Facebook ads have been one of the haven for business of all sizes to generate quality leads, or increase brand awareness , bring in more sales by setting up specific campaign as per their business objective.
But recently a lot of marketers has started complaining about the high cost of advertisement to use the platform. Compared to what we have been paying in 2012 to run ads and generate sales leads for businesses, today its a challenge for businesses to get profitable leads or even break even on their customer acquisition cost.
However there are businesses who run profitable marketing campaigns using Facebook ads and generate 2X- 19X ROAS(Return on ad spent). So, what makes them different when compared to all the other businesses who are struggling to see results using Facebook ads?? Let’s have a look.
First and foremost , people who start out with Facebook ads doesn’t understand how it works. They try to figure out how to run ads using YouTube instructions or follow strategies suggested by the Facebook ads or marketing gurus. Well, I am not saying they are bad, but these instructions or strategies might have worked in their cases, but would it work in your business or marketing campaign? That’s the million dollar question.
This is where we need to identify how to market your produce/service the right way. Since we are talking about Lead generation, lets see how we can reduce the cost per lead by setting up the campaign right way and get most out of Facebook ads.
- Identify your target audience and create a buyer persona
Understanding your target audience is one of the important aspect in creating an advertising campaign, speak their language, understand their pain points. You are trying to reach people to ease their life. Your message should convey it.
- Creative & Copy writing
Once you have identified your audience, you need to create Image, Video that resonate with you target audience. It doesn’t have to be fancy or color full, it just needs to convey the right message to your audience on how your product/service will make their life easy.
(High CTRs have been found of copies that speak about their pain points, as they relate to it and checkout what you are offering)
- Testing, Testing, Testing
If you are a new business running Facebook ads for the first time, testing your complete campaign is very important. Test multiple creative, Call-to-action(CTA), Targeting and identify which ad set is working well for you, and if you work with and agency that specializes in your industry to run your ads, you can save a bit on your testing budget and get results as your optimize your ad.
- Analytics & Data Integration
Its 2023, data is king here. To get the right data from your campaign, you need to setup your business manager the right way, install Meta Pixel, Verify Domain, and setup Conversion event to track each and every aspect of your campaign. This will help you to make better decision on how to target and how to optimize your Facebook ads to generate more leads with a less CPL.
- Continuous learning
Facebook keeps updating their policies and Business manager dashboard to simplify the advertisement process. Learning how to implement the changes or being updated to these changes can bring as added advantage to help your run your ads and generate quality business leads for you.
Each and every business is different, and every business needs to be approached and handled different. The ads strategies that’s working for a Mortgage Broker, might not work for a Real Estate agent, even though they are in the same home servicing industry. OR an e-commerce store selling FMCG products and a store selling Pet supplies will not have the same ROAS or Customer Acquisition Cost(CAC).
The topic of reducing your cost per lead using Facebook lead generation ad is a vast topic and I will be writing more about these topics in the coming articles.