Have you felt like you’ve been blindly spending money on Facebook ads and promotions without getting the results you are looking for? Facebook may offer your business an opportunity to reach more people, but unfortunately, it doesn’t guarantee that your advertisements will produce the number of audience interactions that become available to you.
Thankfully, you don’t need to wash more money down the drain to learn how to save money on your Facebook ads. We are here to help educate and equip you to reach your conversion goals while spending less!
1.) Narrow Down Your Audience
While narrowing down your audience may seem counter-productive, it will actually help you save money on reaching people who are going to skip past your ad anyways! By reducing your reach metrics, you will improve your value by increasing your click-through and conversion rates, and by building a relationship with the right audience. Try using a granular approach to reach the audience in your niche. Stop wasting money by advertising to people who aren’t interested in your message in the first place!
2.) Evaluate Your Live Ad Performance
A perk of using Facebook Ads is that you receive real-time data on how your ad is performing. You may be seeing a drop in your engagement due to factors such as repeated images, messages or call-to-actions. Keeping an eye on your live ad performance statistics can help you evaluate whether you need to update your ads or increase their diversity. Be willing to take your performance insights and make changes if your audience engagement continues to decrease!
3.) Utilize Campaign Budget Optimization, Rules and Bid Caps
If you have long-running ads set up without budget limits, you may be wasting your hard-earned money. Without campaign budget optimization (or CBO), your only option is to use Facebook’s ad budget optimization manually. This requires you to have a lot of data on your performance history. By simply turning your CBO on, the amount you are spending on ads daily is automatically set.
In addition, taking advantage of rules and bid caps can help you get the same result for less money by analyzing the lifetime value of your ad. For example, if through your ad you achieve the results you were hoping for within the first day, you can end the ad and save money the rest of the week.
4.) Consider A Video Ad
While single images are great and can effectively get a message across, videos tend to be more effective for social media marketing in New Orleans. Videos have the capability to guide your audience through what you do and what your brand is all about.
Video ads will often perform better because they can tell a story that people find more genuine and relatable, especially if created with this intention in mind. On the other hand, if your campaign goal is to simply put out a quick call-to-action, don’t consider a single image as a waste of money!
5.) Track Your ROI
ROI stands for return on investment. Whenever you make an investment in something, you typically want to ensure that you are receiving in return more than what you originally put into it. The same goes for Facebook Ads.
First consider your ad goals. These goals can include engagement, generated leads, audiences reached, website traffic or subscriptions. Make sure you have a clear way to measure these metrics so you can decipher whether or not you have reached these goals.
If you are not seeing a substantial enough ROI, proceed by making adjustments and optimize your techniques in order for you to reach your goals while staying within the lines of your Facebook ad budget!
6.) Create a Plan
If you want to benefit from Facebook Ads and save money, you will need to come up with a long-term strategy. You may feel tempted to jump into promoting your business once or twice as a starting point to get new potential clients, but if you aren’t intentional about the ads you are promoting, you may not be building a long-term, loyal customer base.
Facebook is ultimately a social media platform, and if people feel like you are coming across too salesy, they may be turned off towards your brand altogether. Think about a long-term plan in terms of:
- Promoting your ad to produce engagements with your brand… and engage back!
- Creating future ads based off of the people who have viewed, reacted to or commented on your past shared content
- Start a conversation-focused ad for a custom audience
These six practical steps can help you save money when taking advantage of Facebook Ads, and can help you see a better ROI in the long-run!