You’re a cheapskate.
Okay, maybe that’s extreme — but when it comes to Facebook advertising, I’m assuming you try your best to make your ad dollars work hard for you.
And you should.
After all, you’re running a business.
But here’s the thing…
With all of the web-based marketing channels available today, it’s truly amazing how strong a response a business can generate without spending a fortune on advertising.
We have it good!
The biggest problem for most business owners and entrepreneurs, however, is that they simply don’t have the time and resources to devote to managing their own SEO, social media, and online advertising efforts.
Many business owners place great value on their time – and you should!
They would rather spend the resources to hire professionals that already know what they are doing then investing the many hours needed to become an online marketing expert.
Things shift and change all the time when it comes to Facebook ads.
You need to be an expert or find an expert to help you.
Whether you decide to hire a company or you decide to handle Facebook ads on your own, there are a few things you should know so that you can save on advertising costs.
After managing and spending a few million bucks on ads, I’ve learned a thing or two :).
As with any type of promotion, you need to make sure you’re seeing returns for the money you spend.
But if there’s an option to spend less and earn more, you should always take advantage.
Here are just a few tips to help you trim advertising costs and see the best results with your Facebook ads.
1. Know Your Target Audience
I feel like a broken record when I say this…
Targeting the demographics most likely to purchase your goods or services is SOOOO important when advertising on Facebook.
This is true not only for getting leads and sales, but also saving money on ads while seeing the greatest return on investment.
You should already know who your target audience is.
If you don’t, you shouldn’t be advertising yet.
Besides that, it’s important to track and analyze how your ads are performing with different target groups so that you can push ads to the most profitable demographics.
You can do this by creating ad sets for different segments of your target audience.
Maybe one ad set targets magazines in your niche…
Another targets thought leaders…
Maybe you break out demographics to see who converts the best.
After all, Facebook ads offer a variety of metrics to track, including age and gender.
By tracking demographic data related to engagement and conversions, you can fine tune your marketing efforts not only for your brand overall, but also for specific products or services.
This can help you to save money and get the most out of every advertising dollar spent on Facebook.
This topic could be an entire post in itself…but not today.
2. Analyze Ad Placement
But if your goal is to save money on your ads, you might want to take this seriously.
You can place your ads in a number of different locations when you advertise with Facebook (in newsfeeds, right side columns, Instagram, and so on).
If you’re not sure what will work best for you, do a test run by placing ads in several locations to see which ones perform best.
Recently I took on a new client and ran some ads.
What we found was SHOCKING.
Okay, not quite, but definitely outside of the norm.
The best buyers in the campaign were women 65 and older, using desktop computers.
Definitely not the typical Facebook user.
But you never know, which is why testing is important.
The results of this test will help you to save money on advertising in the future.
Or if you wanna take the lazy route, advertise to everyone and then check FB reporting to see which placement performed the best.
3. Utilize Conversion Pixels
Alright, this is a bit more exciting…
You can’t talk about advertising these days without discussing conversion pixels.
These hidden elements in your ads allow for all kinds of tracking opportunities, because they collect data about users that click your ads.
Where do they come from?
What happens after they click your ads?
Do they return multiple times after initially clicking your ad or are they one-time visitors?
How can you connect with them for further advertising and promotions?
Not to mention the custom audiences you build, that in turn allow you to retarget, and also in turn can help you create lookalike audiences, that in turn can help you target better, that in turn use all the pixel data you’ve gathered, to in turn save you money on your ads in the future.
4. Pay Attention to Keyword Suggestions
Most people fall into one of two categories…
Either they use the Facebook suggested keywords, or they hate them.
Like Google ads and other online advertising platforms, Facebook will use the keywords you’re interested in to provide you with suggestions for alternate keywords that may cost less and deliver more targeted or better results.
For example, if I’m targeting fans of bugs bunny, and want to see what Facebook suggests, I’d see this:
Anyways — you don’t necessarily have to use the suggestions offered by Facebook — in fact, I’d recommend you find your OWN interests, and then take the suggestions Facebook gives you and verify them on your own.
However, if you’re looking to save money, the suggested keywords may be able to help you with that.
5. Use Images
Okay, this won’t actually save you any money on your advertising costs, but ads that feature enticing images get more clicks, which leads to cheaper ad spend.
Not only will you get more clicks so you spend less per click, but Facebook will likely reward you with a high relevancy score that also lowers your cost-per-impression.
This ultimately means more money in your pocket.
One of the best ways to make this happen is by testing different images and seeing what does best.
You’d be shocked at the difference in click-through-rates you might see, just from changing an image.
But again, if you’re lazy, just do your best to create an image that makes people stop in their newsfeed.
I’d MUCH rather focus on MAKING money than saving money.
But — if you’re looking to get the most bang for your buck with Facebook ads, the tips above can help.
Are you already using any of these?
Have you found other ways to cut your ad spend?
Let me know in the comments below…