Getting more “bang for the buck” is THE objective for anyone running Facebook ads. Unfortunately at times at costs can be quite high which can be quite demoralising. There’s a lot of money being spent for not a great result, should it just be turned off?
Typically this happens at the beginning of a campaign before you have fine tuned your audience, however there is one mistakes that assures your ad costs will always be high.
Poorly targeting your Facebook advertising ensures that you are spending money showing your ads to people who are not interested. It typically comes from the same thinking as traditional advertising. Show it to a wide audience and hope it catches the eyes of a few who might buy. The reason why those ad costs were high was due to the circulation that platform bought and that it was a significant action for a person to pick up the phone to buy. Ultimately, all things considered your lead quality was a lot higher.
In a digital advertising and social media advertising world, it’s a different game. It does not take much for a person to go to a website from an ad if the ad slightly appeals. There is often no serious commitment involved to take an action on a digital ad. There is no one at the other end of the phone putting on a sales pitch, there is no call back expected, it’s an easy stress free action.
Recently a client was wanting to get more Facebook likes, a typical method of building an audience interested in your product or services.
Running a targeted campaign, with good copy she wasn’t getting good results, and was perplexed as to why the cost per like was so high (just over $1 in this case). It was quickly becoming unviable.
The client performs music is in the 50’s era Rat Pack style stuff, which is obviously highly specialised and certainly doesn’t appeal to everyone. There is however enough interest around that era and style to assure the results are there.
Previous Interests & Results
Cost per Result – The cost of a successful results. In this case it’s a page like.
Result Rate – Results divided by the number of impressions. The higher the Result Rate the better the ad.
The issue with going out to everyone that liked “Music” was that the client was spending money showing the ad to people who liked everything from Lady Gaga to the Smashing Pumpkins. The likelihood of getting substantial results for the budget is quite low.
Improved Interests & Results
Dean Martin, Frank Sinatra, Sammy Davis Jr, Peter Lawford, Joey Bishop, Rat Pack (music)
As you can see the cost per result has gone down significantly and the result rate is much better.
A great lesson in targeting an ad to people who will be interested in it, instead of the old method of going wide, yields much better results for your money in the digital world.