So you want to dive in the shark tank and you can only afford the basic scuba diving gear. Well, you’re not the first to try it and there are ways to improve the chances of coming out of it alive and bringing home the treasure you’re hoping for. It’s possible to get decent results from Facebook Ads without spending a fortune. But be ready to put in an extra effort. If you’re doing online advertising with a low budget, every penny counts. You really have to be prepared.
Make sure you’re set up for success
Maximise your performance
If you don’t have the resources to do a massive online advertising campaign, you must do your best to make sure your Facebook Ads are providing the best result possible. What you will save on your wallet you’ll have to put in the effort of constructing a solid connection with those you want to become your customers.
Setup all your tracking
1. Getting every penny out of your ad spend requires that you learn as much as you can about the users you want to attract. Make sure that people who feel interested in clicking on your ad are willing to take the next step and become a conversion.
2. There is a great wide world of free tools out there, helping you to maximise your low budget. Take the best advantage of it and be reminded of what you need to get hold on:
a) Use extensively Google Analytics and Facebook Analytics to understand what people are interested in regarding the product or service you are offering. The opposite task has pretty much the same value: understand which topics fail to get people’s attention and swift away from them.
b) Collect leads. Also called ‘prospect’ a lead is a potential customer, someone considered to be very close to perform a purchase and help you gather attention to your business. Free pop up tools and mail service providers can be instrumental in this quest.
c) Track user engagement. Ever heard of Hotjar? It’s a powerful tool that reveals the online behavior and voice of your users. It combines analysis and feedback tools that helps you improve user experience as a way to increase the conversion rates.
Do extensive audience research
This is, probably, the most important task of your Facebook Ads campaign. As we stated before, when you don’t have the means to reach a massive audience, your best chance is to get in touch with the ones who are more willing to give the feedback you desire. You can dive into the details of it in this article [Reaching Your Target Audience], but here’s the main picture:
Look at your business and figure out what makes your product different from the competition. Establish what is it in your offer that makes it better than the others and also the weak points you have, to avoid making them too visible.
Do primary research. Consider using interviews, surveys and focus groups. It may sound expensive, but think that you can use the customers you already have. Your friends and family can participate. Hear what they have to say about your products and services.
Conduct secondary research. Many institutions deal with data that can be precious to you. Civic organizations, development offices, chambers of commerce, federal agencies, government offices, census bureau and many others provide statistical information that helps you understand where to find potential customers. Another advantage, most of the information is public and free.
Develop a customer profile. You can call it an avatar. The goal is to build an in-depth description of who your typical customer may be. It includes demographic, psychographic, and lifestyle information. Many times, companies look for correlations to identify and market to customers. For an exemple, if you’re selling sports equipment, probably your target will be part of the younger population.
Find out where your audience is. Where do your potential clients spend most of their online activities: social media, apps, email? At the beginning, you will have to use a certain amount of guessing, but try to validate your assumptions when you make the first sales.
Who will pay for my product/service? You can be targeting young people to sell them a cheap car, or an electric guitar, but many times it’s their relatives or older friends that do the purchase. Take this factor into consideration.
Challenge your own assumptions. It’s not easy to admit your wrong, but people can buy your products or services for reasons very different than you imagine. Stay in touch with your clients to figure out why they are choosing you.
Test your hooks & offers organically first
You can use tools offered by Facebook or third party software like Spyfu to figure out what your competition is doing and how they are performing. It’s important to learn how you can compete with them in the same platforms
Talk to your audience. Engage with people you identify as potential clients and learn what their expectations are.
Test organic posts to see which have the largest response. If you have contents on your landing page optimized for SEO you will reach people that were searching for products and services similar to what you offer. Compare which posts perform best and learn what makes them more successful.
Find the best ad objectives for your goal
This a recommendation from Facebook itself. Before you create an ad, establish what are the commercial objectives you want to achieve with it. Are you looking for promoting your business, giving visibility to your brand, increasing your consideration or generating conversions? Your objectives can change over time but it’s important to set up a coherent strategy to follow along.
Double-down on guerilla marketing efforts
Don’t expect the ads to change your business overnight. Magic only happens on very few occasions. Continue doing everything and more that you were doing before while your ads are on. Use guerrilla marketing, be creative, complement your online presence with all other efforts to generate attention to your business.
Engage with people that engage on your ads
If people make an effort to contact you, your answer must be quick and accurate. Don’t waste the chance of generating a lead or even a conversion by being absent. People appreciate when they get an answer, it builds trust, and trust can lead to sales.
Use 70% of your budget to run all your tests in a Page Post Engagement and Page Likes campaign. The ads that get the highest engagement and most page likes, are the best offers/creative combinations
Build audiences for all of those users
Retarget to them with the highest performing offer & a discount (30% of your budget)
Continue to iterate the top of funnel ads indefinitely
Make changes to the bottom of funnel ads as you see top of funnel ad performance change, or until the ad has been running for over 4 weeks, whichever comes first.