At some point in the evolution of your business, you’re going to consider Advertising on Facebook.
For some businesses, this is an early strategy and their main form of marketing while other business owners see Facebook Ads as a marketing strategy they will only employ once they’ve exhausted all their free options – such as word of mouth and posting content on social media.
Sometimes the reason entrepreneurs hold back from posting Facebook Ads, is because they fear losing more money on ad spend than they make on sales. If you’re hesitant, we recommend employing the services of a top-notch Facebook Ad Agency, to ensure the gains outweigh the costs.
There’s no doubt that Facebook Advertising is extremely popular and worth considering as part of your marketing strategy in 2021. Let’s take a look at what makes Facebook Advertising effective. These are the top 3 benefits of advertising on Facebook.
1. Facebook is No. 1.
Facebook is the most popular social media platform which means there’s a good chance it’s where your audience hangs out. With an estimated 2.7 billion active users with over 1.6 billion visiting Facebook every single day, Facebook gives you the best chance of reaching your target market.
You can also zero in on the exact target market you’re aiming to reach. Although most social media platforms offer the same sort of targeting capabilities, this is a huge benefit when compared to offline advertising strategies such as Media advertising (TV, Radio or Print).
You can target by:
- age range
3. Low Cost
Virtually every article I’ve read on the subject and every online marketing course I’ve taken recommends Facebook advertising because it’s the cheapest form of advertising around.
At the end of 2019, Wordstream estimated these average rates on Facebook Ads across all industries:
- the average cost per click (CPC) was $1.68 and rates can vary from 50 cents to $2 per click.
- the average cost per acquisition (CPA) was $19.68
- the average conversion rate (CVR) was 9.11%
I did a little test. Because I prefer using LinkedIn to Facebook and they offered me $50 worth of free ads I really I pitted the two platforms against each other, placing the exact same ad on both platforms.
I really hoped LinkedIn would produce better results than Facebook did, but was shocked at how quickly I could spend money on LinkedIn. Once the $50 was spent, I saw no results at all and if I’m reading the stats correctly, I reached way more people on Facebook.
I had to concede that Facebook was cheaper. In the end, I decided my small business wasn’t ready to start spending money on ads after all.
Should You Advertise on Facebook?
The best way to find out how Facebook advertising works for your industry is to test it out yourself.
According to this Moz article, all business owners should be spending at least a dollar a day on Facebook ads because it’s cheaper than any other form of advertising out there.
I still think you need the help of an agency though, at the very least to guide you at the beginning. At only a dollar a day it’s not easy to test what’s working and what’s not.
Once you’ve learned the basics and you’ve run a few successful ad campaigns, you can really start getting into the long term benefits of Facebook advertising, such as retargeting and remarketing.
How effective have Facebook Ads been at promoting your products and services?
This post was sponsored by Common Thread Co. All opinions are my own.