Facebook ads are a super powerful tool to grow your business. They can also be a very powerful tool to burn A LOT of money if you don’t know how to handle them.
There is no one, single, thing that will make or break your Facebook ads campaigns. But there are some principles that you should follow to make sure you are not just handing in your hard-earned money to Mark Zuckerberg.
The main 3 elements to ensuring your success in Facebook advertising are the right offer, the right metrics, and constant analysis.
We could go down the rabbit hole discussing each of these elements in detail. How to analyze the offer, how to choose the right offer, how to position the offer so it’s a good fit for the audience, what audience to choose, what campaign objective to use for which offer, what metrics to focus on for each type of campaign objectives, how to read and understand the data and how to act upon it so you make instead of burn money.
But let’s stay on the top-level, 30,000 feet view because without seeing the bigger picture it makes no sense to discuss the details.
The biggest mistake businesses make when they first start with Facebook Advertising is they boost their posts or create ads that drive traffic to websites or landing pages that are not designed to convert. There isn’t anything wrong with boosting posts per se, as long as the copy on the ad and the destination (website/URL) is designed to convert traffic. Otherwise boosting a post that is educational or informative WITHOUT thinking of the offer on the other side of the click, and how to make those that clicked interested in the offer, is just wasting time and money.
Facebook is a source of traffic — it puts eyes on your product or service. If you send traffic to an offer that is not compelling for the traffic that sees the ad, it will not sell. The most common conclusion is that “Facebook ads don’t work.” This is the worst conclusion you can get to. Ads do work. They work for our clients. We recently started working with a client who is now making approximately $100,000 a week on $5000 in Facebook advertising spend. That’s $5k in, $100k out. Still think Facebook ads don’t work? The secret behind this campaign is a killer offer: a high ticket offer that is highly valuable to the audience.
Once you have the offer dialed-in you need to understand what metrics you should be paying attention to. What will move the needle in your business, what will push it forward? Too many business owners (and marketing agencies) focus on the useless metrics – CTRs, shares, CPC, CPM. It all doesn’t matter. What matters is the KPI and staying within that KPI. If you sell a $10k program and you’re willing to spend $1k/new customer then that is your KPI and metric you should pay attention to. The rest is just data noise. I’m not saying that you should completely ignore other metrics — they’re helpful to analyze the performance and trends. But too often the focus is on the wrong metric.
This brings me to our next element – data analysis. We put SO-MUCH-EFFORT into analyzing the data to make sure we are spending our client’s money in the most efficient way possible making them as much money as possible. Our Head of Data built custom-made dashboards allowing us and our clients to quickly see the performance of their campaigns and pay attention to data that actually tell a story. Side note – we even started building stand-alone dashboards to help our clients with their other financial metrics.
Analyzing the data and not relying on opinions is what makes our process proven and repeatable. There is no place for opinions, thoughts or emotions. If you know how to read data, draw conclusions and improve the performance of your ad campaigns based on them, you will make the right decisions.
Mike Koziol, Head of Delivery at Brand Central Marketing, is a former corporate shark working with Ernst & Young, Deloitte, Johnson & Johnson, Novartis, to name just a few. He has a geeky side of his personality and loves to drive strategy and oversee delivery for our clients. Mike will build your strategy and will work with the team to have it delivered. He can occasionally geek out on Facebook ads (when Charlotte allows him to), be a smartass with processes (when Shanda is not looking), and click some buttons on the backend to build you a funnel. Mike loves the strategy side of the business, and he helps companies get clear on what it is that will move the needle.