You feel sick and tired of losing money on Facebook ads?
With more than 2.25 billions of monthly active users on Facebook, this is the go-to destination for any marketer to find their audience. Facebook ads can give amazing results to your business, provided you leverage the platform correctly. In this video, we are going to talk about the steps to get the best out of your Facebook ads.
1) Your Offer Determines the success of your campaign
Here’s a quote from late Gary Halbert, one of the best advertisers of the 20th century.
“Strong copy will not overcome a weak offer but…in many cases, a strong offer will succeed in spite of weak copy written by marketing morons.”
This principle very much applies to digital marketing. An offer is something that you frame along with your product to make it an enticing and irresistible. The way you package your products and make an offer, it makes a huge impact on your overall marketing efforts. An offer is how you package your product and position it to your prospects. Here are a few things which can make a great offer:
- a) If you are selling high-value product/service, offer monthly payment plans
- b) Add a discount
- c) Add a Bonus
- d) Create a bundle
- e) Offer a guarantee or have a return policy
- f) Show urgency with a deadline by when the product will expire.
People don’t like the feeling of being sold, but they like to buy stuff.
So, your goal is to make them confident that it’s their decision to buy.
Few other suggestions on the side which can help you make a great offer.
- a)Study your competitors and outsmart them
- b)Read books on psychology as marketing is simply psychology in action
- c)Read “Influence: The Psychology of Persuasion” by Robert B. Cialdini
2) Consider Life Time Customer Value, not just initial sale.
Now, let’s assume you’re selling a $40 product and it costs you $60 to acquire a new customer. In first glance, it makes no sense as you are losing $20 per customer.
Let’s assume you have discovered that your lifetime customer value of $600, now spending $60 to acquire a new customer is amazing, even if you lose $20 in the first sale. You can afford to lose $20 in first sale because you know you will make a lot more in the long run.
In a future video, we will cover what how to calculate the lifetime value of a customer, but for now, just know that it is the total money you can make from your average customers.
3) Track sales
Social engagements and clicks are important but what you should really be looking for, is the amount of sales you make from your ads.
If you are getting a lot of clicks, it is easy to get false expectation that your ad is working.
It doesn’t matter if you’re getting a ton of shares and clicks. If you are not getting sales, something is wrong, maybe your ad or your landing page or maybe you did your demographics wrong. But whatever the situation be, you need to pause the campaign and figure out what’s going on.
Now, I am not saying that the clicks and social engagements aren’t important. They are important, but you should always be tracking sales first and then any other vanity metrics.
4) Split test your ads and try different variations
Here are the different elements you can test. Test your Image, text, headline, call to action, landing/product page/ ad placement/ campaign objective/ ad type etc to make a few. Building a successful facebook ad is more of constructing a building, you have various stages to it.
As you test out different elements, you will know what works and what doesn’t. Do more of what works and eliminate what doesn’t work and through this, you will reach your perfect ad which gives a profitable result.