It’s no secret that Facebook offers the best value for your advertising budget in the digital marketing economy. At this point, you’ve probably heard the Facebook “industry buzz”.
Gary Vaynerchuck, owner of Vayner Media may be the loudest and most noticeable proponent of the Facebook Ads platform. You’ve probably heard about his rants on “day trading attention” and how Facebook Video is the best value in advertising right now.
But for every pundit touting the power and success of Facebook Ads, there are hundreds if not thousands of digital entrepreneurs creating life-changing revenue from leads, and sales generated through the Facebook advertising platform.
Personally, I’ve generated hundreds of thousands of leads and thousands upon thousands of customers for the digital business my wife and I own and operate. We only have two full time teammates and run an incredibly lean startup in a very small niche that you’ve probably never heard of.
By learning how to leverage the power of Facebook advertising, we have been able to hyper target our advertising budget to show offers to only the most interested segments of Facebook’s audience. This allows us to minimize our risks while over doubling our revenue and lead flow.
In my presentation at the InOrbit conference in Slovenia, March 15th I’ll be sharing my exact strategy for how I run these low risk and high reward Facebook ads. But first, you need to understand what makes Facebook’s paid advertising system different (and better) than all other paid digital media available to you in 2018.
The 9 reasons why the Facebook Advertising platform is the best in the world!
1. Nearly unlimited traffic potential
With 2 Billion monthly active users (MAU) and 1.3 Billion daily active users (DAU), there is more traffic available on Facebook than any entrepreneur or agency could ever buy. This massive user base of Facebook users offers you two distinct benefits. First, there is an almost unlimited opportunity for scaling your advertising budget. Second, you can target extremely focused niches allowing you to segment your audiences, your messaging and your offers to increase response rates and conversions.
2. Both DAU and MAU grew by 16 % YoY in Q3 of 2017
Just in case you have heard rumors or read click-bait headlines that “Facebook Advertising is dead” you can clearly see that the Facebook user base is still growing consistently to this day! Their 16 % growth rate equates to approximately 320 million new monthly active users added per year!
3. Psychographic and interest-based targeting
The ability to target people based on their interests and what they’ve “liked” on Facebook in the past, is still one of the greatest revolutions in paid advertising to date. Going far beyond targeting gender, age, income and location allows you to display your advertisements to the raving fans of your competitors!
Similarly, if your product enhances or complements a specific make or model product, you can focus your advertising budget to those who already have the items that your product enhances. For example, if you sell high-performance mountain bike pedals, you can easily target people who ‘like’ Specialized or Trek Bicycles.
4. Leveraging FB’s machine learning system with conversion ads
It is no secret that Facebook is tracking an insane (and scary) amount of data on each one of us. This data includes your browsing activity on Facebook, your website browsing behavior off of Facebook, your app and smartphone usage, how often you complete online purchase, your GPS information, and they even buy additional data about you from third party providers!
As a user, this is some crazy “Big Brother” stuff right out of George Orwell’s 1984! As an advertiser, this is an absolute goldmine that allows you to target your best potential customers in a way that has never been offered before.
For example, if you want to have your advertisements displayed only to women in their 30’s in New York City who are frequent online purchasers, earn 100,000+ per year and were recently engaged. Facebook is ready to sell you that ad space!
5. Enhance your SEO efforts with hyper-targeted retargeting
This may be my favorite personal use of the Facebook Advertising platform since our main authority site receives a large volume of SEO traffic.
You can re-target visitors who find your website through Google, so when they visit Facebook again, they see an offer for your product that matches the exact topic they searched for on Google. For example: You can retarget all website visitors who are not leads or customers in a simple ad set or you can retarget visitors who reached your post about ’10 uses for purple widgets’ with a product offer for a complementary product, like a custom purple widget carrying case. Then, you can repeat the process for green widgets, blue widgets, etc.. Creating a separate and hyper-focused funnel for each of your core products that show your visitors more of what they are interested in!
This ability to increase the relevance of your Facebook ads based on the insights you have about your users from their actions on Google increases your conversions.
6. Custom conversions + custom audiences & Lookalike audiences
Custom audiences allow you to upload your customer lists, your leads lists and to then include or exclude them in specific ad sets. Custom conversions allow you to automatically update these groups so you can setup unique retargeting campaigns for each step in your funnel.
This means that you can have one ad set for cold traffic that offers an educational post about the 10 benefits of your Purple Widgets. Facebook users who click to read your 10 Widgets Post will be instantly added to a custom audience that will now see an advertisement for a free ebook on “101 Purple Widget Uses You’ve Never Heard Of!” Users who take you up on your ebook offer are automatically added to your ‘Leads’ custom audience that will now display a “20% off coupon for Purple Widgets!”
Every time a user is added to the next custom audience, your ad set can block them from the previous ads since they already took the action for that step.
To clarify even further, your cold traffic sees an ad promoting information via a blog post. Your blog visitors see an opt-in offer for more information on the same topic.
Your email subscribers see an offer for a relevant product and you can promote more products or subscriptions to your best customers too.
Once you set up a funnel retargeting system like this, it will run on 100% autopilot for you, automating the process of moving your visitors deeper and deeper into your funnel!
7. Look alike audiences
Leverage Facebook’s big data to find more customers and more leads, fast!
Lookalike audiences can be setup based on the people who take specific actions on your website like becoming a lead or a customer, whether they enter through Facebook, Google or you simply upload your email list.
For a lookalike audience, Facebook finds the other Facebook users who are most similar to the users who take a specific action you designate or are on a specific email list you upload.
This means that as your lead and customer lists grow, they continue to ‘educate’ Facebook on who your best customers and leads are. Facebook will then show your ads to other Facebook users who have the most similar user profile based on Facebook’s data.
8. Leverage Facebook’s machine learning system to find you more leads and customers
Using Facebook’s conversion focused campaigns, you are able to tap into the powerful machine learning system that is designed to custom-tailor the Facebook experience for every individual user.
First, you must set a conversion action. I usually focus this on a visitor becoming a lead, but you could focus it on a visitor adding your product to the cart, checking out, or installing your app.
Second, set up a custom conversion based on the action you specify, and then you’ll ‘seed’ the ad set with at least 50 conversions per week. Facebook analyzes users who convert, so they can find you more users with a similar profile. This leads to a much higher likelihood for conversions.
This is still my favorite campaign type and the main campaign objective I recommend for new advertisers and advanced advertisers alike.
9. Testing can start at just $ 5 / day
Whether you are split testing a new headline on your opt in page or you are testing a new look alike audience, you can get statistically significant data for as little as $5 per day, per ad set.
This allows you to spread your advertising budget out over a number of ad sets and force these ad sets to compete to bring you the most cost-effective leads and customers simultaneously. Then, simply prune out the ad sets that don’t deliver and scale the ad sets that do deliver leads and conversions within your KPIs and you have a simple recipe for Facebook advertising success!
Now that you understand what makes Facebook advertising the best paid advertising medium in 2018, join me at Europe’s #1 marketing and growth retreat, InOrbit 2018 where I will show you exactly how to leverage all of these valuable Facebook advertising benefits into a simple process for high reward and low risk Facebook Ad campaigns.
Miles Beckler has been a full-time internet entrepreneur and marketer since 2010. He and his wife run multiple successful niche websites and he has generated over 150,000 leads and thousands of customers profitably with Facebook advertising.