When small business owners plunk down their marketing dollars for ad spend they are taking a leap of faith that they will get a high enough ROI to make money. When every dollar in your budget counts, you want to make sure that you aren’t overspending on ads. Facebook ads are one of the oldest and still one of the most effective social media ad spaces. But the Facebook ad builder is deceptively complex and you can overspend if you aren’t careful. Here are 4 easy tips to help you make the most of every dollar you spend on ads.
#1. Customize and Control Your Ad Placement
One major factor that determines your ad spend is the placement of the ad. At the time of writing this article the placements options are:
- Facebook desktop news feed
- Facebook mobile news feed
- Facebook right column
- Audience Network
- Instant Articles
Each ad placement has a distinct size and ad type that works best. You are able to create different content (images and text) for the specific ad placements within the same ad campaign. Once you have customized your ad images, start off by using all of the ad placements. Don’t assume to know which will work best. After a few weeks, check your analytics to see which ad placements are performing best and cut the weeklings. You will save money by spending only on ad placements that work best for your brand.
#2. Test Bid Strategies
The types of bid strategies available will be limited based on your campaign goal. The campaign goal with the most bidding choices is “conversions.” Use the conversions goal and create the same ad using different bidding strategies to see which will give you the most bang for your buck. In most cases, Facebook automates bids. This is the default option that many people choose. More advanced advertisers can choose to manually bid in an effort to better control their costs.
#3. Schedule Ads At Peak Performance Times
If you have a long standing active business page then you can use Facebook Insights to narrow down your content’s highest performing days and times. If you do not have access to this data then start with a wide net. Over time, monitor your ad performance and set your ad schedule to mimic the best performing times. If no one is clicking on your ad on Sunday mornings, pause it during that time. Increased ad spend on the highest performing days and times will help raise your ROI.
#4. Tweak Your Custom and Saved Audiences
Saved audiences are ones you create by adding and excluding demographics, while custom audiences are ones you build with contact info or retargeting pixels. The more targeted your audience, the higher your conversions will be. Your ad can be a combination of these two audience types for increased reach. View ad metrics often to see what demographics should be cut. For example, if your ad isn’t resonating with people over 45, limit the age range. Advertising to a more specific audience will raise the cost slightly but will also raise the conversion rate dramatically.