This article is the second part of our deep dive to understand what drives Facebook costs.
The goal? To master the Ad manager on Facebook and increase your ROI.
You can find the first post here about Facebook Ads Manager software.
What would it mean for you if you could spend less to obtain better results?
By understanding how the system behind the ad manager on Facebook works, you can achieve exactly that. This is why it matters.
And this is why you should keep reading!
First, a quick recap of what we discovered in the first part of this article.
- You are part of a bidding war
Facebook doesn’t assign a fixed price per ad but runs constant bids where the one who pays more gets the coveted spot in users’ newsfeed.
- You are not competing only with similar products
Remember that your target customers also have other interests, needs and hobbies. But just one news feed. For this reason, the competition is much tougher than you might think.
- Relevance trumps everything
In this article we will discover that some audiences are simply more expensive than others. But this doesn’t mean you should target the wrong people to save few cents. In fact, this could be your most expensive mistake.
So, keep the above in mind next time you open the ad manager on Facebook.
What day is it today? (and how keeping this in mind can affect your budget)
It makes a lot of sense when you think about it.
We are talking about a marketplace like any other. We must abide by the law of demand and offer.
And if in certain periods the demand is much higher, expect the prices to spike.
If you are trying to reach parents of school-aged kids right before the back to school season for example.
Or worse, if you are trying to reach anybody during Christmas time.
You may argue that there is a reason why everybody wants their ads shown in those periods. That your customers are more receptive during those times.
This is all true.
But I see it also as a missed opportunity.
Be creative with the ad manager on Facebook: think out of the box and win
When you advertise in peak periods you will spend more. And you will also try to talk to your customers at a moment when the background noise is maximum.
Will they listen?
But if you come up with a new angle, and launch your campaign right before or right after the peak, you might have your customers’ full attention.
You could increase your ROI. And reduce your costs.
What if you could target a need that parents have right after back-to-school? What if you could empathize with a specific state of mind your customers are in, in a way less creative marketers will not?
In my opinion, using off-peak periods to advertise on Facebook is one of the most clever ways you can reduce your costs.
Worth a try?
If you do, I’d love to hear about your experiences implementing this new strategy!