Facebook is a strong business and advertising platform. It features a wide variety of solutions and tools to help brands grow. The platform has 2.6 billion active users per month as of 2020, according to Statista. And 74 percent of users visit Facebook every day, spending about 20 minutes on its channels.
Facebook reveals that about 60 million businesses have accounts on the platform, as of 2020. And 6 million businesses use ads to reach prospects on Facebook. Facebook has made it easier for brands to advertise their products and services. It uses WhatsApp and narrow targeting tools.
The platform is changing how people view content and ads. A variety of options such as dynamic ads, in-stream videos or carousels, help you reach and engage with your target audience. So, here’s a brief on what brands need to know about the latest ads trends on Facebook to achieve increased return on investment (ROI).
Fluctuating Ad Costs
A few factors have determined a rapid increase in Facebook Ad costs. Since 2014, the number of advertisers on Facebook has increased from 4 million to 6 million. High demand and limited supply have led to a spike in ad cost.
During the holiday season, businesses leverage the platform’s advertising capabilities. Seasonal businesses flood the platform with ads, which increases costs each year. 2020 is an election year in America. From the second half of 2019, campaigns have started. Facebook is the go-to platform for candidates to advertise their campaigns for high engagement. If you’ve noticed higher costs than usual for your ads, it’s likely because of politics.
The quality of your ads also influences costs. Facebook’s algorithm supports and rewards brands, which provide an excellent user experience. The social platform focuses on great user experiences because the users are its customers. If they lose users, advertising will also decrease. As an advertiser, you must have a positive approach and show relevant ads to your target audience. With better delivery, you’ll enjoy lower advertising costs.
If you can identify the real value of your customer, not only the acquisition cost, you can justify high-cost peaks. If a lead cost triples from $3 to $9, but you know that the client’s value is $80, you can ride out the increased cost storm. It’s how you find out how much you should be spending on your ads.
A Focus on Trust
Since the increase in online data exchange, trust is a fundamental value. Create ads with complete transparency levels. Your prospects must learn to trust your brand. Maintain a high level of authenticity in your messages. Share social proof such as testimonials or case studies. Most prospects and customers are afraid you’ll use their personal details without approval. Never trade or re-sell customer data. Your target audience must trust you to enjoy an excellent customer experience. When you re-target customers, share useful content. For example, share helpful thought leadership content or how-to articles, if you think your prospects aren’t ready to buy.
Videos to Support Storytelling
The use of video on Facebook is increasing. Facebook Stories have become the center point for mobile users. The platform will become even more focused on this content format. Marketers must publish video ads to leverage how Facebook wants users to consume content. Also, make sure you’re mobile-oriented.
Depending on your business’ products, test different video lengths. Keep the length between 15 seconds and several minutes. Move your Instagram Stories ads to Facebook Stories.
Video ads start off without sound. You must create compelling captions to grab your target audience’s attention. This way, users can understand the content even if the sound is off. Create a dynamic video, which adds value to your prospects. The rule for images to feature less than 20 percent text in ads is also applicable to video ads. Most advertisers use a high-performance smartphone to create top-quality videos. With 2020 around the corner, consider going the extra mile and use specialized equipment.
Facebook allows you to create an “engagement audience” of users who watch certain percentages of your video ads. If you have a 3-minute video and a user watches 80 percent of it, that’s a very engaged user. You can build custom audiences of those users and create Facebook lookalike audiences.
Businesses advertise on Facebook to reach their target audience and improve brand awareness. The platform is evolving and changing how users consume content. Keep up to date with the latest trends and use them when you’re creating your Facebook ads. Leverage the platform’s powerful tools to decrease your ad costs and reach your prospects. Follow the best practices to increase your prospects’ trust in your brand. Use video content to improve your audience’s engagement levels. With top-quality content and a strong strategy, your Facebook ads will help you achieve unbeatable success.