The benefits of advertising your business on Facebook are endless. With over a billion active users, cutting edge features, and detailed targeting ability, why wouldn’t you market yourself there? Despite all its advantages, many businesses still struggle to gain qualified leads from Facebook Ads.
Advertising on Facebook isn’t as easy as everyone believes it to be, but it can be worth it. If you don’t put in proper time and effort into your ads, it could result in the waste of a lot of budget. Here are the most common Facebook Ads mistakes made by marketers and how to fix them.
Audience Selection is too Narrow or too Broad
Facebook provides extremely detailed targeting capabilities. Most people believe that the more specific you get with your targeting, the more effective it will be. This, however, could actually be your downfall. When your audience selection is too narrow you risk exhausting the segment too quickly, driving up your cost per click. The other issue that can result from overly-specific targeting is lack of responses. No matter how pin-pointed your audience is, only a small percentage will respond. When it comes to upper funnel advertising, numbers are the most important, and if your audience is too niche, the numbers are not on your side.
On the other hand if your audience is too broad, you risk serving your ad to people who aren’t interested in your offer. Again, you could drive up the cost per click because of a poor audience-message match, or you risk paying for clicks that won’t convert to leads or customers.
Wrong Bid Strategy
Oftentimes marketers just go with the default option when it comes to bid strategy. This is fine in some cases, but if the automatic option for lowest cost isn’t delivering results, it might be time to rethink. Here are the the other available bid strategies and what they’re best used for:
- Bid Cap: Best for when you want to set a max bid across auctions to control cost and reach as many users as possible at that bid.
- Cost Cap: Best for when you want to maximize cost-efficiency or you need to keep cost within a specific threshold.
- Target Cost: Best for maintaining a consistent cost.
- Value Optimization within Min ROAS: Best if ROAS is the primary measure of success and you’re able to pass back transaction values to our platform.
- Highest Value: Best for getting the highest ROAS, want to spend full budget and when unsure of min ROAS/bid amount.
Too Large of an Ask
Facebook users don’t have the same intent as those on search engines. If you’re asking for a large commitment from someone that has just been exposed to your brand for the first time, you’ll likely get poor results. When you’re still at the top of the funnel, you should be focusing on smaller asks, such as newsletter sign-ups, likes, comments, shares, etc. Once they have had more engagement, you can begin pushing larger asks, such as purchases, event sign-ups, etc.
Failing to Test Your Campaigns
Launching ads on Facebook is easy. Finding a successful strategy, however, is not. The only real way to know what works and what doesn’t is by testing it. This sounds like more work, but Facebook actually makes A/B testing simple. A/B testing lets you change variables, such as your ad creative, audience or placement, to determine which strategy performs best and improve future campaigns. An A/B test lets you quickly compare both strategies to see which one performs best. After choosing which variable you want to test, Facebook divides your budget to equally and randomly split exposure between each version of your creative, audience, or placement. A/B testing can then measure the performance of each strategy on a cost per result basis or cost per conversion lift basis with a holdout. If you don’t test your way to success from the beginning, you may never figure out how to make Facebook Ads work for your business.
The Facebook Ads platform is simple, but getting quality conversions can be difficult, which is why many businesses struggle with it. Luckily, these common issues are easy to resolve. Remember, there’s no one-size-fits-all answer to campaign optimization. The best strategy for you ultimately depends on your products, website, customer lifecycle, objectives, and intended user experience.
At Onimod Global we are experts in SEM and social media marketing. We know which platforms are best for brands, and create visibility for brands where customers are searching, interacting, and ultimately converting. Find out more about we do, or contact us today!