Let’s be honest here… we all know Facebook is a giant. They’re the “Google” of social media. They’re also a huge traffic source you can profit from.
Recently I was doing a bit of FB advertising and wasn’t very happy with my results. That was a sign it was time to bone up on my Facebook skills. So, bone up I did. Here is a compilation of the best tips the “interwebs” revealed on the subject.
Tip #1- Bid Strategy
This is a big one. Your bid strategy is crucial to getting a campaign to profitable. FB allows you to choose your bid style, which sort of adds to the chaos. What’s important to note here is that your bid strategy isn’t making the choice between cpc or cpm. It’s bigger picture than that. Here’s what I mean…
with CPC: By starting with a cost-per-click model, you can continue to refine your campaign and ONLY pay when someone clicks on your ad. If you started with a CPM model, you would be paying every 1000 impressions, regardless of how effective or how many clicks you receive.
2. Switch to CPM: After you have spend time refining your campaigns (adjusting bids, ad copy, images) and you are getting a high CPC, you should then switch it over to CPM. This way your spend will go way down and your traffic will stay high.
3. Crank Up Your Spend: Once you have a campaign dialed in and you are making money, its time to crank up your ad spend. If you can make $2 for every $1 you spend, there is no reasons that you should increase your spend way up to maximize profits!
That strategy is absolutely brilliant! It’s smart and savvy and it’s going to save you a ton of dough. Split test to get your campaign to where it needs to be, then switch to cpm to lower you costs. Speaking of split testing…
Tip #2 – Split Testing
Any affiliate looking to make money needs to make friends with this practice. Test absolutely everything you can test! Get comfortable with an HTML editor, graphics editor, and split testing software.
The faster you are with these tools the more testing you’ll get done. More testing means you’ll get to profit faster. It’s a cryin shame to see some would-be affiliates that think they’ll just outsource this stuff. You can, but you shouldn’t. Doing it yourself means it gets done faster and a lot cheaper. You need to think fast and be fast. Fast is the new big.
Here’s what you should be testing:
Ad copy – What does the text of your advertisement say? Asking the user to click “Like” below tends to work relatively well.
Ad image – Test different images to see which ones perform the best. You can get extremely granular and test images within various demographic groups. You may find things such as that pink images work better for females.
Interest groups – Another thing you should be testing is which interest groups are more passionate (and hence more likely to click). It’s frequently too expensive to target less passionate and less responsive markets as they click on ads much less frequently.
Demographics within interest groups – Once you find a passionate group, try splitting the ads by gender or age group. You may find that some groups perform better than others. Narrowing this down will help you increase your ads performance and reduce the effective cost per click and cost per action.
Step #3 – Track Your Conversions
This one should go without saying. Because of the title of this post, I couldn’t live with myself if I didn’t mention this.
YOU. MUST. TRACK. CONVERSIONS.
There I said it.
Use Prosper 202 or CPVlab.com. If you don’t, you won’t know which ad/landing page converts. Thereby leaving you blind and hanging in the wind. Enough said.
Step #4 – Review Your Data and Tweak
When you pay for traffic you are essentially paying for data. It’s OK if it doesn’t break even or make money right way. The point is to collect enough data for you to MAKE DECISIONS THAT GET YOU TO PROFIT. Read that again.
After you have been running your ad campaigns for a little while and have some data, you want to analyze that data to see how you can further target your campaign.
Things to Analyze:
- Clicks by Age Bucket
- Clicks by Demographic
- Ads by Purchase/Leads
- Summary of Likes/Dislikes by Purchase/Lead
Those are my “can’t live without” Facebook Advertising tips. If you follow those with everything you’ve got you’ll do ok. At the very minimum you’ll be as well informed about your campaigns as you can be.
Have any super-special FB advertising tips? Share them in the comments.