The cost of being liked
Being liked in all aspects of life comes at some price. Whether a good behavior, knowledge, trendy clothes or even the most modern gadgets. Its ironical that the most precious things in life are free whereas the most essentials ones come at a price. As an example, one might remember the days where companies used to quote: ” Let’s put that on Facebook, it’s free!”. Since those early days, Facebook remained at the very top of its game, and no wonder today it is one of the best advertising platforms for small and large businesses alike. Today, Facebook has reached over 1.79 billion monthly active users, in an industry where total digital media spends are at 38% of the total media spends. Digital media has now replaced TV media as the number 1 medium for advertising. Moreover, it enables target specific audience marketing. Brands can pick and choose the customers who receive their message based on interests, geo-location, and demographics. In comparison to other advertising mediums, Facebook remains economical when compared to the results it delivers.
Limited ad space competition
In the past few years, Facebook ads have risen in popularity. Its not a mere coincidence that the number of small businesses who advertise on Facebook has grown larger, narrowing the ad space. This growth has created an imbalance of supply and demand. Reports say that in the first quarter the average ad price has increased by 5% and but this has not turned away advertisers, who continued buying ads. But, with the rise of the ads, that the Cost-per-Clicks have also increased, making the small-budget campaigns under performing.
4 million active Advertisers on Facebook.
Its no surprise that as the social platform grew, the number of brands competing to get a chunk of all that foot-fall, grew as well. This intense growth made easier for bigger companies to spread wider. Bigger brands had bigger budgets and dedicated teams who consistently manage the online strategy and thus able to make the overall ads performance better. However, if you are a small or struggling business the chances of you spending a lot of time and money on managing your Facebook performance are lower. So, is there a solution for improving your performance? At our deepest repentance nowadays you cannot make a Facebook strategy without ads. With Facebook ads, businesses have 8x more engagement than an unpaid organic post. Our studies have shows that Facebook advertising can also help brands achieve upto 192% more conversions, 92% higher ad recall, 31% greater brand awareness, and 35% lower cost per conversion. There is one less battle to win the war.
Alternative strategy boosting
The best way to start is by listening what the platform has to say. Use the information Facebook provides and optimize your targeting. Include or exclude audiences based on their interests, age or locations to make your ad reach exactly the customers you need. As the Facebook ads differ from your daily posts, you need to make your copy catchy since its important to grab your eye’s attention from among the never-ending scroller. Another solution might be to launch multiple ads. Instead of creating just one, we suggest you create a couple of ads, playing with the visuals and with the text so to know which one performs best. It us also important, just like everything else today, to make your ads mobile responsive. Responsive ads must be your single biggest agenda since Facebook users use the social network from their smartphone app. However, today with this intense competition for the ad space on Facebook, companies start to experiment with many alternative and innovative approaches to growing their audience or engage with it.
Today, the struggle is to have the trends and creativity work together and become contagious. It is about building relationships and memorable experiences. It is about unique performance and engagement. And probably the best way to make all this happen is by engaging influencers.Social media influencers are the bloggers, Instagrammers and all other people who have a wider community of loyal followers. Using them in your strategy will help you build the desired relationships with your audience. No matter how big the influencers’ audience is, they can reach the crowd easily and in a way that your brand may not be able to. In example, mid-level influencers, like bloggers or instagrammers with ~ 100,000 followers have higher engagement in comparison to the top ranked influencers or even celebrities. Their audience may be smaller but definitely more loyal, driving around 16 times higher engagement than the “Mega” ones. Also, user reviews has become one of the most important influencers in buying a product, right? Well, with influencers, you’ll have very influential online reviews of your products or services, placed directly to your audience, making them believe that it is not only their right choice but also their only one. And most importantly, our research shows that in this millennial era, 90% of the consumers trust “peer recommendation” and only 33% trust the ads.
In the end, whether you decide to go for the economic Facebook advertising or maybe increase your budgets for the tailored ads or even still widening your budgets further to hire an influencer, this is still the best way to place your brand online. So make the most of the social platforms and shine bright like a diamond!