Paid social advertising helps brands connect with their customers where they already are. Given its status as the second-largest digital ad seller in the world, Facebook warrants a specialized strategy outside the general social media landscape. NMPi’s Head of Delivery, Craig Brown, explored the full-funnel approach and how it can drive Facebook growth in 2020 and beyond in his recent webinar.
Top of the Funnel: Awareness
At the top of the funnel, brands should be looking for the right way to tell their story to consumers that may not be familiar with them. Both video and experience ads are effective creative formats that grab attention and can leave a lasting impression. When producing video content, be sure to include your brand name and value early on, or else users will skip your ad without ever being exposed to you in context.
Stories are one of the best ad placements to build awareness, especially as they have grown in use on Facebook and Instagram. The cost-per-view and CPM for stories are significantly lower than other placements, making them a cost-effective way to reach users that are already engaged in watching short videos.
Awareness is often difficult to measure when compared to the other stages of the funnel, but it’s all about using the right KPIs. Metrics such as new site visits and page engagement are the most important to monitor, as they position you to have a continual conversation with the new customers you’re bringing in. Brand lift studies can also help prove the success of your campaigns by directly asking consumers about ad recall and brand interest.
Middle of the Funnel: Engagement
Many brands already prioritize engagement on Facebook, and there are a number of creative formats and placements that are relevant for this phase of the funnel. In addition to videos and carousels, experience ads are a great way to drive engagement. The customizable, mobile-optimized ads provide a more in-depth interaction on Facebook, without having to worry about slow internet connections or page load speeds.
News feeds are an effective placement to foster engagement, but marketers often overlook the Audience Network. Similar to the Google Display Network, the Audience Network allows you to run native display ads on websites outside of Facebook, while still having access to Facebook’s targeting tools. Although CTRs decrease on the Audience Network, CPCs and CPMs are also lower than feed ads.
When it comes to KPIs, engagement is best measured by site visits and site engagement. With data privacy laws like GDPR and CCPA at play, customer sign-ups have also become an important metric and way to grow your email database. Lead forms within Facebook are a great tool to boost sign-ups since users never have to leave the platform and fields auto-populate with existing profile information.
Bottom of the Funnel: Conversion
The work you’ve put into Awareness and Engagement campaigns ideally brings consumers to the final stage of Conversion. In the home stretch, Dynamic Product Ads (DPAs) are incredibly effective at converting customers. By retargeting users with the products or categories they’ve previously viewed, many are driven to take the last step of purchasing. Marketers can leverage single image and carousel ads to encourage conversion as well.
Facebook Marketplace offers the opportunity to target users that are already in-market to make a purchase. With over 800 million worldwide users, the platform allows for extensive reach. Integrating your products into the Marketplace feed lets you capitalize on the ‘buying mode’ many consumers are in and helps convert in a convenient space, especially for the users that have previously interacted with your brand.
Since every business has different goals and definitions of a conversion, the KPIs of this phase vary from sales to lead generation. Similarly to brand lift studies, conversion lift tests can help you understand the value and success of your campaigns. By comparing the conversion data between a test group that has received ads and a control group that has not, marketers can observe the uplift in sales and determine if it’s worth it to run their ads.
Facebook advertising is powerful and robust, but it’s important that brands find a balanced strategy that takes the entire funnel into account. A comprehensive plan allows marketers to effectively and seamlessly guide users on the right path to conversion, while also measuring the success of their campaigns at each step.