If you're part of a team that's responsible for promoting an online store, or you deal personally with a company's media buying strategy, then you'll know how difficult it can be to establish success online. Whatever you use as a marketing channel, it's never completely enough, as you always need to keep finding highly relevant sources of traffic, more conversions to meet with sales tactics, and new ways to increase repeated sales from previous customers.
Fortunately, adding Facebook advertising into your media buying strategy could be the solution that you've been searching for. Featuring over 1.39 billion active users every month, and the highest number of generated through social media, advertising on Facebook offers a brand new range of opportunities when it comes to reaching out to a highly intimate and engaged audience.
The following covers 4 steps on how you can develop a media buying strategy with the use of Facebook advertising in order to increase conversions and traffic.
1. Utilize Dynamic Product Advertisements
When it comes to return on investment, may be one of the best strategies an ecommerce website can use. These solutions offer an opportunity wherein companies can draw hesitant customers back to the shopping cart by showing them advertisements tailored to match their activity on the site at an earlier time. The chances are that you've already seen Amazon.com, and other websites using retargeting strategies with offers on the products you recently viewed.
Fortunately, the template that Facebook offers for this strategy means that you don't have to create a new advertisement for each of the products within your catalog. Rather, the template allows you to pull product names, images, pricing, and various other pieces of information from your product catalog based on the details that you provide. If you have hundreds of products, this could be a great way to maximize on advertising, while reducing the amount of time that needs to be wasted on creating and developing ads.
To get started, all you need to do is:
- Upload your complete product catalog to . Make sure you include the information that you want to display for each product, such as the price, image, and name.
- Create a dynamic template - Automatically, Facebook will populate your template with relevant information and products. All you need to do is give your ad a title and specify some key words
- Install a custom pixel onto your website, and modify it so that you can benefit from reports on customer behavior and buying information.
2. Use a Conversion Tracking Pixel
For those who haven't used conversion tracking pixels before, they're simply a small amount of code that can be used to track the behavior of customers on a specific website. While they may not be particularly complex, conversion tracking pixels are incredibly useful for tracking conversions and behavior, therefore allowing you to optimize your campaigns according to your analysis.
What's more, Facebook can use the data obtained from conversion pixels to build a lookalike audience for ad targeting. Through a , you can track everything from sales, to what kind of people click on your ad, and your return on investment. Make sure you install it well before you run your first campaign however, as this will give Facebook time to learn which people convert into customers even when they don't come from alternative marketing channels.
3. Communicate Your Brand Story
Although it's proven itself as a significant commercial opportunity, Facebook is primarily a social platform. In other words, people log on to connect with other people - rather than shop for new services and products. This means that your advertisements should also connect with people, and help to develop relationships with future customers.
By using your of your brand, you can improve conversion rates - particularly among millennials who despise traditional forms of marketing. Alongside other solutions like content marketing and video development, your Facebook advertisements can show a more human side to your company that makes your customers more loyal, and bridges the gap between buyer, and business.
4. Use Multi-Product Ads
The option offered by Google allows you to make the most out of your media buying campaign by showing multiple products within a single ad - maximizing your budget. Rather than simply showing a single product and hoping that it appeals to a wide range of people, multi-product gives your customers more options to choose from, helping to increase conversions by developing relevancy.
You can even use multi-product ads to show the various benefits of a single service. What's more, studies have shown that this approach to advertising really does work. that their customers showed a 50% to 300% increase when it came to click through rate using a multi-product ad.