Most of us are familiar with the three-layer sales funnel. The three layers (audience, engagement, and conversion) allows you to cast a wide net into Facebook’s algorithm in order to bring more revenue to your business. This article is packed with great information on how to better diversify your advertising budget!
Looking at the structure of the platform and considering how user-focused Facebook has been it’s obvious that they support this strategy. If you are running your campaigns modeled after this strategy Facebook will better serve your ads which will bring in more revenue.
When you first create a new advertising campaign in Facebook, you start by choosing an objective within this three-layer funnel:
The image above gives you a good visual of a sales funnel within Facebook. What these funnels do not properly show you is that the funnel is the NARROWEST at the top and the WIDEST at the bottom.
Your sales funnel should actually look more like a cone. Continue reading to learn why you need to “flip your funnel” in order to get your Facebook ads cranking. Your funnel should really look more like this:
Social Proof = King
Social proof is the name of the game and will really help conversion rates as time goes on! In order to keep your social content more effective run PPE ads to a micro audience using a micro-sized budget ($1-$5 per day).
You can use small saved audiences to build awareness (TOFU, top of the funnel), custom audiences to drive engagement (MOFU, middle of the funnel), and lookalikes to achieve conversions (BOFU, bottom of the funnel).
Boosting posts was formerly thought of as a joke for most Facebook marketers. It was considered a strategy only rookies used. Then a change in the landscape came about that made all the difference. Facebook now lets us boost to custom audiences and various saved audiences as well.
With this feature, you can allocate small amounts of your advertising budget to these types of micro-audiences with ease. You can select the post, the audience, and the budget all right from your page. It’s easy and effective! If you are not incorporating this strategy it’s time to start.
We have compiled a list of four things boosting posts will help you achieve:
- Growing your client/customer base
- Steady reliable advertising dollars being spent when the algorithm is in a funk
- Growing your personal brand
- Influencing the media
Each boosted post targets a narrow audience consisting of a few hundred people. It is safe to say you may accumulate twenty or thirty of these followers to do your bidding, which will continue the flow of boosted posts running evergreen.
People trust their peers more than they trust anything you have to say. This strategy is pretty much piggybacking off word of mouth but with a digital media twist to scale your results.
Engaging an Audience
An average buyer will need to see your brand or message multiple times (7 plus) before they notice it. This is where remarketing brings huge value to your business. See below for a few suggested audiences you need to setup if you want to dial in your retargeting.
- Website Traffic Audiences: If they click on a link to your website, they become a part of a website custom audience you can remarket to. Note: you must have the Facebook pixel installed on your website. To read about the Facebook Pixel, Click Here
- Post Engagement Audiences: If they like, share, or comment on your post, they become part of a post-engagement custom audience which you can remarket to.
- Video View Audiences: If they watch your video for a certain time frame, they are now in your video view custom audience.
- Lead Ad Audiences: If they click “learn more” in your Facebook lead ad, they can give you their contact information in an auto-filled form.
- App Instal Audiences: If they install your appl you have them as a user and can ask for their email among other contact info.
- Brick and Mortar Audiences: If they check into your retail store, they can be a check-in audience.
Whatever action your users are taken Facebook has you covered! You can create these individual audiences to ensure your users are getting the touching points needed in order to convert.
We don’t know the percentage of spend Facebook marketers dedicate to remarketing tactics. But we would be willing to bet for most it is low! So what is a good percentage of your budget to allocate towards remarketing? It all depends on the industry and your sales funnel, but we would say 30% sounds like a healthy starting number.
Most marketers are spending WAY too much money on conversion ads. We see it on a daily basis, someone with a new e-commerce store going straight for conversions on their first advertising campaign. If you haven’t created some solid lookalike audiences hold on to your horses before launching those conversion campaigns!
LAA = Facebook’s Gold Standard
Lookalike audiences are the gold standard when it comes to Facebook advertising. With the algorithm becoming more powerful, lookalike audiences usually stomp any other option. The workhorse of your conversion campaigns is your lookalike audiences. Take the first month or two to build your business some audiences and assets. The better you execute in the early stages will make all the difference in your revenue down the road!
You won’t be flying to Hawaii because your Shopify store had huge sales figures in the first month. However, if you invest time and dollars to properly build your assets and flip your sales funnel the chances of you taking a tropical vacation a couple months down the road will greatly increase! Think long game or marathon running as opposed to a short sprint.
Now go get those remarketing assets established, happy hunting!