Facebook is the king of social media with over 2 billion monthly users worldwide. A more revealing stat about Facebook’s dominance is the 1.15 billion daily users on mobile devices. SnapChat, Instagram, and Twitter can only dream of hitting that number of daily users. Millions of businesses have Facebook pages, but very few are running ads. Why? For starters, most people do not know how to use Facebook’s ad platform and don’t understand the power of targeting for B2C and B2B products and services. In this post, we hope to push some of those businesses over the edge to take a chance and try running Facebook advertising for their business.
#1: People Spend a Ridiculous Amount of Time on Social Media
It’s 2017, we know social media is addicting, but how bad is it? The average person is spending around 1.72 hours on social media every day. The average American is spending 40 minutes on Facebook everyday liking, sharing, and posting content. The opportunity is huge for advertisers to drop into a potential customer’s feed!
#2: Facebook Organic Reach is Dead
A sad fact is that only about 0.5% of your fans will see your post organically in their feed. You have to promote content to create engagement and grow your fan base. The changes in Facebook’s feed algorithm have hurt business owners, but they have made it extremely affordable to reach potential customers. Typically $50, will help you reach 5,000 – 10,000 people with your post.
#3: Targeting Power is Unmatched
I think this fact may surprise some business owners primarily B2B services and products. Facebook has the most robust targeting platform for advertising. Standard targeting features include demographics, location, age, gender, interests, behavior, and connections. The tools and data that separate Facebook’s platform from the rest includes:
- Recent purchase behavior
- Life-events like buying a new car, moving into a new house, getting married, having a baby, etc.
- Custom audiences to nurture leads and build loyalty
#4: Powerful Remarketing Across the Web
What is remarketing? Remarketing is technology that shows ads for your business to people who have visited your website, used your app, or subscribed to an email list. People will see the ads across the web on other sites, social media, videos, and Google. Companies are seeing engagement rates boost by 3X and conversion rates increase by 2X with remarketing campaigns. We recommend using remarketing to drive hard offers like sign-ups, consultations, downloads, etc.
#5: Facebook Ads are Cost Effective for Local Businesses
After the demise of Google Business pages, Facebook has stepped in to woo local businesses and connect them with customers. It turns out people prefer to put business reviews on Facebook over Yelp or Google because they are usually already on the platform. Facebook is enabling businesses with Local Awareness ads and Facebook events to help drive walk-in customers for businesses like restaurants, retail stores, hospitals, and professionals like dentists, realtors, and lawyers. Local companies are typically able to reach a $5.00 CPM ($5.00 per 1,000 local impressions) very easily.
Inspired by www.inc.com