Facebook Ads have become a game changer for most online businesses. It has opened new doors, allowing entrepreneurs to improve their exposure, and capture the attention of many.
And so, it’s no wonder the competition is fierce. With so many brands having been using the tool to get ahead, any newcomer is essentially risking everything just to make a small return. And that’s no fun.
Chances are you would like to increase your profit margin and value. After all, if other people are generating positive ROI using Facebook Ads, so should you.
This could mean taking some high-risk steps, such as streamlining your services and/or products offered. Or it could mean upping the size of your audience. It might seem daunting at first, but don’t worry. This is the first big step to scaling your business if the numbers work out.
You Need More People Like Your Customers
That’s right. More eyes on your product could mean more money. Expanding your audience is key.
But have you thought about increasing the percentage of your lookalike audience? Most people think small when they think lookalike audience. They aren’t sure what exactly it is or how it can be useful. They think of it as something that they hear about sporadically, but that ultimately doesn’t matter.
A lookalike audience is made up of people who share striking similarities to your best customers, meaning there’s a high possibility that they will enjoy what you have to offer. This means they can make or break you. Taking them seriously can mean great strides for your exposure and sales.
Try to make sure you have a re-targeting pixel set up to generate a custom audience, then experiment. You can keep up the process by developing different sets of lookalike audiences. You could even set up dynamic lookalike audiences that will adapt to the visitors who trigger the pixel on your website.
More success equals more data and more data means that Facebook can do the work for you. That’s why pinpointing the right target audience is essential. With it, you can do wonders. The possibilities are endless if you keep your CPC around a third of your customer LTV (lifetime value) overall, and make sure to try to dive deep into Facebook’s analytics.
You Need a Bigger Market
Now that you’ve expanded your audience let’s make you a worldwide sensation. Now it’s time to go into different markets.
This could be a cost-effective solution, especially if their CPMs are lower. And if you’re in the drop shipping business, even better!
Just don’t get stuck on one country for too long. With more people comes more and greater competition. Other English-speaking regions like Canada, countries in Europe, and even the Philippines often get overlooked.
Don’t be that guy or gal! Try to be open to new markets and you could start to see results. Once you’ve successfully mastered one country you can move on to another and another.
Facebook can essentially do the work for you with enough lookalike audience data. And luckily, less competitive countries usually don’t cost as much to target, which means you’d be building up engagement without as much effort as it took initially.
Knowing how to manipulate lookalike audiences in different countries is crucial. It allows you to expand your reach, and perhaps even save on some marketing costs. Just make sure to change your language settings. This can help you reach more potential customers.
Optimize Your Funnel
If you’re only targeting website visitors or cold targeting new customers, chances are you aren’t seeing much of a return. You might be asking what should you do?
You need to try to create a warm audience of people who like you.
That’s right! You’re the new kid on the block that needs to captivate people’s attention. Don’t ever expect anyone to automatically invest time and energy in you if your brand is unknown or unproven.
First, you can create higher funnel objectives. Who exactly are you targeting and how? Have they already shown interest in you by clicking on a video or commenting on a blog post?
If you don’t know already, re-targeting your warm audience can save time and money.
And don’t be afraid to get selective. Just because someone has shown interest in you doesn’t mean they like you… yet.
This is where segmentation comes in. You’ll want to segment it out by the way your followers are engaging with your brand. That includes, but is not limited to, those that watch your content, those who interact with social media page, website visitors, and those that have added something to their cart. This will take some trial and error.
Whether you decide to segment different audiences or split test various copy will ultimately depend on your end goals.
So, try to start with the end in mind. Do you want more publicity or more sales? One does not necessarily equal the other.
Spending money to make money is always a risk. But if you have a strategy in place there’s no reason why you shouldn’t at least learn something in the process.
Be sure to join our Workonomy™ group on Facebook for more actionable advice for your business. We cover topics ranging from organic SEO, online storytelling, making investments, partnerships, negotiations and more. Share your voice over at Workonomy™. We’re listening, and we’ve got answers.
About the Author Daniel Doan is an award-winning growth marketing consultant and digital strategist with over half a decade of experience building brands, growing communities, and directing marketing strategy for hundreds of venture-backed startups, creatives, and companies worldwide. He has also been described as one of the top digital marketers in eCommerce and interactive software. You can discover more growth marketing strategies and tactics to grow your business on his personal blog: http://www.danieldoan.net.
All content provided herein is for educational purposes only. It is provided “as is” and neither the author nor Office Depot, Inc. warrant the accuracy of the information provided, nor do they assume any responsibility for errors, omissions or contrary interpretation of the subject matter herein.
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