Social media is the ultimate marketing medium. Whether you are a small business or a large corporation, social marketing is a great platform to reach a wide variety of consumers.
Social media was truly born with the launch of Facebook in 2004. From there, internet interaction platforms have exploded. From Twitter to Instagram to Tumblr, social media options are abundant. However, Facebook stands as a notable powerhouse in terms of marketing.
When it comes to audience, Facebook has a staggering 1.3 billion active users, according to Forbes. More importantly, Facebook drives 23.4 percent of a website’s traffic – 20 times more than the second most popular social media platform, Twitter.
In the world of social media marketing, Facebook reigns supreme. And the reason lies in one key marketing weapon: custom and lookalike audience ads.
What are these special ads?
Venture Beat reported that the Custom Audience product begins by allowing businesses to upload their customer information into Facebook. From there, the system cross-references email addresses within their existing data. Customers who used matching emails for Facebook sign up will then be added to your custom audience list.
Advertisements can be specifically targeted to these groups, according to the source. Even better, the product’s lookalike option allows advertisers to reach out to new customers. After uploading current customers into the system, Facebook matches users with similar interests and demographics to your company. Facebook then offers ads for your products to these lookalike consumers, explained Venture Beat.
“Facebook has been … able to execute people-based marketing programs for its advertisers,” said Fluent CMO Jordan Cohen to Venture Beat. “It enables the ability to target custom audiences leveraging its advertisers’ existing CRM databases.”
Cohen noted that this approach to advertising has led to higher response rates from Facebook consumers. Additionally, the Custom Audience product lowers the cost of customer acquisition rates. Essentially, Facebook provides a low-cost, high-reward marketing platform for any business.
How to push your advertisements through Custom Audience
Drift Rock ran its own lookalike campaigns and found that they averaged 4 to 5 percent in click through rates. An impressive number considering the average right bar Facebook ad has a .04 percent turnaround.
The system is simple to use and with promising conversion rates this marketing platform seems like a no-brainer. Drift Rock lays out the process for using the Custom Audience program. It breaks down into three steps.
1. How to create your custom & lookalike audiences: Select the Power Editor drop down menu in the left hand column of your Facebook page. Click the drop down menu and click audiences, then choose create audience with the custom audience option. From there businesses will upload their pre-existing customer information and Facebook will begin cross-referencing your list with their files. The whole process should take an hour.
Lookalike audiences are a simpler process. Simply select your new custom audience list and press a button that reads “Create Similar Audience.” Fill in the relevant specifications. According to Drift Rock, Facebook will then provide you with a top 1 percent of users that display similar customer traits – as well as a top 5 percent to extend your reach. The lookalike process can take up to 24 hours.
2. Upload and target: Your advertisements should be prepared before this entire process begins. As such, you will be ready to upload your campaign to the Facebook platform. Facebook allows you to choose objectives for your ads before running them live. This will help you track the relevant results. You will then be asked to select where you want your ads to appear: mobile devices, news feed, right hand column etc. Make sure to select either your custom or lookalike audiences for target in the audience tab before running the ad live.
3. Watch your numbers grow: This is the fun part. Sit back and analyze the numbers. Facebook provides a variety of options for tracking. From revenue to data breakdowns to cost per action, there are plenty of metrics for marketing leaders to review. Adjust your marketing strategy accordingly. What worked best? Which ads brought in the most traffic? How can that improve? These marketing metrics can help assure your ad tactics are at their best in the future.
The marketing wrap-up
As you can see, using Facebook’s Custom Audiences product can provide crucial insights into the effectiveness of your marketing. The process is simple and the return is high. Facebook is a great platform because it reaches a wide consumer base. With 382,000 Facebook likes per minute, you can count on high customer engagement rates with your product.
Advanced marketing platforms like Custom Audiences helps edge businesses closer to a guarantee that their marketing efforts will hit the correct mark. These predictive systems can help with increased customer acquisition and steady customer retention.
As with any good marketing strategy, these Facebook efforts should come as part of a larger package. A combination of targeted advertising including direct mail, email, video and social media is always the most effective solution. The mishmash of these key marketing options will result in optimal return rates for your business.