Connectivity across devices has gone through the roof. Business to customer exposure is at an all-time high. Digital marketing has completely taken over the wheel and there’s no going back. With the plethora of options available at one’s fingertips, bringing in action is just not easy. Amassing views and followers is not an appropriate metric of success- closing business is. In this environment of extreme sorts, businesses need to be on their toes and constantly remodel their advertising strategies to keep up with their audience. This is where Facebook, with its mega-family of apps and services, comes in.
To start off, make sure the basics of your business is in the right place. Business goals, targeted audience, KPIs or metrics- these need to align and will consequently determine the optimum strategy you should opt for across Facebook marketing channels. There is no need to fret about coordinating existing assets or making sense of customer data. Tailored ad options on Facebook, serving a variety of objectives, allow businesses to use their store locations, product catalog, customer data, photos and videos to its fullest advantage. The Facebook Pixel and SDK program is also highly recommended to capture action from audiences already exposed to the brand while measuring cross-device behaviour.
Once you know your business goal, define the campaign objective appropriately. A business seeking to maximize profitability, for example, should focus on acquisition and transaction. Trace them back to the Facebook ad metrics to optimize results. The following objective-metric combinations are ideal for measuring the efficacy of your ads.
Demand Generation: If the goal is to drive awareness and interest in your business’s products and services, a good metric would be measuring the online and offline traffic generated after the ad campaign. Counting video views is another way to measure the reach of the video ad and evaluate if it is having the desired impact.
Customer Acquisition: If your ad campaign’s purpose is to gain new customers, measuring the volume of lead generation or initiation of customer interest in your products and services is a valuable metric. Conversion rate i.e. percentage of total ad clicks which resulted in purchasing decisions and number of app installs are two other metrics which are relevant in this scenario.
Transaction: If your business is aiming for ultimate transaction and closing sales, conversion rate is again highly applicable here. Product catalog sales and store visits are also actionable metrics in this instance.
Moving on to the targeting your audience, this step is crucial for maximizing your business reach, the right kind. The audience size you should go for will depend on the type of action you are seeking to drive. For instance, for a brand awareness ad, broadening the audience tends to do best. Once you define the kind of audience your business needs to reach, Facebook provides the following targeting options.
Core Audience– Targeting audience based on information shared on Facebook such as location, interests and behavior, this helps reach a broad-brush audience relevant to your business.
Custom Audience– This taps into your existing customer base and prospects. Custom audience may be powered by CRM data or the aforementioned Facebook Pixel and SDK.
Lookalike Audience– Just like the name suggests, lookalike audience allows reaching potential customers who share similarities with customers who have already interacted with the business.
Try to keep audience overlap to a minimum. While not necessarily harmful, it may result in poor delivery of ads in the long run.
Facebook provides a stream of placements across its various channels, compatible with mobile, desktop and connected TV. Remember that only certain placements are eligible for the kind of campaign objective you are opting for. With a Lead Generation goal, for example, ads can only be delivered across Facebook and Instagram. It is recommended to choose all eligible placements to optimize opportunities across platforms.
Alongside the available placements, format of ad is determined too, each format eliciting a particular type of media or creative. Ad formats include-
Single Image: A compelling image, lifestyle or product imagery, to reach prospective customers
Carousel: An ad with 2-10 clickable images, allowing creative room for thematic storytelling
Single Video: Incorporating visuals to deliver a brand experience through a video ad
Slideshow: A looping video with up to 10 images and uses pre-existing resources of the business
Collection: An ad designed to make mobile shopping a more immersive experience through brand showcasing and featured themes and products
With most of these formats, it is suggested to creatively experiment with the content to check what strikes a chord with the audience.
Lastly, after launching a campaign, measuring performance is where most businesses falter. With a host of customer data to sift through and an abundance of metrics available, marketers struggle to find relevancy. Facebook’s curated analysis is here to help. Audience outcome, Brand outcome and Sales outcome answer the questions that naturally arise after launching an ad campaign.
Sales outcome being the most relevant for quantifying action, these are the following solutions available.
Facebook Ads Reporting: measures online and offline conversion i.e. percentage of total ad clicks which resulted in purchase decisions
Facebook Conversion Lift: measures additional business driven online by Facebook ads
Partner Lift: lift measurement using first-party data within third-party environments or for grocery and retailers transaction data
Multi Touch Attribution (MTA) Partners: uses MTA reporting, determining the value of each customer touch point in ultimately leading to a conversion, to understand which marketing channel or publisher should be credited with the conversion
Marketing Mix Modeling (MMM) Partners: statistically measures the impact of various marketing tactics or marketing mix and forecasts the effectiveness of future sets of tactics
Mobile Measurement Partners (MMP): helps mobile app marketers track and optimize user acquisition and re-engagement spending to bring back non-interactive users
Inciting action from customers in a deluged brand content environment is difficult. Measuring it, more so. Thankfully, Facebook advanced marketing solution is here to help businesses connect the missing dots, through and through.