Everybody is aware of the fact that with the recent changes in the algorithms, Facebook’s organic reach has gone for a toss. Facebook is inviting brands to invest in paid campaigns to be able to see favorable results. In this case, it makes it essential for startups to make a wise and informed decision about investing in Facebook advertising for startups.
Facebook still holds a significant chunk of the market globally, with over 2.91 billion monthly users which makes it the ‘go-to’ platform for startups to market their brand and reach out to their customers. If you are a small business and are looking to understand Facebook advertising for startups, you have reached the right place. My Big Brand Story is here to help you along the way through this highly informative blog.
What is Facebook advertising for startups?
Facebook advertising for startups is an impactful channel for up-and-coming entrepreneurs. It gives you immense reach and promises long-term growth for your startup. As a small business looking for constant growth, resources would be a limitation, hence making it even more important to invest in building your top-of-funnel pool, which will not just help you with generating awareness but will also help increase engagement. Facebook advertising for startups is an effective way to attract and acquire a wide range of customers.
The three straightforward benefits that Facebook advertising for startups offers are:
- Promote product/service on the platform and establish brand identity
- Touch base with a large number of users on the platform
- Analytics and filters allow you to identify and shortlist the ideal customer for your business
Why Facebook advertising for startups is crucial?
Let us discuss the reasons why Facebook as a platform is preferred by 93% of marketers for advertising, according to “SociaMediaExaminer“. The major reasons are as follows:
- Huge Customer Base: Facebook currently has approx. 2.91 billion monthly users. For perspective, if Facebook is declared as a country, it would be the second-most populous country in the world, after China. This gives small businesses the best possible exposure and the opportunity to reach a wider customer base.
- Time Spent on Facebook: According to “TechJury“, an average user spent 2 hours and 24 minutes per day on Facebook. This improves the chances of your Facebook advertisements reaching a wider audience and increases engagement.
- Relevant Feed: Facebook uses analytics to show you posts that you might be interested in. This is done based on your history on the platform, your likes, and your shares. Therefore, if you want to benefit from Facebook advertising, make sure you put out relevant content that adds value to the users.
- Cost-Effective: Traditionally, reaching out to the masses could be achieved through print media like newspapers, magazines, etc. This used to be extremely expensive and not all startups, nowadays can afford to invest so much in print advertisements. Compared to the traditional form of marketing, Facebook advertising for startups is cost-effective and efficient.
What are the types of Facebook ads?
When you want to start a Facebook advertising campaign, you get a bunch of options to choose from. You can find the following types of Facebook ads while setting up Facebook advertising for startups:
- Video Ads: Used for brand awareness
- Canvas Ads: Used for brand awareness
- Lead Generation Ads: Convert the engagement into business
- Banners & Carousel Ads: Used for signups and increasing sales
- Engagement Generation Ads: Establish the brand identity and build trust
The type of Facebook ad that you as a startup should opt for depends on your business goals.
What are the types of Bidding Models available in Facebook advertising for startups?
Facebook advertising for startups provides a variety of bidding options. This means that depending on your goal, Facebook allows you to pay for ad services that can prove to be the most effective for your business. The bidding model offered by Facebook is very flexible and you can choose the model that best suits your business goals:
- Cost Per Click Model (CPC): You have to pay Facebook for the number of clicks on your call to action (CTA). This bidding model is most suitable for directing traffic to your website or social media handles.
- Cost Per Impression Model (CPI): You have to pay Facebook for every 1000 people who viewed your ad. This bidding model is effective for brand awareness campaigns.
- Cost Per Result (CPR): You have to pay Facebook based on a result. Facebook shows these ads to people who are more likely to become your customers but it charges you for the impressions.
How to keep a track of Facebook advertising for startups?
The biggest advantage of Facebook advertising for startups is that you can track all your campaigns and make changes in them based on the response. Facebook pixel is a code similar to that of Google analytics and works the same way. This code can be pasted on your website that will help you track all the activities of your ads campaign. You can track your campaign by using the following two methods:
- Google Analytics: Using custom links and tracking them through Google Analytics
- Facebook provides you the opportunity to set up goal tracking within the platform, and it records all the necessary details.
What are the top strategies for Facebook advertising for startups?
As mentioned before, we are all aware that the organic reach in Facebook, after the algorithm changes, has taken a major hit. For small businesses and startups, the organic reach is no longer reliable. We are going to outline the top strategies that you can use to make the most of Facebook advertising for startups:
- Define your target audience clearly: The most crucial benefit that Facebook advertising for startups offers is the ad targeting that allows you to hand-pick the kind of customers you want to attract. With Facebook ads, you can create a custom audience and a lookalike audience. A lookalike audience is nothing but prospects that are similar to your existing customer base.
- Select the right ad that empowers you to achieve your goal: As a startup, if you are looking for brand awareness, brand considerations, or brand conversions, make sure you opt for the ads accordingly. One more thing that is noteworthy is the use of remarketing in Facebook advertising for startups. This method has proven to bring back users who have come across your ad once, by re-targeting them.
- Focus on ad creatives: Videos and attractive images capture the attention of prospects easily. You can ask a question to engage further the prospects. It is essential to keep the content of your ad crisp, attention-grabbing, and make sure it delivers value to the users. It is known that video ads are the most common when it comes to Facebook advertising for startups. They are the most effective as far as likes, shares, and engagement are concerned. Another important aspect of ad creative is the call-to-action (CTA). It is crucial that you have a compelling CTA for the user to take some action based on your business goals.
- Analyze and keep improving: With all the analytics functionalities mentioned before, make sure to keep a track of your Facebook advertising campaigns. Keep a close eye on all the factors that contribute to the achievement of your business goals and keep improving your campaign.
Hopefully, this detailed blog gives you all the information you need to come up with a fantastic Facebook advertising for startups strategy. For more information, you can also read How Facebook Ads Help Small Businesses and Startups?
Facebook holds great value in terms of marketing channels. It is extremely crucial for small businesses and startups to understand how Facebook advertising works for startups to really make a difference.
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