Are you looking for strategies that will squeeze more return out of your Facebook Advertising spend?
You’ll discover seven advanced marketing strategies to increase your performance on your next Facebook Advertising campaigns.
#1: Lookalike Audiences Base On Events
If you are not using lookalike audiences, you are leaving tons of money on the table. Facebook allows you to create many different types of lookalikes, but one of the most effective are event-based.
Facebook’s pixel and custom conversion tracking allows you to record any and all actions that take place on your website such as purchase, add to cart, lead, view content and much much more. Creating custom audiences out of these events allows you not only to retarget those people but also find cold audiences of people who are just like them and most likely to take the same action you desire.
You can choose the size of your audience from 1% alike to 10% alike your custom audience. Starting with a 1% lookalike audience will yield the closest match to what you are looking for. Once you start to scale you can start testing 2% all the way to 10% match.
#2 Lifetime Value Lookalike Audiences
Facebook Lookalike audiences will give you as close to a 1% match of your buyers. If you really want to find customers that will spend the most with you, Facebook has what is called a lifetime value audience.
It will go beyond just who the customer is but starts to look at how much they will spend with you and how many times they will order from you. With front end profitability disappearing as ad costs rise, creating a customer base that will come back more and more is more important now than ever. That’s why Lifetime value audiences can be extremely valuable to your business because Facebook will actually go out and find people that are more likely to come back to you over and over again.
#3 Lowest-Cost Cap Bidding
One way to get your Facebook campaign performance on the fast track is to switch from lowest cost bid to lowest cost with a cap.
Facebook’s default setting in your adset is lowest cost. What this means is Facebook is going try and get you results at the lowest cost possible. They start by going after “low hanging fruit”. Once the breakdown effect comes into play you will start to see your costs rise. You can read about the Facebook Break Down Effect Here.
When you switch to bid cap with lowest-cost bidding, you can accomplish a few different things.
First off, you can control your costs and prevent costs from rising above an amount you desire. This will be extremely valuable if you know your average order value and your lifetime value of a client. Meaning if you know what one client on average is worth, you will know how much your max bid can be in order for you to stay profitable.
Second way to use cap bidding is to increase the amount your ads will be distributed within your audience. Some people call this the “Bully Method”, where you will push your competitors out of the market. The way to do this is to set your bid cap three to five times your desired cost per result. For instance, if your desired cost per lead is $20, then you would set your bid cost at $60 to $100. By doing this, Facebook will target the highest quality segment of your target audience.
Keep in mind you need to monitor this as your spend can get quite expensive while Facebook optimizes. It won’t spend your entire bid, but essentially you are telling Facebook that you are willing to spend more to get in front of your audience.
#4 Ad Placement Customization
Facebook is shifting their focus to relevance. Sound familiar? Google did this years ago to keep people engaged on their platform. It doesn’t matter how much you spend, it matters how relevant you are to your audience. Facebook’s main concern is the user experience and making sure they are providing the best content to their users, meaning your audience. The more relevant you are the better success you will have.
One way to focus on relevance is by tailoring your advertising creative to each placement available. The placements that allow customization at the ad level are Facebook Feeds, Instagram Feed, Instagram Stories, Audience Network Native, Banner and Interstitial and Audience Network Rewarded Videos.
You will need to select “Edit Placement” at the ad set level and ensure any placements you want to customize are selected. Then once at the ad level you will see an option to customize the image or video in each placement.
This is extremely powerful for advertisers as you can custom tailor the content you are presenting in different placements without segmenting your adsets individually.
#5 Test And Learn Tool Revealing Incredible Insights
The Test and Learn tool and Campaign Compare feature helps you determine which one of your campaigns is delivering the most conversions at the very lowest costs. The benefit to this is you can view your campaigns without the attribution window meaning you can see how impactful your campaigns are over time.
#6 Facebook’s Ads Split Testing Tool
You can dramatically improve your campaign performance by using Facebook’s Ads split testing tool to see how different versions of your ads perform. You have 4 different variables to test. Ad creative, Audience, Placement and of course optimization.
Brandon Fargo is the CEO of Brahvia Consulting