Facebook Advertising – Maximize Value With CTR
Published 3/6/2012 by admin
In a recent job I did for a client I had my ups and downs when it came to Facebook Advertising. I was pretty new to the game on a really short time line, so I did what every good internet marketer does when faced with a new challenge; I reached out to my friends!
To set the tone of this particular campaign there are a few things you should know– the budget was fairly high, as much as 5-10K per day was allowed in spend, and the transaction had to happen off-site. This is important and is also the major challenge in this task. Getting people to say, click a Facebook Ad and become a “fan” of something, hell that’s as easy as uploading a risque icon for your ad. Getting people to leave Facebook and make a purchase at a different website, now that’s a whole different ballgame indeed.
The Facebook campaign started with a couple of key pieces of information, Click Through Rates & Conversion Rates. I knew that Click Through Rates on Facebook is key, basically Facebook’s version of quality score, it seemed like in terms of ad serving it was the only important factor.
Having a strong CTR, in the eyes of Facebook, meant the difference between you paying a few cents per click – for thousands of clicks per day and paying a dollar a click – for only a few hundred, pretty big lever right?
Then factoring in Conversion Rates is just as important of a lever to pull, you’ve got two really important things to address that in general have two totally different goals. You don’t want your ad to be too general and be paying for enormous amounts of clicks with very few sales, but you don’t want the ad to be too exclusionary, garner too few clicks and have a low CTR. This would lead to Facebook rarely serving your ad and totally taxing your ass when they do.
This post is by no means a definitive guide, but more a place to get together and discuss a couple of the things I learned from the campaign. It’s also to give you an option, in the comments below to share some of what you’ve learned about Facebook advertising.
Getting People to “Like” or “Become a Fan” of you with Facebook Ads
Getting people to simply “like” things, if that is you’re goal, is easily and very cheaply accomplished I found likewise getting people to be a “fan” of something was also similarly easy to do with proper targeting. It’s just you get what you pay for there, a lot of people will say they “like” something, that takes a second, it’s a whole different ballgame to get them to actually purchase something. I found it’s best to also consider long term here by trying to get them into an email auto responder if you can. “Likes” and “fans” are great for an ego, but pretty useless in terms of sales.
You have better got a pretty good long term funnel for contacting these people, and simply posting to your wall isn’t often going to get it done. Sure, some spammy internet marketer out there makes money off it here and there, but it’s not for most traditional businesses. Think about what YOU do when you see someone “likes” something. Many people say to themselves, “Hmm so and so likes toothpaste.” You don’t say, “Holy crap I have to buy some toothpaste because so and so likes it.” Only if you’re a Hollywood Star would that probably work. The key take away here is “likes” and “fans” are great, but I have channels on YouTube with thousands of subscribers, millions of views, and not a single person has ever bought a single thing from me.
If you are looking to grow your “fans” or “likes” on Facebook the lessons learned are fairly easy. Simply follow the most basic rules of any advertising, start with 5-10 versions of your ad, some with small variations and a few others that are drastically different.
In general I sought out and found a great picture, since targeting is the most important thing to keep in mind. What I did next was create about 5 ads with 5 different pictures (no surprises here, sex sells) and the exact same copy. For the pictures some cleavage or a picture of a shirtless ripped dude always seemed to work better.
Once you find a few pictures that perform well, then start tweaking the ad copy. I made it a habit to always be uploading new ads, literally a tenth of a percentage on CTR was powerful enough to drastically reduce the cost of bids as well as the reach.
Make sure before you launch any advertising on facebook that you take the time to make your Fan Page interesting, make sure you have loads of interesting information. Take advantage of the branding options by including a banner, take the time to add some photos and most importantly you must remember to interact with your “fans”. Think of your Facebook Fan Page as your landing page; make sure you have ways for your “fans” to interact with you and add value. You will also want to take the time to give your potential “likes” or “fans” ways to learn more about you, like a link to your personal website, etc.
If You Want Them To Leave Facebook To An External Site To Buy
This is much more difficult, there were a couple of things I learned along the way with this approach. The most important thing is that Facebook didn’t seem to care much about the external site, as long as the site wasn’t totally over the line or restricted in some way. So score one for the marketer! I started with a web page more like what Google would want and ended up with a pretty effective little squeeze page.
You do, however, pay to play when it comes to external clicks, so ad copy and click through rate is even more important. Facebook can’t control the environment when a person leaves, and more importantly they can’t make money off of a person clicking on more ads, so they tax the marketer for those clicks. You really have to be optimized before you would even bother to launch ads to make those types of clicks profitable.
You have to implement some sort of opt-in program on your external site for re-marketing, have a highly converting landing page, and strong profit margins before you even attempt it.
One thing I did to make the conversion a little better was to create a landing page “Facebook Themed” to promote the “Facebook Only” offers. When I first launched the campaign I quickly found this approach worked much better and it made me wonder if copying the Facebook style more would have worked better or worse. Basically I would try to make the person feel like they were still on a Facebook type site, but I never really got a chance to test that theory.
The best Facebook campaigns I was able to run consisted of constant ad testing, external links, and constant data running.
The Bottom Line: Even if you implement everything discussed, there are just some products better suited for Facebook advertising than others.
I look forward to your comments and thoughts about Facebook Advertising below.