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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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Social Media Evolution: What Does the Future of Social Marketing Look Like? social marketing, content marketing, content media marketing, social media marketing, marketing strategy, marketing coach, business coach, small business marketing, marketing agency, st louis marketing agency, marketing agency st louis, social media coach, social media consulting, social media consultant, st louis social media, seo, st louis seo

What is the future of social marketing? 2016 predictions

 

If you’re a small business owner or marketer for one organization or an agency, we recommend taking the time to dig into this episode of Social Media Examiner, with Brian Solis. Learn more about the future of content marketing – specific to digital and social networks – including voice search, wearable technology, brand experience, user experience, and his recommendations on where you should spend your time in 2016.

As we discussed in our new year blog, 5 marketing trends to be mindful of in 2016, there are big changes afoot. Count on seeing social media networks continue to demand more content to feed the various algorithms. With content publishing shifting to Facebook, Twitter and other networks, marketers and small businesses will increasingly need to be selective about where they publish the original copies of each post – and the potential impact of their choices.

Promoting his new book, What’s the Future of Business?, Solis recalls in the interview how content marketing has shifted from the early 90’s until now. Even as he drafted an infographic for his new book, the disruption and state of constant change within digital marketing presented a challenge –  one common to those seeking to write evergreen content about digital marketing strategy.

Dig into this interview to get prepared for marketing changes in 2016. If you find the changes to come to be too much to manage, never fear. Reach out to our team for monthly coaching or active marketing support.

2016 marketing predictions from Brian Solis:

Social Media Evolution: What Does the Future of Social Marketing Look Like?

Are you amazed at how much social media has changed over the last few years? Want to discover what’s next? To explore the evolution of social media, I interview Brian Solis. More About This Show The Social Media Marketing podcast is an on-demand talk radio show from SM Examiner. It’s designed to help busy marketers and business owners discover what works with social media marketing. In this episode I interview Brian Solis , a principal analyst at the Altimeter Group . He’s written eight books, including Engage and What’s the Future of Business? His newest book is called […]

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One donation can impact nonprofits & small businesses for YEARS

By Danni Eickenhorst

social entrepreneur nonprofit marketingFor years, I’ve been looking for a sustainable way to serve businesses and nonprofits with my time and talent without negatively impacting my family and growing business. More than that, I wanted a way to help these organizations grow for YEARS to come.

Today, I finally share with you my grand plan to help nonprofit organizations fundraise and achieve their missions more effectively – and how I hope to support growing small business owners as they labor to create something of their very own. I wanted to share my plan with you, appropriately, on Giving Tuesday.

In the last 2 years, Blank Page Consulting has donated over 300 hours of free marketing services to nonprofits and small businesses in the St. Louis region. We’ve done this through consulting, classes, hands-on marketing help, and website/SEO support. In addition to those hours, we’ve discounted more than 500 hours of marketing work for those who could afford to pay for assistance.

As a small business, every hour is precious, and every hour that we give away is a gamble for our own stability and growth, but as a company with a team of people who have a heart for service and for our community, we have all felt compelled to find a way to help more people.

Step 1. Create a marketing education course that makes sense for small businesses & nonprofits

This fall, I took several weeks out of the office (thanks to an amazing team that held down the fort in my absence!) to develop the first of several online marketing courses, “Small Business Marketing Strategies,” a part of Universal Marketing Theory. This class offers small businesses an affordable opportunity to strengthen their strategy, when paying a consultant isn’t feasible. (Click here for details.)

Step 2. Seek out those who need help.

We already knew several organizations we wanted to help – those that came to us asking for support and guidance when we were maxed out on pro bono hours – but we wanted to find a way to connect with MORE people that were seeking support. In early November, we launched our signup for businesses and nonprofits seeking pro-bono marketing support through our small business marketing strategies class. Immediately, businesses started requesting support. (You can too – right HERE)

Step 3. Launch our scholarship program!

Today, we’re sharing our social entrepreneurship initiative – a scholarship program for organizations in need of marketing education support

We developed “Small Business Marketing Strategies,” a short course for small businesses owners that is an affordable and effective option for small business owners that can’t afford professional marketing help. Please consider gifting a class to an entrepreneur you know, or one of the many on our donation request list.

Our course is normally $199.00 for all 6 weeks of classes that will help them develop and execute a BULLETPROOF marketing strategy to grow a sustainable business. We are discounting this by $50.00 and will donate one course to a small business for every $149.00 that we raise.

Please consider donating what you can afford – and even consider a sustaining donation that allows us to award these free classes on a regular basis. With our recipients’ approval, we will publish the names of the organizations that we help, so that you can see where your donation is going.

Please note: Blank Page Consulting is a for-profit entity, and does not have not-for-profit status, therefore, no donations to this effort will be tax deductible. We are a socially-focused small business, hoping to do some good and support other growing businesses. Have questions? Don’t hesitate to reach out at info@blankpagestl.com.

 

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3, 2, 1… LAUNCHING small business marketing theory classes! Enroll now!

marketing class online universal marketing theory inbound marketing danni eickenhorstSince 2007, I’ve been working to help nonprofits and small businesses find a way to master social media – first as a freelancer, and now as the head of a growing agency. What a journey!

My career leveraging social and digital media for small business and nonprofit growth began with me being the one ODDBALL in the office that saw potential in the new medium, then trying to persuade others to give it a try.

My pitch for getting them to use social was something like, “It’s FREE. Everyone I know is trying it. I think we should see what we can do with it.” 

Today, I can say that my instincts were spot-on.

I’ve been able to realize:

  • More than $500,000.00 in funds directly raised for nonprofits
  • More than $2,000,000.00 in funds indirectly raised for nonprofits
  • More than $150,000.00 in in-kind donations and media exposure donated to nonprofits and small businesses
  • Multiple political & community-building campaign successes
  • 2 years and around 50 happy clients through my agency, Blank Page Consulting

One area where I’ve struggled as an entrepreneur and a marketer is being able to give enough of my time and my knowledge to make a difference. For two years, I’ve donated 10-20 hours of my time each and every month to local nonprofits and startups in order to provide them with the support and tools they need to market more effectively. While I know I’ve been able to make an impact, I’ve never felt that I could give them all of the tools they needed in our brief encounters.

To remedy that, I set out to develop a fully formed course that would provide them with all of the insights and knowledge they would need to successfully market their businesses with limited time and limited funds.

Yesterday, I officially (and quietly) launched that course! 

Universal Marketing Theory is a 6-week course that provides entrepreneurs, nonprofits and startups with the basic foundational knowledge they need to succeed.

Registration is open now and the self-paced course will kick off with lessons delivered weekly, starting November 23rd! In lieu of our hours donated each month, we will now provide a limited number of organizations with free access to this course each month, starting in 2016.

Looking to register now? Lucky you! Those who register before the official open date on November 23rd can save $50 on their fee by using promo code “smartypants.” 🙂 You can register at www.UniversalMarketingTheory.com.

I hope to see your name on the list! Can’t wait to hear all that you do with what you learn!

The 6-part course offers the following with each lesson:

-Video lecture/instruction by yours truly

-A case study that demonstrates the principles in action, and

-A takeaway tool that you can use in implementation.

Lesson 1: Inbound Marketing Theory – Basics & Goals

Lesson 2: Attracting the right audience

Lesson 3: Motivation & Methods

Lesson 4: Converting prospects

Lesson 5: Measuring success

Lesson 6: Tools & Tricks for lasting success

OPTIONS:

Basic Course: Lectures Only $199

Next Level: Lectures + Case Studies + Materials $299

Premiere Package: Lectures + Case Studies + Materials + 30 minute consultation with Danni Eickenhorst $399

 

 

small business marketing st louis blank page consulting

Realities of small business marketing in 2015

By Danni Eickenhorst

At Blank Page, we are constantly working to stay ahead of the curve on marketing changes – to help our clients know what’s to come, and to help them plan accordingly. Because we work primarily with small-to-medium sized businesses and non-profits, we work to stay ahead of these changes so that our clients can be prepared in ways they wouldn’t be without our help. We’re always looking for trends and shifts in marketing tactics to help our clients be more prepared to be competitive.

Two clear trends we’ve seen across every platform are that digital marketing efforts are increasingly taking time and money to be successful. From investing in a marketing consultant to budgeting clearly for digital advertising, every small business should understand early on to allow for both of these precious resources when they work through their business plan. These are the two most critical pieces of small business marketing in 2015.

Marketing takes time…

One trend we’re seeing is that Projects we signed on to work last year now take more man-hours than they did a year ago because of the ever-increasing chatter on social media channels. SEO projects now see stiffer competition. Relying on social media for your end goals solely is becoming a riskier strategy, if you’re not serious about devoting the time to creating compelling content and then using it for its highest potential. For some companies, this means taking a hard look at their success rates for each channel they are marketing on and pulling back on the number of platforms they’re using in order to be EXCELLENT at just one or two.

When budgeting your marketing time and that of your staff or consultants, consider these trends we are seeing:

  • Many companies now post on Facebook multiple times per day – some as often as once per hour – in order to be seen.
  • Blog content may take several hours to write and even longer to appropriately distribute.
  • Companies that choose to use Twitter may post 7 or more times per day, and should allot additional time for content curation, creation and social listening.
  • Search Engine Optimization is an ongoing process that requires continuous monitoring. A well-managed SEO strategy will include periodic reviews of progress and adjustments to strategy.

…and money

Last year, companies adjusted to the changed Facebook “Pay to Play” landscape. In 2015, the companies that will succeed are those that accepted this change and budgeted accordingly. The Salesforce 2015 Facebook Ads Benchmark report showed that CPC (Cost Per Click) on ads ranges from $0.08 to $0.25 on average, depending on your industry and ad targeting. We tell our clients to make sure they think through these two things when embarking on Facebook advertising:

  1. Multiply the average CPC for your industry (see the report) by the number of people who need to view your site in order to convert – and make sure that you have sufficient budget.
  2. Add a contingency budget for future Facebook ads changes.
  3. Take a look at your site and consider whether it’s built to convert your visitors from interested passerby to warm lead – or better yet, to active client. Do you have email subscription options visible? Do you have simple “Contact Us” forms in place? Have you answered the questions a lead might have effectively?
  4. Is your site mobile-friendly? Google’s recent changes mandated mobile-friendly changes – but if that wasn’t enough to get you to make the changes you need on your site, consider that over half of Facebook’s traffic comes from mobile.

We share this with you so that you can plan accordingly and set reasonable expectations for your team, your leadership and your marketing and business goals going forward in 2015. Consider where you can reasonably spend time and money, and then consider if your team needs help. At Blank Page Consulting, we work with our clients in a number of ways – from total marketing management to co-management with their team. We even offering marketing coaching and consulting to help empower small business owners and their teams to do for themselves. We’d be honored to work with you to achieve your business goals in 2015. Consider scheduling a free 30-minute consultation below to learn more about what we can do for you.