Why You Need Facebook Ads to Rule Your Business World – The Key to Budgeting is Testing

As with all forms of formal advertising, there is a price tag, and budgeting as such for your marketing goals is exceptionally important if you’re really serious about reaching those goals. Having a goal gives you direction and focus, and while one of your main reasons for being interested in Facebook advertising may be because your competition is doing it, that doesn’t mean it’s not wise to determine how the platform should work for you. The best way to determine this? Testing. Remember, you want to show a competitive edge over your competitors, and using the best advertising platforms for your business will help you to achieve it.

Firstly you need to establish why it’s important to budget for your Facebook advertising. The great thing about advertising on Facebook is you can actively advertise directly to the market you need to target and adjust your budget accordingly. For example, you may only want to advertise a particular service or product to a segment of that market – again, the correct budget will help you to effectively achieve this. You don’t need to wait for your target market to search for you, like Google AdWords for example. Imagine that?! Facebook advertising isn’t a fair-weather platform and is only growing stronger by the day. Facebook recently bought Instagram for $1b and it’s now worth more than Twitter (over $22b)!

The above only proves that increasing your budget won’t necessarily mean a better ROI. Bigger isn’t always better, but you need to know what’s appropriate for your industry. The best way to do this is to test the waters; find out what works best for you. If you are an online clothing store and are trying to run ads at $5 per day, don’t expect results – it’s all relative. This is where the knowledge of a Facebook expert becomes priceless. Different platforms are made for different results. Video views are currently getting a higher reach than a regular image post boost, but you need to know what is going to work for you. If you are boosting posts and not drilling down on targeting, that’s going to be an expensive exercise. Test what works for you.

So how does paying for Facebook advertising actually work? There are different advertising platforms on Facebook which you can use a variety of different budgeting tools for. A ‘Daily Budget’ will ensure your ads run at a set amount every day, whereas a ‘Lifetime Budget’ will work well if you have a specifically defined budget and are running a particular promotion for a certain period of time. On top of this, you can work your budget a few different ways to optimise for things like clicks and impressions. This is a great way to maximize your budget and will let you set the amount that a click or impression is worth to you.

To make things easier for you as well, you can track your advertising, budget and, ROI alongside your Google Analytics, enabling you to track your ROI alongside your other online marketing tools. Facebook also offers conversion tracking tools of its own.

To leave you with some words from those in the know and what you should be keeping an eye on, Remarketing on Facebook is growing stronger all the time and is highly effective, though mostly for retailers. Video views would be great for anyone that generally has trouble selling a product or service through text. Visually advertising products and services which are new and interesting and generally aren’t searched for on Google would be able to take full advantage of this.

For more words of wisdom make sure you give us a call here at SponsoredLinX today on 1300 859 600 and ask to speak with one of our Facebook specialists. While you’re at it, don’t forget to register for our upcoming Optimise Webinar titled, ‘Why You Need Facebook Ads to Rule Your Business World’ here.

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