Are Facebook Ads Worth It?
Have you ever wondered whether you should advertise on Facebook or not?
Since you see countless ads on Facebook all the time, it is understandable if you want to take the same route.
We are here to help you figure out whether it is worth advertising your company on Facebook. And, does it even work?
What are Facebook Ads?
Facebook ads are found on the Facebook platform and all of Facebook's ad network, which includes Instagram, for an audience to see and interact with. It mainly involves a call to action, the link to a business' page or a landing page of a particular website. These appear in various locations and doesn't matter what kind of device you are using. Whether you're using a laptop, mobile phone, tablet, or any audience you decide to target.
How Do These Ads Work?
Your Facebook Ads start with utilizing the Facebook Ad Manager to add the relevant details, like audiences, budget, run date, and more. You will have to pick particular fields of interest that you want to target and optimize your funnel accordingly.
For example, you're a family law attorney in New Jersey who is new to Facebook ads but wants to begin generating leads via Facebook.
People aren't primarily coming to Facebook to search for an attorney, so it's your job (the advertiser) to figure out how to create the most compelling offer and position yourself among people who might be interested and get them to convert.
A Facebook sales funnel looks like this: Awareness, Consideration, Conversion.
Before you begin the sales funnel, ensure that your Facebook Pixel is set-up correctly and that you have your events set up properly.
First, you need to devise an ad not so much trying to sell yourself, but more so introduce yourself to a particular audience, like one that may have recently changed their relationship status from married to single. Create a landing page that has a great picture of you, a little bit about your expertise, and how people can contact you (although they probably won't at first).
Next, it's time to create some consideration for you and your firm. If you had your Facebook Pixel set-up correctly and captured some quality results from your awareness ad, this becomes a critical part of the funnel. Set up a new landing page that has a downloadable attachment available after they submit their contact info. For example, in the context of family law, you can present something like, "10 Things To Do When You Are Getting Divorced". Now, the people you've been targeting should be a little more comfortable with giving you their information because they've seen your ads, and you've instilled a sense of trust. Additionally, they're getting something in return for submitting their info. For you, you're capturing their names, email addresses, phone numbers, which is all insightful information.
Lastly, this is the part of the Facebook sales funnel where you are going to convert people into quality leads. Based on the information your Facebook Pixel has captured, you can now create a hyper-targeted ad to retarget people that interacted with your ads and those that have many things in common with those people who did submit their information. For this ad, you can create a new landing page that entices people to provide their information and cite how you can help them. Facebook also allows you to create a lead form right in Facebook as a style of ad. Either way can work, although I like custom landing pages more.
Now, you should see relevant leads coming through via a contact form. Look at this, if ten people submit their information, and it cost you $750 to attain those leads, and you convert 3/10 leads who are on retainer for $2,500+ each, that's a pretty amazing sales funnel that you created and that paid off!
Things to Consider When Assessing the Success of Your Facebook Ad
There's no black and white when it comes to determining whether your Facebook Ads are a success. You will have to factor in a lot of different things that relate to your ads.
This number refers to the average cost that you incur every time someone clicks on your advertisement. Having a high CPC isn't favorable to your business, as that would result in lower profits. However, if your earnings are higher than the cost you're incurring, you are good to go. If your CPC is high and your click-through rates are low, you might not be getting the right ROI that you need.
Click-Through Rates (CTR)
CTR is essential to measure how many visitors are coming to your ad through the link that you have posted. The higher this rate is, the higher the possibility that more people are hitting the call to action button. This data can help establish whether your advertisement is drawing interest or if things need to change.
Cost per action mainly refers to the price you are incurring for every step that the user takes. This number tells you whether your call to action generates you a return, which is higher than your cost or not. You can easily control this so that you don't overpay for an act that doesn't result in benefits to you.
The question remains; are Facebook Ads worth it? Well, this mainly depends on many factors, such as your pixel, audiences, retargeting methods, landing page, copy, graphics, and more. Each business or individual will have to deal with different costs and generate different results. What can be determined is, generally, Facebook has a massive potential reach. With Facebook Ads, digital marketing agencies can produce a beneficial ROI for their businesses. Thus, deeming Facebook Ads as an effective way to advertise their business or product.