It’s hard out there for a company’s Facebook page. Gone are the days where you could just mosey up to Facebook and make a post that people would actually see. As a matter of fact, regardless of how many likes you have, no post you make will ever organically reach more than 6% of your fans on its own. And bad news: that number is getting lower.
Obviously, this is just Facebook’s way of making the brands and companies that use their free platform pony up some cash for their posts to pop up. It’s a sinisterly evil bait-and-switch, but if you want Facebook to remain a useful tool in your marketing strategy, you’re going to have to pay up. Fortunately, this doesn’t have to be an expensive proposal. With proper targeting, and an efficient budget, you can see your Facebook campaign shoot through the roof.
Setting the Perfect Facebook Ad Budget
Here’s a dirty little secret about Facebook ads—the overall budget doesn’t really matter. Well, it does, but not as much as other things. Your maximum budget should just be tied to how long you want your ad to run and how much you feel comfortable spending at that current time. The real important numbers are the geekier peripheral metrics. And trust me, nothing gets me going more than geeky peripheral metrics. But before you even open Facebook, you have to have all your ducks in a row.
Anybody can throw some money at Facebook and see some results, but getting quality results that will help you grow your business is much more difficult. Since Facebook’s built-in tracking tool, Facebook Insights, is occasionally unreliable, before you start spending money, you have to set some goals.
So what do you want to expand? A good goal for Facebook would be to increase:
Email newsletter subscribers
So let’s say you want to double your likes on your Facebook page within the next six months. Great! Let’s figure out a way to achieve that goal.
The single most important metric for a Facebook ad (or anything marketing related) is what you pay per result, or in this case, cost per like. Usually, a Facebook like costs between $.70 and $1.00, but usually can be had for less. Next, it’s time for targeting and creating your ad.
The more targeted you make your ad—by setting demographics, locations, and interests that are specifically tailored for both your potential customers and relevant to your business—Facebook will tell you an estimate of how many people you can expect to see and a suggested maximum bid. The actual amount of money you choose to invest per ad doesn’t matter—your max bid is where all the magic happens.
Obviously, the higher you make your max bid, the more your ad will appear, but the higher your key metric—in this case, cost per click—will be. Usually Facebook sets your max bid to directly between their suggested maximum and minimum. However, this number isn’t usually best! Depending on how much you want your ad to perform, how long you’re running the ad, and what your budget is, experimenting to find the best number for your business takes tweaking.
But do you know who can do the tweaking, monitoring, and budget setting for you? Blue Corona! We can manage your Facebook ads and get them to perform big time. To learn more, contact us today!
About The Author: Blue Corona is a data-driven online marketing company with offices in Gaithersburg, MD and Charlotte, N.C.
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