Facebook Ads has made it extremely easy for anyone to advertise on Facebook. This is a good thing for those looking to get exposure for a product or a service. But this means more competition. Think about it: Everyone is advertising on Facebook right now because, in some way, shape or form, they’re realizing its potential. And with more competition, this means higher ad costs. Or does it?
If you have been running Facebook ads over the past few years you may have noticed that Facebook ad costs are seasonal, or cyclical in nature. What I mean by that is, during those heavy consumer buying seasons there are more people and companies advertising their products.
Take, for example, the end of the year where brick and mortar and online retailers are swamping timelines with Christmas shopping ideas; Or Black Friday deals which have now turned into Black Friday week (or month!). Competing for space on the timelines becomes increasingly costly. Especially when you’re up against the deep-pocketed big box retailers. Some smaller advertisers choose to sit out these seasonal peaks choosing not to blow a good chunk of their yearly or monthly ad spend.
In fact, for many, Facebook Ads are becoming less and less effective. Even for those with some experience. This may be why. According to the “Social Media Marketing Industry Report” published by www.socialmediaexaminer, 93% of social media marketers use Facebook advertising regularly. And according to a study by WordStream the number of Facebook advertisers has doubled over the past 18 months as of August of 2018. And the average Cost Per Click (CPC) is roughly $1.72 across all industries, ranging from $3.77 as the highest with Finance & Insurance to $0.45 per click with apparel. Also, Cost Per Action (CPA) across all industries averages at $18.68.
And despite all these statistics and numbers, I’m going to show you how you can come it on the low end of these averages consistently, even during the seasonal advertising peaks. Implementing these two steps has become the staple of my Facebook advertising strategy. Guess what? Anyone can do it.
There are a few requirements for this to work: Content, research, and some patience.
Step 1: By now you should have a general understanding of who your target audience is if not, this is where the research requirement comes in. We are going to create what I like to call non-threatening content. This means you’re creating content with the intent to engage with your target market. I must stress that we are not trying to sell anything at this point. This content should hold some sort of value or emotional appeal. This could be “how-to” videos or tutorials, inspirational or motivational content, a blog post, cool pictures, and videos…you get the point.
What we are doing here is farming or mining an audience. We will be tracking who engages with the content. And this content is created to appeal to my target audience.
For example: In the past, I have frequently promoted my book “Perpetual Profits”. Because my book is about helping entrepreneurs and small businesses succeed in digital marketing,
I started out by targeting people who liked Tony Robbins, Frank Kern, or Digital Marketing.
The problem I faced was, these are obvious categories to target, and everyone in my niche would be targeting these same interests. This means high conversion costs if I was attempting to sell my book to this audience upfront. The workaround for this is to NOT sell my book to these people up front. Instead, I promoted value-driven content about how to design your Facebook ad for best engagement, and how to increase your Facebook page reach. I promoted tidbits of information that I learned over the years as a digital marketer. If it was a video, I tracked who engaged with that video.
If it was an image with a link, I tracked who clicked on the link and dwelled on my promoted content. These fine people became my audience. And that is what I mean by farming or mining your audience. Here’s the cool thing, because I was promoting value-driven content, I was also building a rapport with my audience, trust, and goodwill. This helps tremendously with conversions later. This type of content will cost less than promoting offers and hoping someone buys from me.
After I collected enough data on my new audience, such as landing page views, video views, shares or likes, I moved to step two.
Step 2: Retargeting. So now that we have all this data carved out from targeting a broad, general audience with similar interests we are going to retarget them with our offers. We have essentially taken a target that could only be hit with a shotgun and created a target that can be pinpointed by a laser scope.
Here’s the big thing: By putting out content that engaged with a general audience, I have now created my own audience that would be more apt to buy what I have for sale. Why? Because I built trust and rapport. But not only that, promoting my offers will be much cheaper. This is because I know exactly who I am targeting. I’m not guessing.
In the case of promoting my book, by doing step 1, I was able to narrow down a field of hundreds of thousands of people who would “maybe” buy my book to a few thousand people who would be very interested in buying my book. My averages went up.
I was able to create a custom audience and retarget people based on video views, landing page views or website visitors.
Not only did this lower my CPC tremendously, but it also lowered my CPA, increased my reach and engagement and allowed me to scale at a much faster pace.
If you want to decrease your advertising costs, increase your leads and conversions and more accurately predict monthly or yearly advertising costs, follow this method, and let me know how it goes!
CEO of Hernan Vazquez Media LLC Hernan Vazquez is a digital marketing trainer and consultant that focus on paid advertising and sales funnels to bring more clients and customers for businesses.