Most brands who want to increase ad conversion on Facebook concentrate on spending extra trying to convert their cold audiences. While that isn’t impossible, the time and effort required from a Facebook Ads agency will cost extra. However, there are some ways and techniques that can result in both an increase in sales while also costing your ad campaign less.
Here are some of the most efficient ways to cut back on your current Facebook ads budget without harming your sales:
1. Zone In On A Specific Audience
Whether they are warm or cold, a more specific audience will usually yield better results for a fraction of the price. Try to narrow down the target audience to a very specific group as this eliminates the competition which results in a higher conversion rate.
2. Identify Audience Overlaps
Facebook has a tool that allows ad agencies to track audience overlaps which can be used to your campaign's advantage. Once an overlap has been identified, you can choose the best target market that will allow you to reach your goals sooner and with lesser expenses. By identifying the overlaps, the risk of bidding against yourself is significantly lower which leads to higher savings.
3. Instate A Bid Cap
The best way to prevent yourself from going over your ad campaign budget is to instate a bid cap. This means when the price for ads go up and it is beyond your budget, you are no longer interested and move on to the next bidding.
4. Use Facebook Pixel
There is no tool today that is more helpful and useful than Facebook Pixel. The few lines of code added to an ad helps you track the conversion rates of each ad while also gathering as much information about your audience. A Facebook ads agency can use such information to help come up with a better ad strategy that will cost less.
5. Run A Creativity Test
One advantage of Facebook ads is allowing brands to run different content for the same price. This is a great way to run a creativity test to find out which call to action, what type of message, photo quality, etc. Has the most impact on your conversion rates.
6. Pay Attention To Facebook Fans
Facebook fans are different from those who simply liked your page. Fans are known to produce the highest rate of engagement and conversion which means they deserve extra attention. Concentrating your marketing efforts towards fans will boost your sales without costing you extra.
7. Refresh Ads Regularly
Avoid ad fatigue by refreshing your Facebook ads at least once every two weeks. Using the same ad, again and again, will only result in getting ignored meaning you end up paying more for ad time without the desired sales results.
Work closely with an ad agency to see if you can cut down on your current Facebook ad budget without affecting your sales. With the right ad agency on board and enough research and dedication, this is all possible.
MuteSix is a Facebook Ads agency that deals with over $100 Million spending of its clients annually. We also closely work with Facebook to help spot the best opportunities in the social media landscape.
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