How you do your targeting will be a function of how well trained your Facebook Pixel is and how big your budget is.
If you’re just starting out or you don’t have many sales conversions logged on your Facebook Pixel, then running campaigns with very broad targeting will probably not bring ROI positive results.
In these cases, it’s better to be very specific in your targeting so that only people that are interested will see your ads.
To figure out who to target, you’ll need to understand who your ideal customer is and build up your Facebook Interest list accordingly. You can sort the list by how relevant the interest is and how large the audience size is.
On the other hand, if you have a lot of conversions logged, then Facebook’s algorithm probably has a better idea of who your customer is. It’s worth experimenting with very broad audiences and different lookalike audiences based on various activities like purchase, checkout, watched webinar and so on.
Always be testing. You should always have at least more than 1 thing that’s being tested. That means making sure that each Ad Group has multiple ads. If the budget is small, keep it at 2 or 3.
Test different media forms like images and videos so that you can see what media forms work better.
Knowing who your ideal customer is will allow you to come up with experiments to run and to ensure that you’re speaking directly to your audience.
Your Facebook Ads should standout. Look to create ads that are different. Look for your images to pop. For videos triggers curiosity. This prevents your ad from getting lost in a sea of Facebook posts and ads.
Three: Conversion Goal
It generally makes sense to always optimize your ads for a purchase event.
But what if you have a high ticket ($10k+) product and a long sales cycle?
Then it becomes a bit trickier. If you optimize for landing page views, then you might attract a bunch of clickers who never intend on buying your product.
If you optimize for leads, then you might attract free loaders whose only intent is to download lots of PDFs.
If you optimize for purchases, and no sales transactions will take place for at least 6 months and then you only have 100 or so purchases per year, that doesn’t really give Facebook enough data to go on. You’ll ideally have at least 50 relevant events per week for Facebook to optimize effectively.
It’ll be up to you to strike a balance to set a conversion goal that’s relevant enough but also where you’ll likely get enough conversions to train your pixel.
You don’t need to necessarily restrict yourself to the products you currently have available. You can create a low ticket product or a 1 hour consultation to hit that sweet spot.
Most of your customers will not purchase on the first visit. A lot of marketers will keep pushing them back to the purchase page to try and get them to buy immediately.
A better strategy is start to building a relationship with them. Once your prospect is ready to buy, they’ll keep you top of mind.
Instead of trying to sell to your prospects, offer them value through your retargeting funnel. Give them content that they find valuable. This can be PDFs, videos, how to tutorials, checklists.
Five: Lifetime Customer Value
Not all customers are created equal. Dive into your lead magnets and ads, and investigate which Facebook Ad brought in the highest ROI not only on the front end, but in total which includes the back end too.
Some ads might generate very cheap leads or lots of trials but they rarely convert into actual buyers. Or maybe you get lots of first time buyers at break even on your Facebook Campaigns but then they don’t come back. Your other Facebook Ads have very low conversion numbers on the front end but then they keep coming back over and over again to buy more. These are customers that have high lifetime customer value and it’s worth spending extra money on the front end to acquire them.
Once you have insight on what the lifetime customer value your ads are bringing in, you can crank up the relevant ads and outspend your competitors.
How Dr. Axe Found An Additional $263,794 in Additional Revenue with Segmetrics
Dr. Axe Discovered The Value of Lead Magnets for the First Time
After signing up for their Free Trial of SegMetrics, the Dr. Axe team was able to see the value of their lead magnets for the first time — and, because SegMetrics plugs directly into all of their platforms.
The Axe Wellness team can now tell which exact lead magnets were generating the most revenue and which leads were most valuable at a glance.
In fact, the Axe Wellness team discovered something very interesting.
The 20,720 “Essential Oils” lead magnet generated $263,794 in revenue. That gives them an average lead value for leads of $12.73.
If we compare those numbers to their other segments we see that “Health” generated 12,687 new leads, with a Lead Value of $11.72 and “Fitness” generated 4,136 new leads at a lead value of $18.82.
Finally… the “Recipes” generated 9,055 new leads at the highest average value per lead, with an average value of $19.26!
This means that each “Recipes” lead is WORTH 64% MORE than each “Health” lead despite the “Recipes” category generating 3,632 fewer leads.
The Axe Wellness team would never have noticed this without SegMetrics. This goes to show why data like this is important. You need to look beyond just leads growth when measuring the success of your marketing efforts.
“Mind. Blown,” said Evan Tardy, President of Axe Wellness, after seeing this data. “This will definitely impact our product development.”
SegMetrics has helped us get way more value out of our marketing and provided reports that we could only dream of.
If you want to know where the opportunities are hiding in your customer and subscriber data, SegMetrics will show you.— Evan Tardy — President of Axe Wellness
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(as of May 20th, 2020 12:37 AM)
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