Getting a “Bang For Your Buck” on Facebook

In recent weeks the cost of advertising on Facebook has skyrocketed. In our testing prior to February 2011, we had several ads getting 4-10 cent clicks. But those numbers are nearly impossible to achieve now. Change is happening all the time with Facebook ads and it’s crucial to stay on top of things. A lot of money can be wasted if you approach Facebook advertising casually, without research. For instance, you cannot simply take a Google AdWords campaign and transfer it across to Facebook. Many people try this and they’re often disappointed when those ads don’t last much longer than 4 or 5 days.

Google Adwords converts better than Facebook (though costs more) for the majority of products & services. This is primarily because when searching on Google, people are often in buying mode, where Facebook users are busy browsing photos and playing Mafia Wars. It’s a completely different mind set. It can take quite a bit longer to generate a positive ROI with Facebook than with Google AdWords. To advertise successfully on Facebook, it’s important to keep this in mind. The ROI is there, we just have to approach the sales process differently. The best way to economize with Facebook ads is to keep creating variations of your as, with different headlines and unique images that keep viewers intrigued- and to monitor your ads very carefully.

So you know that a different approach is needed to keep your ads running successfully. But please don’t neglect the second- and equally important- piece, which is to see that your offer is set up properly. It is essential to have a well-established sales funnel that consistently converts visitors into buyers. On Facebook, you often won’t make money instantly on the front end. If you’re buying traffic, sending it to a site, and expecting them to buy instantly, it will be extremely difficult to have a positive ROI. Facebook rewards advertisers with a lower CPC if traffic is sent to a fan page rather than an outside website. So the easiest path forward is to build a relationship with your customers by sending them to your fan page, where they will (ideally) opt in to your email list. Keep in mind, too, that obtaining email addresses is just the beginning. You need to explore the questions: “What happens after they click ‘Like’?” and “What kinds of email followups am I sending?”

Spend some time fine-tuning your sales funnel and keep tabs on your ad campaigns and you’ll be rewarded in the end.

Related posts:

  1. How Effective Is Your Facebook Landing Page?
  2. Get Your Facebook Ads Approved: What ‘they’ don’t want you to know!
  3. Getting Started with Facebook Ads
  4. Have You Heard About Facebook’s Creative Library?
  5. How Facebook Page Insights Can Help You Stay on Track

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