If there is one thing I’ve learned from advertising on Facebook, it is to never get too comfortable with the performance of my campaigns. As new advertisers invest their dollars in Facebook, and new products are released on the platform, your strategy must continue to evolve if you hope to stay competitive.
Listed below are a few tests you may want to try if you are looking for that competitive edge on your next campaign.
Try Sponsored Stories
This may seem like a no-brainer for most savvy Facebook advertisers, but for those of you who haven’t taken advantage of Facebook’s sponsored stories, test them ASAP! The lift in performance you can experience from this ad type is incredible.
It goes to show how much of an influence your friend’s ‘social endorsement’ really has on your consumer behavior when it comes to social ads.
Use your customer base to create Lookalike Audiences
This is a hidden gem that too many advertisers are missing out on. If you have access to a mailing or phone number list of customers who have purchased your product, or filled out a lead form on your website, I would highly recommend uploading this list into Facebook’s custom audience targeting and creating a Lookalike audience.
Facebook does an excellent job of finding a user base similar to those users who have already converted on your website, and this often includes users you normally would not be able to reach through your traditional interest-based targeting parameters.
Give Optimized CPM a chance
One of the biggest lifts in performance my team has seen in our campaigns recently was from testing the Optimized CPM bidding option. We’d tested this bidding option in the past and didn’t see much success from it – fortunately, we tested it again and have seen incredible results.
Our cost per like has literally been cut in half over the past month (compared to what we were paying previously on a CPC bidding model), and it continues to drop, while still bringing in extremely relevant users.
It goes to show that continuous testing, even if it was previously a flop, is incredibly important to the continued success of your advertising initiatives on Facebook.
Take advantage of Newsfeed placement
It is no secret that the prime real estate of Facebook is in the newsfeed. Not only is this how you reach Facebook’s mobile traffic, many users never venture outside of their newsfeed when logging into Facebook.
Knowing this, it is astonishing that a number of Facebook advertisers are not capitalizing on this placement. If you haven’t done so already, set up a campaign that houses ads with exclusive newsfeed placements, and watch the performance sky-rocket in comparison to their standard right-rail ad counterparts.
Hopefully you can use this article to help you turn your next campaign into a great one. Facebook gives us the opportunity to be very adventurous in our advertising efforts – I highly encourage each of you to take the risk and try something new. Never grow complacent with your current Facebook advertising efforts; there are always more ways to improve your campaigns.