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Facebook Marketing

How much should you spend on Facebook Ads?

 

This simple, logical formula will help you plan your social ads spend.

Facebook advertising offers a relatively low cost, highly effective form of advertising. For many growing businesses, Facebook ads is the most powerful advertising method available, as it allows for clear measurability, and access to very targeted audiences at a relatively low cost.

While there is no one-size fits all formula to help a business calculate their budget for a Facebook ads spend, we have created a formula below that will help businesses begin to set concrete marketing and spending projections for their efforts.

A Few Helpful Statistics to Note:

  • Average Facebook Ad Click-Thru Rate: 0.9%
  • Average Website Conversion Rate 1.0%-10.0%
  • Average Facebook Cost Per Click $0.64
  • Average Facebook Cost Per 1,000 Impressions: $5.99
  • 6 to 8 touches to make a sale
  • Conversions with remarketing is 4x higher than native efforts

(Source)

Step 1: Determine your goal for Facebook Advertising

Are you looking to build brand awareness? Consider measuring impressions or reach. Are you seeking to get online conversions such as contacts, sales, or sign-ups for your email list? Measure things like website click-thru. (Click here to view our guide to measuring marketing success for more measurement ideas.)

 

Step 2: Gather Data

You’ll need to find the following pieces of data about your own marketing:

  • How many visitors does it take to convert (contact or email sign-up) on your website?

Configure Google Analytics Goals to determine this. If you don’t have that figure, assume a 1-3% conversion rate for initial estimation purposes. If you get direct sales through your site, you’ll want to adjust your numbers below to accommodate.

  • What is your sales process conversion rate for individuals who contact you or sign up for your email list? Once someone signs up for your email list or contacts you, what is the likelihood that they will become a customer or client?
  • How much valid (non-spam) traffic does your website receive each month from sources other than Facebook, such as Google, referral traffic, or email marketing?

 

Reverse Engineer Your Path

Let’s say that you’ve decided your business requires 10 sales per month. You’ve gathered your data and figured out that:

  1. You have a 1% conversion rate on your website. Therefore, for every 1,000 visitors that you receive, 100 of them sign up for your email list or contact you for more information.
  2. You have a 25% sales process conversion rate. For every 100 people that sign up for your email list or contact you, 25 of them become customers or clients.
  3. You receive 500 visitors per month from sources such as email, search engine traffic, and referrals.

From this data, you can glean that it will take 1,000 qualified visitors to achieve 10 sales per month. (Note: this will strongly depend on your sale process, but this should bear true, as it is based on your historic performance data.)

Now…

  • 1,000 Visits Per Month x 1% Conversion Rate=100 contacts per month
  • If, of 100 contacts, 10% end in a sale – 1,000 visitors should yield 10 sales per month.
  • If you get 500 visitors per month from sources such as email, search engine traffic, and referrals, you will need an additional 500 visits from qualified, interested parties.
  • Facebook Ads yield 0.9% click-thru rate. Therefore, it will take 55,555 website impressions to achieve 500 qualified website visitors to bring you to that goal of 1,000 qualified website visitors each month.
  • Average cost per 1,000 impressions = $5.99
  • Therefore, $329.45 per month would be the LOW end of your budget, assuming that your visitors are warm, well-qualified, well-targeted leads. This is assuming that you can convert someone in just 1 impression or interaction, because they are already familiar with what you have to offer. Remember that earlier statistic, 6 to 8 touches to close a sale…
  • If your audience is not established and has not had any interactions with you in the past, you will only be reaching non-fans to sell, drive traffic, and grow your lists. That is less effective and more expensive than targeting fans who expect (and desire) to see your content. You will need to multiply the number above times 6 or 8 in order to engage each individual enough to get them to convert. Therefore, you can expect that the HIGH end of your budget would be $1,976.70 to $2,635.60 per month

 

Ways to reduce your cost

The numbers above may seem impossible to budget for. Remember that over time, you can reduce your cost by keeping your audience engaged. You can also reduce your cost through retargeting (which has been shown to be up to 4x more effective, and 50% less expensive than ads without pixel retargeting). Here are other ways that you can reduce the cost of your Facebook ads spend:

  • Quality targeting
  • Long-term relationships with a warm and active audience
  • Retargeting with Facebook Pixels (increase conversion by 4x, reduce cost by as much as 50%)
  • Increase traffic from other sources by improving your search rank, email quality, and referral traffic

If you’re looking for other ways to grow your business through a comprehensive strategy, consider our small business coaching program, available to businesses nationwide. Click here for more information on marketing and business coaching.

If you want to learn more useful information like this, consider our Liftoff Business classes, available in person (in St. Louis) or online. Click here to view our schedule.

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NEW CLASS: Learn Facebook Ads March 31st

Join us for a Facebook Ads Workshop to learn Facebook ad strategies and how to utilize Facebook ad tools to drive successes toward your business goals. There are a variety of ways to advertise on Facebook. This course will walk you through the various options for ads, as well as help you create ads on Facebook that will accomplish the marketing objective you have for your business. •Know how your bid is calculated and how to win a spot in the ad auction •Understand how you show ads to people throughout the day •Understand the kinds of factors that affect ad delivery •Learn how to create and manage Facebook ads tailored to your goals. Cost is $25.00. Space is limited. RSVP

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What is B2B marketing?

Are you sure that you understand what B2B marketing really is?

Simply put, B2B marketing is when a business tries to sell a product or service to another business for the business’s use and benefit, rather than a consumer’s. Often, the products or services being sold are in larger quantity, requiring a more significant investment and a longer commitment.

The Internet has changed B2B Marketing

The internet and social media has fundamentally changed the way businesses target buyers. For example, the majority of business buyers research products online first. Because of this, it is important for businesses to learn where to find their buyers online via internet search engines, social media and email.

Your strategy when marketing to businesses should look different from your strategy to marketing to consumers. When trying to target businesses online, you must understand how to best utilize the following marketing methods to maximize lead generation:

  • Content Marketing. The sales process for B2B interactions takes, on average, 22% longer than it did in previous years. One way to supplement the sales process without overworking your staff is to provide valuable information that speaks to potential buyers through content marketing. This content can be used on your company website, social media and email newsletters. The content that you create – be it infographics, articles, videos or case studies – needs to demonstrate your product’s value.  Your content should answer the question why a company can’t do without your product or service.  In this way, your social media networks and your website can be answering sales questions and overcoming objections 24/7 so that your staff doesn’t have to. 
  • Social  Media Marketing. 55% of B2B buyers search for information on social media. (Source: Biznology). Social media accounts are only useful if used – and should be targeted to your industry and potential clients. LinkedIn is fertile ground for B2B relationship growth and lead generation, but you may also find other professional networks for your industry that help generate leads. For example, many custom home builders and home repair professionals post their work and network on Houzz.com, leading to new business for their industries through collaborative projects. 
  • SEO. Search engine optimization (SEO) improves the visibility of your website by using applicable keywords to increase the likelihood that your website comes up during web searches. Consider search terms that executives or managers that are seeking out your services or product may search – then answer their questions in a language that mirrors their own to increase the likelihood of your company being found. 
  • Sales versus Marketing. For long-term B2B marketing and lead generation success, it is critical that your sales and marketing teams work in partnership. A recent article by Meltwater cited that the role of salespeople is changing. According to their article, 82% of B2B decision makers feel that sales reps they interact with for B2B products and services are unprepared to answer their questions. Many also wish to focus less on product demos and more on responsiveness, relationships and references, which they feel speak more about the value of the brand and its offerings than a video conference, webinar or demo can. The key for your marketing is to learn what your audience expects and needs through surveys and interviews – and then to sync up your marketing and sales team’s efforts to deliver.

B2B marketing has evolved

Yes, business to business marketing has changed dramatically over the years, but the end goal is still the same. B2B marketing has evolved from face-to-face relationship building between a salesperson and the prospective buyer to a broader strategy that utilizes data tracking to generate sales leads. Under this new method, a lot of the work and research is done before the salesperson steps in to close the deal.

Partnering with B2B marketing experts

At Blank Page Consulting, we provide a full range of marketing services to help our clients gain visibility, build relationships and grow their businesses. If you are struggling with your St. Louis marketing efforts, let us help. We can help you develop the best possible B2B marketing strategy for your business. Request a 30 minute consultation and let Blank Page  help you with all of your B2B marketing needs.

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Top 6 Most Clickable Words on Social Media

Whether you are working on wording some informative text to go along with a shared link on Facebook or crafting the perfect Tweet in under 140 characters, it helps to know what is going to make people click in order to increase your click through rate. So what is it that entices people to make that subtle but oh-so-important switch from scrolling to clicking? In many cases, one of more of these 6 words or phrases will do the trick.

1. Top X Something. You see what we did there? This article started with Top 6, and here you are, reading it. Chances are, you clicked through to it, which just proves our point. The truth is, the people of the internet love lists, they just do. Reading long articles with only a few breaks between giant paragraphs?Ain’t nobody got time for that.

infographic-click-through-rate2. Infographic – What’s equal to or possibly even better than a list? Infographics! Tweets that include infographics get 832% more retweets than tweets with just images and articles alone. (Source) 832% is a pretty big deal. Bonus, turn your infographic into a hashtag, and you’ll reach an even wider audience.

3. How To – What good is the internet if it can’t teach you things? Think about how many times you have run to the internet for instructions. People love to treat search engines like their all-in-one handyman, advice-giving encyclopedia. So, give the people what they want and teach them how to properly do some stuff. Of course, you’ll want to make sure you actually know what you are talking about. Don’t advertise knowing how to teach a cat how to dance unless you truly know how to do that, because, honestly, that’s a serious situation and you can’t just be playing with people’s emotions.

4. You and Your – Make it about ME, and by me, we mean the reader. By using the words “you” or “your” you put the focus on the reader. Why should I click through? Oh you’re talking to me! It’s specifically and especially valuable and relevant to ME! I love me! I love bettering myself, thanks, super clickable headline!

5. Most – The people of the internet are not interested in average things. No one is clicking through when they see “10 Moderately Successful Female Entrepreneurs.” Now, if that headline said “The 10 Most Successful Female Entrepreneurs” the click through rate will increase significantly. The same goes for non-list posts, such as “The most adorable dog barking at a pumpkin” versus “Ok looking dog barking at a pumpkin.” (Side note: “Dog” is also one of the most clickable words on social media, but unless you’ve got the MOST adorable dog, don’t waste anyone’s time).

6. Video – When people don’t feel like reading, the word “video” calls out to them. Whether you work it into the headline naturally or stick it at the end, internet users tend to gravitate towards awesome video content. Consider something like “Check out this video showing how to teach a cat how to dance!” or “How To Teach a Cat How to Dance (#Video)” Video content calls out to the audience and, if it’s engaging, it’s likely to stay in their memory and get shared again. Keep in mind that only about 20% of internet readers will get past your headline, so you really need to wow them right away if you are hoping to get clicks. Try working in some of these clickable words, but avoid misleading clickbait. While something like “This dog will blow your mind!” might get a lot of clicks, if the content doesn’t properly deliver on that promise, the follower you tricked into clicking is likely to unfollow you. Always remember: clicks are great, but loyal followers are better.

Facebook Ads data for budget planning

facebook-ad-spend-data-examplesWe’re big spenders when it comes to Facebook advertising. We recently performed a snapshot of our Facebook ad spend data and results from ads we purchased for ourselves and multiple clients in 2015.

As you can see below, there is a wide range in the price for each area of the Facebook ads. This is due in part to the level of targeting used in client campaigns – some were intentionally highly targeted, while others were meant for a broader audience – and their specific industry.

We encourage you to track your own data and to find out how you’re trending, but we hope that the estimates provided below can serve as a frame of reference to help you in your social media ad spend planning.

How to Use Facebook Ad Spend Data

Consider your goals. If you’re looking to build your email list of 2,500 in order to launch a new service or product, consider what percentage of your list will likely come from Facebook. (Having data in your pocket will make this all the more powerful!).

  • How many visitors do you have coming to your website now?
  • Of those visitors, what percentage convert to email subscribers?
  • How many website visits would you need to hit your goal?
  • Find the cost per website click below and multiply your cost.
  • Work hard to increase your percentage of conversions per visits to keep your cost low! You can do this by providing better reasons for them to sign up – or offering stronger content.

Summary of Findings

  • Average Cost Per Action: $0.09 to $0.71
  • Cost Per Click (Average): $0.31 to $1.02
  • Cost Per 1,000 Impressions: $5.21 to $9.58

Consulting Industry

  • Average Cost Per Action: $0.40
  • Cost Per Click (Average): $1.02
  • Cost Per 1,000 Impressions: $9.58
  • Cost Per 1,000 People Reached: $20.65
  • Cost Per Page Like: $11.02
  • Cost Per Website Conversion: $2.76
  • Cost Per Video View: $0.19

Entertainment Industry

  • Average Cost Per Action: $0.09
  • Cost Per Click (Average): $0.31
  • Cost Per 1,000 Impressions: $5.29
  • Cost Per 1,000 People Reached: $7.13
  • Click-Thru-Rate 1.73%
  • Cost Per Page Like: $3.30
  • Cost Per Website Click: $0.67
  • Cost Per Page Engagement: $0.09
  • Cost Per Video View: $0.12

Non-Profit Facebook Results

  • Average Cost Per Action: $0.71
  • Cost Per Click (Average): $0.62
  • Cost Per 1,000 Impressions: $5.61
  • Click-Thru Rate $0.91%
  • Cost Per Page Like: $0.91
  • Cost Per Page Engagement $0.79
  • Website Click-Thru Rate $0.62%