Facebook is the most used social media site in 2020. Four of the top five most-downloaded and most-used apps are owned by Facebook.
Facebook Ads Review: Brand Overview
Facebook has leveraged its big database to generate lots of revenue over the years. Facebook Ads is Facebook’s primary source of income. It generated $69.55 billion in ad revenue in 2019.
Many businesses are using Facebook Ads to generate more revenue. But should all advertisers follow the herd?
How to get Started
Setting up a Facebook ads account is easy. The user has to just access the “Business Manager” of a Facebook page. The user can navigate to “Ads Manager” from there.
Note that the user must have admin access to this Facebook page.
Campaign Objectives, Ad Formats, and Ad Placements
Advertisers can set up campaigns for objectives such as:
o Brand Awareness
o App installs
o Video Views
o Lead Generation
o Catalog Sales
o Store Traffic
Facebook’s algorithm shows ads to the users in the target audience that are likeliest to generate a result.
Advertisers can use several ad formats on Facebook ads. They are:
- Image Ads
- Video Ads
- Carousel Ads
- Collection Ads
- Lead Generation Form
The ads are highly customizable as the ads manager offers various ad formats, bidding options, and delivery options.
Facebook ads can show ads on the following placements:
- Feeds (Facebook and Instagram)
- Stories (Facebook and Instagram)
- Audience Network (collection of apps and websites that have partnered with Facebook)
Advertisers have the flexibility to experiment with various ad formats and placements to find out what works best for their brand and objective. They can also optimize the campaign by discontinuing the ad formats or ad placements that are performing poorly.
Pros of Facebook Ads
In-Depth Guide and Excellent Contact Support
Using the Facebook Business Help Center, advertisers can access detailed guides. These will help them understand everything from getting started with advertising to reporting that will help them optimize campaigns.
They can reach out to the Facebook ad support to resolve any issues or if they need any kind of assistance to set up new campaigns or improve existing campaigns.
Convenient to Use
It is simple to set up ads as the Ads Manager guides advertisers every step of the way. Advertisers can observe their campaign performance in real-time using the Ads Report and make changes if any.
Previously, details of leads generated from these campaigns had to be extracted from the “Lead Forms” section of the Facebook page.
But Facebook now allows advertisers to connect a third-party CRM so that details of the leads generated from a lead form can directly get added into the CRM.
Users can also access and manage campaigns on-the-go with the Facebook Ads Manager mobile app.
Accurate Targeting Yields Success
Facebook ads allow advertisers to target users based on:
This lets advertisers accurately target their ideal audience.
Advertisers can also retarget users if they have been to their website, mobile app, or if they have the email addresses of the user. So, advertisers can retarget past customers for repeat business.
Advertising on Facebook gets high-quality traffic, sales, and awareness.
Running reach ads is an excellent way of reaching a big audience using a small budget. An advertiser can show his/her ad to 1,000 people by spending only $5! Facebook advertising is highly cost-effective.
Unlike Google, the cost of advertising on Facebook does not go up if larger competitors place higher bids. That’s why even small businesses can afford to advertise on Facebook.
Cons of Facebook Ads
Lesser Control on Campaigns
The better control the advertisers have over the campaign, the better they can optimize and improve the campaign results.
Facebook ads manager used to allow advertisers to set budgets on either the campaign level or on the ad set level. This allowed advertisers more control over the performance of individual ad sets.
But Facebook started making Campaign Budget Optimization (CBO) mandatory in Q4 2019. That means advertisers now have less control over campaign performance as they can no longer adjust the budgets of its ad sets.
Automated Bidding Strategies
With manual bidding, an advertiser can place a bid on the maximum amount he/she wants to spend per result.
Bidding too low would cause the ads to appear less often. The advertiser can manually increase the bids as soon as he/she notices this. But this would hurt time-sensitive campaigns.
Advertisers can steer clear of this issue by using an automated bidding strategy. An automated bidding strategy helps the campaign generate results at the least possible cost per result in a given budget.
Even the advertiser does not have to check up on the campaign performance every few minutes. So, automated bidding strategies significantly improve efficiency.
Automated bidding gets the highest possible results at the best cost per result. Thanks to automated bidding, advertisers can also avoid the complexities that come with manual bidding.
Setting up campaigns has become quicker and more convenient.
Facebook was widely accused of not taking any action against hateful and false posts in the early days of June 2020. This was seen as a political move with the Presidential elections coming up in November 2020.
In response, there was public outrage against Facebook. Some of the world’s largest advertising brands stopped putting money on Facebook Ads in June 2020. Some of them include:
- Procter & Gamble
- Levi Strauss
- And a thousand more
Although the boycott is over now, brands that did not participate in the boycott benefitted the most when it lasted. The average cost per result had fallen drastically as the biggest brands were not advertising.
In Conclusion : Should You Try Facebook Ads?
Advertisers can target a majority of the audience using Facebook. Regardless of what the product or service is, brands will miss out on a big audience if they choose not to advertise on Facebook.
Over the past few years, Facebook has taken some measures to make advertisers spend more. But no brand can afford to miss out on Facebook ads.
Facebook ads are so essential that all brands must spend on it.