4 Things You Should Know About Facebook Marketing
There is perhaps no greater phenomenon to our modern technological age than that of Facebook. It has literally changed the way we live our lives, connect with friends and loved ones, meet and connect with new friends, and even how we do business.
Facebook grew at such a rate it has astonished and marveled experts, surpassing even Google in a lot of key factors.
Facebook grew so large and so quickly, that at 22, Mark Zuckerberg had his first million dollars in the bank. By the following year, he became the world’s youngest billionaire at 23.
As of this writing, the numbers of users are staggering. Facebook boasts 1.75 billion monthly active users, with around 1.13 billion using the social network on a daily basis.
In the up-and-down world of Silicon Valley, where different tech companies seem to rise and fall with the weather, it’s quite odd indeed for a company like Facebook to reign supreme for so long – but the company is still shattering its lofty financial and user growth goals.
In the early part of 2016, Facebook was bringing in as many as 60 million new users seemingly every quarter.
In a way, Facebook is defying all odds. There are surely many in the tech industry and in Wall Street waiting for them to finally hit their cap and for growth to stall, but that hasn’t happened yet and it shows no sign of slowing down.
In the June quarter of 2016, Facebook made $6.4 billion, which is up from $4 billion at the same time the previous year.
What Facebook’s Rise Did to Advertising
This growth means one thing: more and more people are flocking to Facebook than ever before. And when you have new faces, the advertisers will follow, spending more money to keep up with demand.
Facebook, in turn, invests their money into new technology, which keeps them ahead of the curve and growing in places where other companies simply can’t.
Twitter, the “runner-up” when it comes to top social media outlets, appears to have hit the wall which was expected of Facebook a long time ago, stalling out at about 300 million users.
Because of this, Twitter bring in only a fraction of the advertising dollars Facebook does because of their limited reach.
In translation, this means that businesses seem to trust Facebook more when it comes to the money they spend on advertising.
Facebook offers a wider reach, with less money spent, and overall, more traffic generated than with any other platform currently out there. It has even supplanted Google as the number one go-to site to generate traffic.
Facebook’s Secrets of Success
So, why has Facebook been growing so rapidly, refusing to hit the wall? Not only do more businesses trust Facebook, the company itself is constantly improving, upgrading, and doing what it can to make the world a better place.
Facebook ensures its future by investing in the latest technology, such as virtual reality, improving its mobile capabilities, drones, messaging, and even live videos.
With so many opportunities to advance a brand, a message, and a mission, it’s no wonder that over three million businesses use Facebook as a means to advertise. You might think that those numbers are mostly U.S. business, but in fact, more than 70% of them exist outside the United States.
This, again, is very telling of how well Facebook is connecting to the outside world.
That is Facebook’s mission statement, to connect the world. In proving that message, they are going into remote parts of the world and giving the people internet access so they can have greater opportunities than they had before.
Connecting the world gives everyone access to learn new ways of doing business, living life, adapting to new cultures, and making life easier for everyone.
Competition is Growing
Yet, with so many businesses already on Facebook, many owners and entrepreneurs stay away because of the perception of higher competition, and it’s are only becoming more competitive as higher numbers are added.
How can a company thrive with so many obstacles in the way?
The reality is, Facebook gives you all of the tools you need to succeed. It’s not always easy street and you will have to test some things to keep your marketing strategies as sophisticated as possible, but Facebook gives you options you simply won’t find anywhere else.
Instead of worrying about the type of competition you might find, consider the fact that you get to create your own unique world. Here are four things to know about Facebook marketing.
1) Business is about relationships.
That’s what Facebook offers you right out of the gate – an opportunity to connect with your customers, clients, and employees in a way you won’t find anywhere else on the internet. Where else will you be able to have access to 1.7 billion potential customers?
In the old days, you would spend a lot of money on an ad in the newspaper, magazine, or phone book. There was no relationship with the consumer unless they came to your establishment.
Facebook has completely rewritten the rules when it comes to engaging with your customers and building a relationship with them.
With tools like messenger, Facebook video, Facetime, Facebook Live, Facebook 360, animated GIFs, larger pictures, instant article shares, profile videos, and so much more, your customers (and even the undecideds who are doing a little research), can become immersed in your world.
You can hop on a quick Facebook Live video to talk about this exciting new idea you had or to wish a someone a happy birthday.
You can promote blogs, share videos, make them laugh, comfort them, relay your story, offer great deals, and so on.
That’s how you build trust and grow a relationship with your customers. As long as you provide the content, they will share and promote that content for you while coming back for more.
2) There is no better way to target your perfect audience.
One way to outdo your potential competition is to realize that while your business might be similar, your audience might not be. You have to consider the idea that your competitors have weaknesses.
There may be an entire segment of an important demographic they’re missing out on. And you know you’d do great serving their needs.
According to Facebook, the average reach for a targeted campaign online is 39%, where Facebook is able to be 89% accurate. The reason is, Facebook users, for the purposes of networking, already give out that information freely.
Nowhere else online will you be able to target as effectively.
Facebook even has what they call the ‘ads create tool’ with numerous options to help you find the perfect audience for what you do. You are even able to designate advertising based upon the device your customers are using.
For example, if you want to connect with mobile users only, you have that option and can even specify between the type of mobile device they have.
Really, Facebook gives you the best value for what you pay, especially when you consider how their platform is more finely tuned to allow you to reach only who you want to reach. This nicely leads into the next point.
3) Facebook is one of the cheapest pay-per-click sources out there.
One of the biggest knocks about marketing on Facebook is that it can be too expensive. Usually you will hear that from mediocre marketers who have lost money.
And let’s face, it’s possible for you to lose money, especially now as Facebook has tightened up their organic reach. If you do it correctly and have a clear strategy, you’ll be amazed at how cost-effective it is.
As I covered in point two, targeting is key. One of the biggest mistakes marketers make is targeting way too broadly when they have the ability to narrow in their search. They don’t test or do any work to retarget leads. They just throw a bunch of spaghetti against the wall and hope some of it sticks.
Essentially, that’s a massive waste of money and potential.
Unlike the other PPC ads, which are extremely dry and wholly text-based, Facebook’s ads are powerful and incredibly visual. All bets are off when it comes to creativity.
Great Facebook ads combine a rich overall experience, blending together videos, memes, and images among other forms of content, presented nicely on users’ News Feeds.
The price of your ads on Facebook will vary due to the huge range of features you choose to include, but when you stop to consider the sheer number of opportunities you have verses other forms of advertising, there is no comparison.
Even smaller businesses with limited resources make huge gains on Facebook, which is what makes it the highest value option available today.
In short, how far you stretch your budget using Facebook ads is up to you.
4) Facebook Owns the Mobile Market
Over the past few years, there has been a major shift in the way people consume information and make their way onto the internet. It almost seems as if the trend is moving away from laptops and personal computers and toward the use of smartphones and tablets.
This is due to phones and tablets seemingly more powerful than the last with each passing season.
Just about any smartphone these days can handle any ‘at-home’ tasks the user might need. Even a lot of ‘at-work’ use can be done with a tablet or smartphone.
At the start of the 2010’s, this wasn’t the case. Smartphones were starting to take off, but they couldn’t handle the processing power we needed, so we still used laptops.
These days, the more popular laptops are essentially tablets with an attachable keyboard. Now that we all have computers in the palm of our hands (and the technology continuing to trend in that direction), that means there’s a massive shift in how we consume data. And Facebook, at one time, was lagging behind in their mobile game.
Now they’re the dominate player in the field. Once mocked for their lack of mobile strategy, Facebook now makes as much as 80% of their revenue from mobile ad use alone. Not only that, but as many as 95% of all of Facebook’s users access the site through a smartphone or tablet.
This is good news for businesses. More customers turn toward Facebook pages to learn about a business than just about anywhere else. Because of that Facebook continually updates and improves their pages to help businesses gain more of a mobile presence.
Why? It goes right back to point #1. Mobile pages help businesses communicate better with their customers.
When you can communicate better, it improves the relationship you have with them. It lends credence to your authority in the market. With so much of the focus moving to mobile devices, this is just one of the things you need to consider when creating your advertising strategy to ensure you don’t get left behind.
To sum up all the information presented in this chapter, the main thing I want you to know is how much of a juggernaut Facebook really is. If you have a carefully developed strategy and know where to target your advertising dollars, there is no cheaper way to generate traffic.
The opportunities are endless when it comes to the type of world/profile you want to create.
The great part about being so close to your customer base and interacting with them regularly is how your business will evolve over time. It’s extremely rare for a company to stand still and continue to bring in big sales and generate the same kind of traffic you did before.
You must listen, follow the trends, do your research, map out regular goals, and evolve with your customer base.
And that’s what’s great about Facebook. So far, it has made all the proper moves to keep itself relevant. When it had a weakness (mobile), it was able to come back with a vengeance and corner the market.
Along the way, Facebook make its platform easier and more convenient to use, improving the number of ways you can connect to your customers. It improves your overall social media marketing plan.
If you’re going to rule the world with your business, there really is no better place to start than with your Facebook page. They’ve even developed a new app called Workplace, which is a great way for your staff to come together and share ideas openly while allowing you to connect with your customers.
Facebook is always on the edge of new innovations designed with you in mind.
Let us know if you could use any help with Facebook marketing.