How to Create a Profitable Paid Ad Strategy For Your Videos And Grow Your Business
Data shows that nearly 100 million hours of video are consumed each day on Facebook. 100 million hours!! Not only that, videos on Facebook generally achieve 135% more organic reach than photos, showing that users enjoy watching videos on this platform specifically. Because Facebook influences more than half of consumer’s online and offline purchasing behavior, it’s important to get in front of these potential prospects as quickly and as often as possible. This way to do this is through creating a profitable paid ad strategy.
There are a few key strategies to create profitable Facebook ads for lead generation businesses. With the right strategy for your videos, you can boost your business and grab a foothold in the marketplace. Here are 6 crucial steps you should take to make sure you generate those leads and close those deals.
Choose Your Budget
Begin with the end in mind. Know how much you want to spend. There are a few ways to go about this, with the two most common being a combination of a maximum daily spend and a set campaign budget. Setting a daily budget helps stretch your advertising dollars over a longer period of time.
When you select your budget in Facebook, you’ll be able to see your potential reach. There are several metrics, but here are the most important ones.
- Reach – The number of unique individuals who saw your ad
- Impressions – The number of times someone had the opportunity to see your ad
- Cost per result – How much it cost to reach the goal (clicks, messages, etc.)
As you start out with your advertising, you may not know how many people you should be reaching and how much it ought to be costing. Spend a few minutes looking online for industry averages. You’d be surprised at how many agencies, service providers and individuals like to share their results. In broad brushstrokes, depending upon your industry, cost per leads can vary to as low as $11 to as high as $100.
With those ranges in mind, think of what you want to accomplish with the budget you’ve set. Remember, video advertising in general is more expensive, but that also is because it drives more attention, consideration and conversions when you reach the right audience.
Did you know that it can take up to 48 hours for Facebook to approve an ad? If you don’t plan ahead and your strategy is to quickly boost a video advertisement the day you post it, then you might not get the results you expected. (Especially if your content ends up taking more than 24 hours to get approved.)
Additionally, you might not be letting your ads run long enough. It’s fine to do a single, one-day advertisement if you’ve primed your audience to buy. However, if your one-day advertisement is the first time they’ve seen your brand, service or offering, you likely won’t be able to convert as many people into leads as you’d like.
Furthermore, remember that 85 percent of Facebook users watch video without the sound on. You need to plan to have your video ad make sense. This can be accomplished with text overlays or by using subtitles. No matter what, in order for your video to shine and generate leads, you have to think about how your content will look and how you will support your message through paid ads.
Pick Your Campaign Objective
You’ve budgeted and planned ahead. As part of that planning, you should have thought about what the objective of the ad campaign would be. While the end result is to generate leads through your fantastic video content, there are lots of ways to accomplish that task. Within Facebook ad campaigns, there are three overarching objectives – awareness, consideration and conversion.
In an ideal world, you would run video ads that support each objective in order to move people through the purchase funnel. Let’s talk about the tactics within each. Choosing the right objective for the right video can help improve your lead generation numbers and reduce your cost per lead.
Awareness campaigns help generate interest by letting people know what products and services you offer. Facebook has two ways to create campaigns with awareness objectives.
- Brand awareness
Each option has different ways the algorithm targets your audience. However, both types of awareness campaigns support single video ads. These campaigns are great for general brand lift.
Consideration campaigns are designed to get people thinking about your business and wanting to look for more information about what you do. For video ads on Facebook, there is a consideration campaign designed entirely around lead generation. These lead ads include forms that your customers can fill out. This is perfect for creating a profitable Facebook ad campaign.
A conversion campaign encourages people to purchase or use your product or service. People can fill out forms and not be ready to buy. Sometimes you need to let your video ad help seal the deal and convert those on the fence into your camp.
Set Up Your Website Correctly
It can take several hundred digital touchpoints to convert someone from consideration to conversion. One of the most painful things to watch is businesses who spend lots of time and money on video ads not take the extra step to ensure their website is ready to help them convert their leads into sales later. The two most important tracking tools to do this are Google Analytics and a Facebook Pixel.
The Facebook Pixel is especially crucial when setting up Facebook ads. These tracking cookie are all over the internet. By setting up these cookies on your website, you are learning who your customer is and what their behavior is. These cookies can be used to later remarket to people who have already interacted with your page, ads or website. This is really powerful and important stuff, so don’t think setting up a campaign on Facebook is enough.
Adjust, Adjust, Adjust
Once your Facebook ad campaign kicks off, check in on it. After 500 impressions, your ad will be given a relevance score. The closer to 10 that number is, the better the ad is performing with the audience you chose. Anything under 7 should be adjusted. That adjustment could be audience, creative, copy or call to action. A Facebook video ad campaign shouldn’t be set and forget. (The need to adjust to get things right is another reason to follow No. 2 and plan ahead so you have time to make changes.)
Along with the relevance score, you need to check in on how much of the video ad has been watched. It’s important to see where people drop off. Is there a jarring cut? Change in the music? Do people lose interest? What percentage? Perhaps you want to remarket to people who started, but didn’t finish your video. Without reviewing the metrics, you won’t know if your video content is hitting the mark and ultimately making you money.
A profitable paid ad strategy for your videos requires budgeting, planning and reviewing. It’s not enough to set up a last-minute campaign and hope things will go off without a hitch. Start taking advantage of the video real-estate landscape Facebook has to offer and watch paid video ads take your business to new heights.