to a large-scale campaign.
Facebook enables you to minutely target who sees your ads based on location, age, gender, interests and more. For small businesses, the ability to fine tune location targeting is particularly helpful. Not only that, but you can retarget your ads to those who indicate interest in a product or service.
And if you have a great list, Facebook can help you replicate it with its lookalike audience option. That enables you to advertise to those with attributes similar to that of your winning list.
The days of shot-gun advertising are long gone. Spend your money on your ideal prospects.
No matter what kind of ad campaign you want to run, it’s pretty likely that Facebook offers the format you want. Options include video, photo, text, stories, carousel, collections, slideshows, messenger ads and interactive app/game demos. Facebook makes it easy to test various types of ads before running your big campaigns. And don’t forget that you can pay to boost your best posts so that a larger audience can see them.
Every business wants to see fast results when they advertise. Facebook fills the bill. You set up your campaign in Ads Manager, and then Facebook reviews the ad. You will normally be approved within 24 hours or less. When your ad is published, thousands may see it immediately. You can start getting results within a day or so if not hours.
Facebook advertising in affordable. You don’t need to spend thousands only to find an ad is not effective. Unlike many other media options, you can choose your budget. Expect to pay around $0.94 per click (CPC) or $12.07 per 1,000 impressions (CPM). It could end up being much less or more depending on your industry. But Facebook ads are still going to cost significantly less than traditional advertising.
When you advertise on Facebook, you are not only given tools to create ads, you are also given helpful tools to analyze and track ad performance. If something isn’t working, you know it in real time and can change your ad.
Test your creative, test your headlines, test your body copy. If something isn’t working, change it and see immediate results. You will also get the data you need to more finely hone your audience targeting.
Advertising on Facebook can push traffic to your site, increase your sales and make your branding top of mind. But it can also be complex. This is only a very simple overview.
For cost effective Facebook advertising that delivers your goals, call an Umbrella Local Expert at 1(866)760-2638 or contact us here to schedule a free consultation. We are happy to discuss whether or not Facebook advertising makes sense for your business.
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