Tracy Petrucci: Marketing Ideas Into Action: Facebook Ads: More Bang for Your Buck

Friday, March 13, 2015

Facebook Ads: More Bang for Your Buck

I do some of my best thinking in the shower or driving on the freeway. This morning, in between the shampoo and conditioner cycle, I realized something about Facebook ads I hadn't quite put my finger on before.

Lately, I've done some ads that have had an exceptionally high click through rate (CTR) in their first 24 hours. When I spoke with a Facebook Advertising trainer once from Facebook headquarters, he told me the highest CTR he ever achieved was 18%.

My clients usually will see a 1% to 8% CTR on average, 12% or 15% on a good day. I'm never happy when it's less than 2%, but it happens. And it doesn't mean the ads don't work when it's less than 2%, they can be contributing significantly so someone's bottom line with those few who click. I just have this personal bar and I say to myself, "Well hmmm, how can I make these ads do better?"

THE HIGHEST CTR IN HISTORY (for me)
Recently, I did an ad that had a 47% CTR. I was a bit blown away. I had asked people to vote on their favorite set of photos for my new office. They were coffee themed pictures, and I chose people who expressed an interest in coffee (french press, fair trade coffee beans, etc) hoping the pictures would catch their eye and they'd participate. Well it DEFINITELY worked. I've never, ever seen such a great CTR. 

As time went on it dropped a bit after the day went on. I've been noticing this more now often as I pay attention to the time span it takes for a Facebook ad to lose steam. It's always different per the industry and targets, some don't catch on until more people are on Facebook and see the ads, and sometimes, it's the opposite... a big burst in the beginning, and a slow fade off. This is standard for most ads over a period of time, it's not like I have never noticed a boom of interest and a drop, but this is a dramatic burst and fade I'm talking about.

What I realized this morning is this is yet one more reason why I love Facebook ads for small business owners, or anyone who wants to be savvy with their marketing budget. There will always be a certain group of people in your target who are interested in what you are saying, and a certain group who are not. When you can reach the majority of those who are interested in a short time, and notice the rest are not going to engage, you can stop the ad and move on. This saves lots of money!

This "boom and bust" strategy (I just made that up) is not always the right approach, since sometimes for marketing purposes you need those eyeballs to see your brand over and over before they will click or engage. That's standard marketing know-how. BUT sometimes, you don't. And this can save some resources when you realize you needed some feedback or results quickly, you snagged the portion of people who are going to participate, and you move on and stop the ad.

CORPORATE EXECUTIVES AS A TARGET MARKET
I experiment last night with an ad to "corporate executives" because I had not noticed this category before. A lot of my clients wonder if they can find their target market on Facebook ads, and you have to be clever by targeting the publications they might read, the places they might go, the apps they might be using, and see if you are having luck. However now I see this new category, and of course I want to see what's going on with it.

So far I'm impressed- a 12% CTR in night 1. This morning I checked again, and now it's at 10%, but the cost per engagement has dropped by 50%. So in my mind, even though the CTR dropped a percentage or two, the cost is so low I'll let it keep going for the rest of the day and see what happens. If anything worth reporting comes up, I'll follow up here. If reach keeps going up and people start ignoring the ad, I think it's safe to say I reached my key people who care, and I've had my boom.

RELEVANCE SCORE
Something else brand new I've noticed is the Relevance Score. I love this, because I've always preached about how you have to make the ad super niche and perfect for them. Nobody is asking to see your Facebook ad. You have to try and make them think, "wow this ad is just for me!" Because I'm insanely picky about this, I think my relevance scores were always probably pretty high, but you know what is cool, now I KNOW they are! Check out the ad report for the corporate execs ad I am talking about from above. 10/10 on relevance. This is great for those of you who are wondering how you're doing with your targeting.

Since it's new, I'll have to wait and see how accurate I think it is though. Maybe I'll do a terrible ad and see what it gives me for a relevance score, before I get too excited. But you'll see in the screenshots, you always have to go a few steps beyond what you initially think, to make it super relevant. On this ad, I don't want just plain ol' corporate execs. I want tech early adopters, I want people interested in iOS, AND I want them to be in position of authority, and so forth.

I also need to do an ad ONLY targeted to corporate execs, and not the other mix of people I've included here, to really single it out and see how it does. Stay tuned, and thanks for reading.

NIGHT 1 CTR & COST



MORNING 1 CTR & COST


 By the way, the coffee ads vote was an exact tie. EXACT. I could not believe it. I ended up going with neither choice and printed the photos straight onto metal sheets, which was an awesome choice.


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