Savvy Techniques to Reduce Facebook Ad Spend
Facebook’s advertising platform is a great option for small and midsize businesses because it has powerful targeting capabilities and affordable costs. However, if you’re not careful, you can still end up throwing money away. To ensure you’re reaching the right audience and spending your ad budget wisely, we have some simple tips for you to follow.
Target a more specific audience
Who you show your ads to has a significant impact on your ROI. By narrowing down your target audience, you can reduce competition from other brands. You can also create ads that appeal to a specific demographic, giving you the best shot at gaining traction and clicks. Remember, when you go after an audience that everyone wants, you have to spend more money and compete with more businesses.
Split test different ads
Facebook allows you to run multiple ads at the same time with the same budget. This lets you test out different elements to see what your audience likes best such as the images chosen, the copy and the call to action. As you see what things work best for your audience, you can continue improving your ads for the best results.
Set up Facebook Pixel
Set up your Facebook Pixel to help you track visitors and collect valuable data on Facebook. These few lines of code are inserted into your website and make it possible to track conversions and other information, such as where your clients live, the number of kids they have, the money they make and so forth. You can even find out what their last purchases were, which can help you determine where they are in the funnel.
Look for audience overlap
A problem with running Facebook Ads is that you can promote different ad sets to the same audience. The bigger the overlap, the worse your campaigns will perform. To avoid competing against yourself, use the Facebook Audience Overlap tool. This tool checks to see if audiences are overlapping significantly. If they are, you can exclude those audiences to avoid bidding against yourself and wasting money.
Using Facebook Pixel, you can track people who have already interacted with your ads, website page or Facebook page. Then, you may put these prospects into a new audience that you can target with remarketing ads. These ads are highly effective because they target people who already know about your brand and have a need for your product or service.
Facebook Ads are powerful and cost-effective, but you want to make sure you’re putting your money in the right places. By following the tips above, you can reduce ad costs and target more of the people you want. For help setting up effective Facebook ad campaigns, contact WSI Internet Partners today.