Given present economic events, it’s an unprecedented landscape for social media advertisements: Companies are reassessing their spending budgets, and are forced to cancel or postpone events globally. In these uncertain times, it’s important now more than ever to be strategic in how you promote your business.
Facebook ads are typically a crowded queue of various retailers and e-commerce advertisers, which means fewer people see each ad. Therefore, your advertising dollars don’t stretch as far during peak seasons. When competition is at its peak like during the holiday shopping season, the demand for CPMs (“cost per mille,” or cost to reach 1,000 users) skyrockets. Now that other companies are pulling their spending from ads and redirecting their focus to recoup their cash, this drop in demand can be beneficial to your brand’s visibility. Less competition means a larger piece of the market share for you and the amount you spend on ads is more likely to reach more users at the same price. With more people spending time at home and on their devices, social browsing is likely on the rise, with Facebook still at the top of most viewed platforms.
With ad units less expensive, you have more agency to experiment with how many people view your ad, optimizing your ad campaign reach. The reach is not always conversion-driven, but it can mean you can grow your audience to those who may be interested in your brand. Using the time now to create reach campaigns can maximize the number of users reached per dollar.
There are various audiences you can reach, but the most effective are custom Facebook audiences. With custom audiences, you are able to retarget viewers who are already interested in your brand, minimizing the guesswork you would have to do to find these viewers.
Facebook custom audiences include:
Lookalike audiences: Based on Facebook data, these audiences are new to your business, but are similar people to your existing customers and followers.
Engagements: Users who have interacted with your page via comments, likes, or swiped through an ad that can be retargeted.
Website traffic: If you’ve installed Facebook pixel into your header code on your business website, you can use website traffic to retarget the users who’ve visited your site.
Email List Uploads: Another option is to upload a subscriber list to Facebook for retargeting purposes. Facebook attempts to match email addresses to users, which surprisingly has a wide success rate of 40-80%, proving to be a smart strategy.
There’s no better way to test than now. A/B Testing is a critical step in advertising optimization. Since the market is less competitive, try using different headline copy, images, videos, and even new ad formats like Story ads to maximize your leads. There’s the possibility that you could have significant leads for half the price with more compelling copy or a more engaging video. But, you have to test it to know if it’s even a possibility.
Take advantage of quieter times to create content quality content for your brand. Typically, it can be a challenge to produce new posts and articles on a daily basis for your audience. But creating content now can be more beneficial in the long run.
Projects you create should be able to be used over and over again. Some examples include:
Cornerstone Content: this content is essential to your website that’s informative that allows search engines to more accurately find and recommend you.
Video Series: Videos typically perform better on social media. They have multiple components, like scripting and lighting, but if you are able to create multiple videos, you can use snippets of them for creative ads and content marketing.
More customization: Your content should reflect your brand’s values. Taking the time to customize a thank you note to customers, giving a shout out to local teams or schools that had recent achievements can ramp up brand affinity.
Take advantage of lower costs in the short-term and seize opportunities to build your brand for long-term benefits. It can be a powerful asset for future revenue and business.