When you run a Facebook ad campaign you need 3 things:
1. An impactful headline
2. An attention-grabbing image
3. A great framework
Facebook is fully optimized to handle your advertising requirements, so why not use it to your full advantage? Below are the ‘need-to-knows’ for how to use Facebook ad bidding to your advantage:
How Ad Bidding works
Facebook ad bidding operates much like a live auction. When you create an ad on Facebook, you create a demand for an ad space. Once you have constructed your advertisement, you will then compete with similar advertisers for the limited amount of ad spaces. The one with the highest bid will then get their advertisement shown to their target audience via Facebook. Supply, however, is created when a user logs in to Facebook. By creating eye catching ads that are displayed in the ad spaces; you can reach your target audience by simply showing up on their newsfeed, a very effective way to drive in business.
So what do you need to know about ad bidding? Firstly, you need to think about your ad placement. This is where your advertisement will be displayed. You can choose from the desktop newsfeed, the mobile newsfeed, or the desktop sidebar. Your placement will largely depend on what type of advertisement you want to display, and if you plan your campaign efficiently, Facebook can act as a launch pad for your business.
Reaching Your Target Audience
Facebook is integrated with several marketing opportunities, making it easier than ever for investors and advertisers to reach their target audience. Facebook allows the user to type in a location, an age group, languages and other demographics that will aid the campaign. This alone ensures that your ad is shown to the right people, helping you to drive quality leads that have a genuine interest in your website or business.
Another feature of Facebook that you should be aware of is Ad Objectives. When Facebook introduced Ad Objectives, they declared to the public that they want to show your advertisements to users who have a high chance of taking action when it comes to your advertisement. This, however, also means that you are more likely to compete with other advertisers who have the same objectives as you. When creating your campaign, you will be listed with six objectives: Clicks to website, website conversations, page post engagement, page likes, mobile app installs and mobile app engagement. You are then faced with your competition, and given three ways to bid. This includes Cost per mille, cost per click and optimized cost per mille. If you win the ad bid, your ad will be placed in your chosen position as well as being presented in front of your target audience on Facebook.
Rethinking How You Bid
It is in your best interest to pay as little as possible for your advertisement. With Facebook Ad bidding, you only pay the amount equal to your winning bid. Many people forget about this, and so they choose the oCPM bidding option as opposed to the CPM or CPC. If you want to make the most out of your campaign, make sure you analyse each option carefully before commencing your bid. You should also make sure that you take your budget into consideration. For example, if you have $500, would you spend this all on Page Likes or Website Clicks? Would the campaign run over two months, or would you set it to run for a short space of time to really impact your viewers? The choice is completely yours; however, if you have a limited budget, you may want to choose CPM or CPC, especially if you already have an idea of how much your page likes would cost.
By taking these tips into consideration, you can be sure to fuel your online campaign, getting the website traffic, or Facebook likes you need to rocket your social media presence. Facebook ad bidding can be very beneficial to your business, but if you do not plan your campaign carefully, you could be missing out on valuable exposure. Make sure that your business plan is airtight, and always allocate room in your budget to accommodate for any added expenses if you decide to step up your advertising.
Good luck and happy bidding!