With over a billion users, Facebook is undoubtedly the largest social media network. As a result of this, Facebook is a fitting platform for e-commerce businesses to expand their advertising reach. Additionally, with a plethora of users with varying demographics, it gives you the opportunity to acquire new customers on a larger scale. That’s not all, with the informative data Facebook provides, you’re also able to retarget existing ones easily. Hence, this is why Facebook can prove to be an extremely versatile platform for you.
If you are operating a business digitally and have yet to capitalise on Facebook advertising, you are missing out on this amazing opportunity to grow your business. To ease your concerns, we have curated a list of some of the most effective solutions that you can employ when it comes to developing strategies around Facebook ads.
And hopefully, by the end of this article, we hope to give you a rundown of the right approaches to take when tackling Facebook advertising strategies to benefit your own business. Without further ado, here are a few tips on how to boost your Facebook advertising strategies.
Tip 1 :
Product Catalogue based Advertising
Take the Facebook Product Catalogue as an online brochure for your business. This a very helpful feature that can assist you on showcasing multiple products in one ad. Let’s take a look at why this ad type is so effective!
Increased Conversions – The Facebook Product Catalogue ad allows you to display multiple products within similar themes. This allows your users to browse through your range of products without necessarily leaving Facebook. Providing your target audience with options is a proven method to improve the number of conversions for your business.
Tailor ads based on your users – You’re also allowed to set filters and select inventory that can be catered accordingly to your audiences. For instance, with this, you can decide on showing your products based on 3 filter options:
- Show products from your business category to potential users who might have a high interest in your product or services. For instance, if you run a bakery business, you can show your best selling cakes to users who have a high interest in food & beverage pages.
- Show products only with a high discount value for the bargain hunters.
- Show products with prices under $5 for the specific student audience you aim to target.
Ultimately, the multi-product ad feature is a method proven to work with an efficiency of up to 300% more as compared to other ad formats. Here are some facts and figures from a recent Adobe study regarding multi-product advertising;
- Increased Click Through Rate (CTR) between 50% to 300% for brands using the product catalogue.
- Decreased Cost Per Click (CPC) of up to 35% due to a higher engagement rate.
- Improved CTR and decreased CPC ultimately leading to much more efficient Cost Per Acquisition (CPA)
However, keep in mind that despite this being a proven method, you shouldn’t expect to experience such drastic improvements in advertising metrics in the short run. Reason being, Facebook advertising is a complex engine that relies on multiple factors. Nonetheless, this is still a great start towards systematically improving your results from the Facebook platform.
Most business owners tend to experience a common roadblock: high traffic but low purchase rates on their website. Sounds familiar to you? Often when this happens it could mean that users are actually interested in your products (that’s why they’re on your page). However, although they may be adding things into the cart, they ultimately fail to complete the checkout process.
A recent study has shown that almost 72% of online shoppers end up abandoning their carts. Even more worryingly, only 8% of these users that abandon their carts ever come back. So, how do we get them back?
The solution is simple: start running retargeting campaigns from these curated audience lists. Additionally, by combining this with the previous multi-product advertising tip, you can, in essence, advertise the products on the abandoned cart back to the specific user! Running an efficient retargeting campaign can bring Returns of Investments (ROI) of up to 10x as compared to attempting to acquire a new user.
Retargeting campaigns are especially useful if you are concurrently running promotions or campaigns on your business website as it allows you to reach out to users who have already shown their interest in your products with further discounts or promos. Such marketing efforts seldom fail in helping you boost your existing revenue numbers
Utilising Facebook Pixel for Event Tracking
Performance Marketing, in essence, is defined as an effective strategic marketing based on the performances of your creatives and campaigns with data as evidence. Hence, data collection is a crucial part of ensuring that your campaigns and expenditure is as optimised as it could be. This means that you are driving impressions that lead to business results that can help you achieve your business goals.
If you’ve not been using the Conversion Tracking Pixel, chances are, that your ads are not as efficient as it can be. The Conversion Tracking Pixel is a code that can be pasted on your website to track the behaviour of those who have visited your site. By implementing this pixel, you would be able to track the number of conversions (however you may set it to suit your business) to your individual campaign, ad set or ad.
Conversion Tracking Pixels is especially effective when paired with the Campaign Budget Optimisation strategy. These data signals help Facebook with deciding on the right audience to target which will then improve the results of your campaigns. In other words, it is an element that can ensure the ultimate efficiency of your advertisement spends.
Tip: This step is a key part of the account setup stage. Hence, before running any type of campaigns, you should always ensure that you have the right assets connected to your ad account. By doing so, you will give Facebook enough time to learn more about the users on your website who are converting!
Discounts and Thematic Sales
Running discounts are a great way to acquire new customers no matter which industry you’re in. People simply love discounts. Besides, even for people who are not actively looking for the product you’re offering, they might end up purchasing it just because they can try something new for less!
By using the Offers feature on Facebook ads, your audiences won’t even have to leave Facebook to take advantage of your promo. Once a customer clicks on the Offers ad, they’ll immediately receive a code that they can use. Here’s another cool thing about this feature is that Facebook allows you to show the number of people who have taken advantage of the offer.
This so-called social proof is a great way to convince people that they should grab your offer while it lasts. It’s like giving a little nudge that if other customers are enjoying the benefits of the offer, then why shouldn’t they? That’s the mindset that you would like potential customers to have.
With that being said, there are many ways you can position your offers. For instance, you can run a discount ad if:
- You have an introductory product
- Special giveaway for any product purchased
- Brand anniversary sale, etc.
Social Media with Giveaways / User Acquisition (Non-Paid)
Undeniably if you own an e-commerce platform your goal is to sell your products. However, we wouldn’t recommend that all your ads should be about selling. Yes, although that sounds like a contradiction, you should know that people often stay away from obvious advertisements. So before you run an ad, ask yourself ‘what’s in it for my audience? What value do my ads bring? ’. Do you want your customers to stay informed, educated, entertained?
Coming up with creative and informative ads can often convince people to buy into your brand rather than buying the product. Hence, it’s a direction worth thinking about. However, just make sure that these contents are not random and should have a real connection with the nature of your business.
There you have it, 5 effective tips you can practice while using Facebook Ads for e-commerce!
By following these simple steps, soon you’ll be able to see an improvement in your ROI and an increase in sales. Keep in mind that, just because an initial attempt is not successful, it does not mean that you should give up on Facebook as a platform for promoting your business. It might take several attempts to find the right formula.
Remember, Facebook is the largest online platform in the world where you can connect with your market and audience. It is worth your time and money to invest in it.
If you would like to know more about our Performance Marketing services, drop us an email at [email protected]. Good luck!