While the majority of Facebook advertisers lose money, many do very well. Don Crowther has a client who made $5.6 million in six months. Another made $200,000 in one year with $5,000 of clicks. What’s the difference between the winners and losers? How can you tell if Facebook is right for your business?
Sadly for many, folks have come to Facebook ads with the same mentality as Google Adwords keyword advertising and it is in fact, a whole new paradigm. While adwords is more like an ad in the Yellow Pages where folks are looking specifically for something, Facebook is more like putting up a flyer in a local coffee shop where folks are hanging out to enjoy themselves and having fun. They are not there primarily to buy anything, but if they happen to see something that aligns with their values or wants, they will click and potentially buy.
When folks do NOT get this fundamental difference, they will spend thousands on ads that just do not work. And this happens daily. However, if you understand this new medium and your product or service IS aligned with the type of place that Facebook is, then you can do very well.
So, what kind of business or product or service is best for Facebook ads? The following 10 questions can help you to determine if your business is a good fit or not. Answer honestly for a more reliable assessment.
Is Facebook Advertising Right for My Business?
How strong is your YES? The more yes answers to the following questions, the better your chances of succeeding online with Facebook advertising. The most honest answers will get you the most useful assessment, yes or no.
Do you sell to primarily to consumers?
Facebook caters to individuals and not so much to companies. If you sell to companies, you can ask yourself this question: “Would the owner of my target company be on Facebook, and what kinds is he or she interested in?” If the answer is no, you are at a distinct disadvantage.
Is your product more about opinion and emotions, as opposed to technical, complex and academic?
If you sell a technical, academic or complex product, Google adwords and email are probably better options. Facebook is more casual and appeals to opinion and emotions.
Do you sell events, memberships and/or entertainment?
Facebook users like to be entertained and informed about future events and opportunities for fun. Facebook is ideal for promoting art, music, clubs, shared beliefs and live events.
Do you sell personal improvement products or travel?
Facebook users like to travel and take their Facebook apps with them on their mobile phones. They also like to follow what’s hip, trendy and cool. Education and self improvements courses are great, especially if you focus on the social advantages rather than the academic aspects.
Are your products or services personalized, customized, delivered in person?
Facebook is all about self expression and the perfect place for custom and personalized products, that express their own tastes and preferences.
Is your product unique and one that you could NOT buy at big company store?
The more products you have that big companies can’t match, the greater your advantage online. If folks can buy the same thing at Wal-Mart or Amazon, they will.
Is it hard to determine the exact value of your product or services?
Related to the above point, if your product is “commoditized” and everyone knows how much it should cost, you are at a disadvantage. The best pricing strategy online is to sell products for which it is hard to determine the exact value. An ebook can sell for $1 or $1000, and it depends on what the person wants right now and if they believe you can deliver it to them at a price that makes sense. Helpful also is to bundle products to create unique packages.
Does your business align with political, religious convictions, beliefs or social movements?
It does not matter if you are right or left or up or down, it’s a significant advantage on Facebook that you lean, with your customer, in a particular direction. There are lots of folks who would do business with you for that reason and you should take advantage of that. Also, Facebook offers clever ways to specifically target those kinds of people and speak to them about the things they are passionate about.
Is your business primarily local?
Local businesses are easier to promote online than National ones since there is less competition. However, with less competition, there is also less total traffic.
Total YES score = __________
So, how did you do? I would consider any score over 8 a definite YES, over 6 worth testing while anything under 4 a clear waste of time and money, at least on Facebook.
The above has been culled in part from the excellent Facebook training that Perry Marshall offers and from the book linked below.
These 3 guys have spent over two years experimenting with Facebook ads (spending a LOT of money on mistakes so you don’t have to). They have nailed it and while I personally spent hundreds to go through their excellent online course called Facebook Firestorm, the basic information is available in this book for less than $20.
The Definitive Guide To Facebook Advertising, by Perry Marshall, Bryan Todd, and Thomas Meloche
I highly recommend you buy this if you are at all serious about Facebook Adverting (and then hire Kaizen Marketing to run your campaign according to these proven methods)
Contact us for more information. If Facebook advertising IS right for your business, then we can help you succeed with it.
