Jun 28 3 Ways to Reduce Your Facebook Ad Spend with Targeting
With so many targeting options available on Facebook, it can be difficult to know which audiences will give you the biggest bang for your buck. Having a solid targeting strategy, optimizing your audiences, and taking learnings from previous campaigns are key to running cost-efficient campaign on Facebook. Here are three ways in which you can set yourself up for success.
Pick the right audiences.
Start with picking audiences that make sense for each phase of the customer journey. Broad audiences based on demographic attributes and lookalike audiences based on customer lists or website re-targeting are great for the prospecting phase as they generate low cost per thousand impressions, getting you the most impressions possible.
As you move customers from the prospecting to the consideration phase, interest targeting and targeting based on customer lists and mid-funnel website actions are efficient at reaching consideration KPIs such as link clicks and landing page views.
Lastly, audiences based on lower funnel website actions such as add to cart and initiate checkout are best for conversion campaigns as you’re targeting highly qualified users that are likely to convert. Want to learn more about targeting for each phase of the customer journey? Check out the below Social Ad Targeting to Address the Customer Journey articles on the Ignite blog!
Phase I: Broad Targeting
Phase II: Qualified Targeting
Phase III: Lead Conversion
Phase IV: Loyalty Targeting
Optimize your audiences.
Further reduce costs during your campaign by pausing low performing audiences and focusing your spend on those top performers. Prior to evaluating your audiences, make sure your ads have collected enough data and have completed the learning phase. During this phase, Facebook shows your ads to different types of users to learn who is more likely to take the desired action. Facebook recommends not making significant edits to your ad sets during this time because it may cause the learning phase to reset prior to gathering enough data to help you make an informed decision. After making your optimizations, continue to monitor your campaigns regularly to ensure your active targets are still bringing in the lowest costs and that you’re on pace to spend your budget.
Use learnings on future campaigns.
Once your media buy is completed, identify the top-performing audiences and use those for upcoming campaigns for a cost-efficient start to your buy. To prevent audience fatigue among these users, make sure to include new targeting in the mix so that you’re reaching new users.
The key to reducing costs on Facebook is strategically picking your audiences, optimizing your buys, and using your learnings for future campaigns. Interested in running a full-funnel social campaign that uses these targeting tactics? Contact us today.