Making the Most of Your Facebook Ads

Posted on August 28th, 2020 by nms
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Among social media options, Facebook is overwhelming the most popular platform among digital marketing professionals. With billions of daily users around the globe, the platform has become an integral part of everyday lives. It also serves as a powerful extension of digital marketing initiatives. Facebook offers a wide range of tools and services to help drive business growth through online advertising, including ads tailored to specific audiences. Not all Facebook ads are created alike, however; there are key considerations that must be taken into account when developing your insurance marketing campaign. Here’s how to get the most out of Facebook ads.

Why are Facebook Ads So Important?

With the vast global audiences and tremendous potential of Facebook as a digital marketing platform, there is still some confusion about how powerful Facebook ads can be in terms of extending reach. To put the potential into better perspective, consider that:

  • 62 billion users visit Facebook daily, or about 75% of all people with an active Facebook account.
  • 74% of Facebook users earn more than $75,000 per year, making the user base a powerful economic force.
  • Facebook represents a staggering 18.4% of global mobile digital advertising and 9% of the global total in advertising ad spend.
  • Facebook ad prices have decreased while impressions have increased (a decline of 6% in costs and a 37% increase in ad impressions).

These statistics show that Facebook has a massive audience, and one with the finances needed to make purchasing decisions. Facebook ads, then, are a critical part of any digital marketing campaign.

Getting the Best Return from Facebook Ads: Top Tips

Facebook provides digital marketers with a wide range of tools and features in the advertising suite. To get the most out of marketing budgets, there are certain valuable details that must be considered. Top tips for maximizing the potential of Facebook ads include:

Taking charge of pricing structures – Facebook’s default ad pricing is based on cost per thousand impressions, or CPM. Seasoned ad professionals on the platform know that this default is not always the best option; and in fact, Facebook allows users to set their own advance pricing model, either for CPM or cost per click (CPC). In other words, don’t settle for Facebook’s default model if it isn’t right for your advertising needs or your budget.

Testing is the key to maximizing performance – in any digital marketing practice, from PPC ads to search engine optimization and content marketing, testing is a crucial component that is often overlooked. Marketing professionals will often create several versions of a given Facebook ad, then run tests to see which is producing the best results. Some marketing pros will run multiple ad variations on a single campaign to get valuable data on what works and what doesn’t.

Leveraging the Facebook Ad Exchange – known as FBX, Facebook’s Ad Exchange allows marketers to bid on impressions to targeted audiences and based on user habits and preferences. Reports indicate that marketers using the exchange see incredible return on investment. Unfortunately, harnessing the power of FBX requires the assistance of a third-party data analysis vendors, which can strain tight advertising budgets.

Using Sponsored Stories to promote mobile apps – many insurance agencies have their own mobile apps to allow consumers to access their insurance information and claims servicing features. To better promote these apps outside of traditional app vending (Google Play Store or the Apple App Store), marketers can create Mobile App Install Ads via Facebook’s Sponsored Stories feature. This has been shown to significantly increase click-through rates while lowering expenses.

With the right features and engagement, Facebook ads can reach millions of people. As an extension of digital marketing campaigns, Facebook itself is a powerful tool and can no longer be overlooked. By using the tips above, you can get the most out of your Facebook ad experience, further driving new insurance business growth and boosting revenue.

About Agency Tsunami

Agency Tsunami is the digital marketing division of Neilson Marketing Services, who has provided the insurance distribution sector with innovative marketing and communication solutions for over twenty-five years. With our Agency Tsunami program, we have implemented an integrated marketing strategy that includes optimized, professional websites supported by high-quality SEO and Social Media for hundreds of insurance retailers and wholesalers. Our goal is to help your insurance business perform and generate new opportunities. Give us a call at (800) 736-9741 to learn more about how we can do that for you.

 

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