06 Feb How to create a profitable Facebook Advertising Strategy For your business
In this episode of The Impact Driven Entrepreneur Podcast, I share how to create a profitable Facebook Advertising Strategy for your business. This is an important part of your business and this strategy will help you to increase your return on your advertising costs.
Click play below to tune in.
First I want to say, I love Facebook…and you must know that Facebook does market to you.
As a page admin have ever seen notifications that say something like…
“Your post is performing better than x% of your other posts, would you like to boost it for only $7?”
You might be scrolling and see an ad in your news feed from your own page. At the bottom, it will say “Only you can see this ad”.
The bottom line is that Facebook wants you to run ads on their platform and so they give you these reminders to do so.
However, if you take the time to be strategic with your ads you will be sure you get the Return on your investment in ads.
In this post, I will share how to be strategic with your ad campaign so that it is profitable and we will use the Impact Formula™ framework to help you plan out that strategy.
1. Commit To Ads
I had planned to have the next point be #1 (you will see why in a minute!) but after re-recording the audio a couple of times, I realized no we need to talk about commitment first.
Facebook ads can be a hyper-sensationalized tool.
Many people make a lot of money using ads.
What you don’t hear is what they had to do to get there.
How many times did they have to test the funnel?
How many times did they have to test the ads or the targeting?
Yes, you can get quick results with Facebook ads but you must also be aware that if you want to use ads as a way to grow your business it is just like everything else that is worth doing…
Having a highly profitable ad campaign that is running on autopilot for you does not happen overnight and certainly not without testing, tweaking and investing- time, money, and energy into that system.
2. Begin With The End In Mind
Know how you will make back your investment in advertising.
Will you be promoting a specific program, product or service?
Know that ahead of time so that you can draw in the right people using your ads and also be ultra confident in the process of investing in ads.
3. Attract The Right People
The first phase of the Impact Formula™ strategy starts with attracting the right people.
You will want to make sure you do thorough market research to understand and know what your ideal client is struggling with and what their dreams are.
With Facebook ads, you will use this not only to craft a compelling message through your ad but also by targeting those specific people using the Facebook Ads Audience Insights Tool (Check out the image below to see how to access it).
Related Podcast mentioned in the audio: How do I know if my business idea will make money
4. Connect With Your Ideal Clients
The mindset around ads tends to be “Conversions” focused.
But what I have found to work exceptionally well is to hone in on a genuine connection.
This is, even more, the case now because people are being bombarded by thousands of marketing messages every day.
According to the American Marketing Association that number is over 10,000 to be exact.
Which means it’s even more important that we build a genuine connection with our potential customers.
This will allow them to not only see our message but actually remember it!
I go into more detail on how to do this inside the audio.
It’s important that you have a conversion event that you know will get clients to purchase your program, product or service.
Brick and mortar small businesses do this every day and it includes bringing people in the door.
For online only businesses, this is an area that you need to build and set up using an online marketing selling system.
The goal is that the system (You may have heard them referred to as a Funnel, webinar, challenge or sales call) is converting effectively with your warm audience before taking it to a cold audience using ads.
Converting leads to sales ensures that you will make a return on your investment in Facebook Ads.
The most important metric to look at in your Facebook Ads campaign is your earnings per lead.
This is the number that you can use to ensure that your ads will be profitable.
To get this number you divide the number of leads that you had going through your sales system and how much money you made and that gives you the earnings per lead.
As long as your Facebook ad lead cost does not go over this amount you will be able to remain profitable.
In summary, the first thing you want to do is to commit to Facebook ads as a strategy in your business.
Next, you will want to start your campaign with the end in mind- what is it that your campaign will sell?
Then we can start with the Impact Formula™ Framework of Attract, Connect, and Convert to get the sales we want using Facebook ads.
If you have any questions about running ads, feel free to reach out to me or comment below.
Work With Mariana
If you are interested in working with me further to help you set up your sales system or to run your ads for you schedule a complimentary discovery session here.