In the social media realm, the platform that continues to dominate the field is Facebook. As of January 2016, there were more than 1.65 billion active Facebook users around the world (Statista). Many of those users view Facebook as a way to see what their friends are up to or as a place to post selfies and pictures of food. But Facebook is much more than that. It’s also a platform that many businesses are/should be taking advantage of. So for those of you that haven’t jumped on the bandwagon yet or are still not sure why Facebook advertising is so important, here’s a list of benefits that Facebook advertising provides:
- It’s cost effective.
Facebook ads are pretty much dirt cheap. When comparing the average cost of ads per 1,000 impressions, Facebook ads are lower than any other platform – both online and traditional (Moz). And yes, “any other platform” includes Google AdWords.
- It has very specific (and awesome) targeting options.
Facebook ads can very easily target people who are not already your customers but fit the exact criteria of your desired clients. You can literally target a specific gender/age/relationship status/education level, etc. within a specified geographic area, who have interests related to whatever product or service your company offers.
Not to mention, Facebook offers retargeting options as well. These allow you to reach the people on Facebook that have already interacted with your brand digitally. That means it can reach the Facebook users that are already interested in your business.
- It helps you track your performance.
The insights provided by Facebook give you easy access to a number of metrics. These include page performance, likes, demographics, impressions, frequency, reach and more. These metrics can show you which ads people like, and which ones you may not want to run any more. Facebook provides this data in real time, so you can make any necessary adjustments quickly.
Facebook even has split testing capabilities. This means you can test your ads with different audiences and get a better idea of who your ads should be targeting.
- Everyone is doing it.
According to Facebook, there were more than two million active advertisers on Facebook in 2015. In addition to that, 16 million business pages existed in May 2013, and that number continues to grow. Chances are, at least one company you consider a competitor is included in those astounding statistics.
There’s a blog post on Moz in which author Brian Carter says, “If you just spend $1 per day on Facebook ads, you will get in front of 4,000 people that wouldn’t have seen you otherwise. If you are doing that and your competitors aren’t, you win the awareness game in your niche.”
Now think about the flip side of that statement. If your competitors are doing that and you aren’t, you are losing the awareness game in your niche. So don’t lose your competitive advantage by being late to the paid Facebook ad party.
- It works! (When used correctly)
One thing to keep in mind when using Facebook advertising is that when people are scrolling through their Facebook newsfeed, they typically aren’t in “shopping mode.” That means that most people on Facebook are not looking to buy something at that moment. That being said, the most effective Facebook ads focus on increasing brand or product awareness and earning exposure, rather than direct selling.
According to eMarketer, 41% of social network users discover new brands, products or services by seeing ads on social networks. And in terms of driving ROI, advertising executives say Facebook is the best platform for the job (eMarketer). The same ad execs also ranked Facebook highest in targeting effectiveness.
In conclusion, it’s a no-brainer. Facebook Advertising is a necessity, and companies need to get on board before they start to sink.