How To Slash Your Cost Per Lead In Half With A Two Step Approach In Facebook Ads
Hernan Vasquez Monday, November 26, 2018
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Hello there! I’m super excited for this article and I wanted to thank the staff at Funnel Magazine for allowing me to be part of their publication, which I admire and love.
For this article, I decided to share with you a strategy that I’ve been implementing for my funnels and that has been working amazingly well, if you’re doing any type of Facebook ads at all.
The reality is that, if you’ve been doing any tipe of Facebook advertising at all, you’ve noticed that the costs of the platform have been going up.
This is not a surprise since more advertisers are jumping into the “Facebook Train” to promote their services and products. And it can bring great results (when used right)!
Long gone are the days where you could get one penny per click or $1 per lead.
However, Facebook has this in mind and they want us to keep on advertising.
One of their solutions is to launch new inventory, new placements and new ways we can approach our target audiences, still make money and keep on spending on their platform.
This new inventory comes in the shape of Instagram Ads, Messenger Ads, Audience Network Ads and recently added Instagram and Facebook Stories Ads.
These are all potential opportunities that we have to get our piece of the pie, even when the competition is growing on the platform.
With that being said, the strategy that I want to share with you can help you decreasing your cost per leads a lot, because it will imply that you’re putting out your best content and your best value first.
In other words, this strategy can help you not only getting more leads for your business, but also increase your brand awareness, have a higher chance of going “viral”, foster a community and much more.
For this, we’ll use what’s working really well on Facebook right now, which are videos and video views. This approach will help you building a big audience fast and then targeting these viewers with your offer, webinar or lead magnet.
Plus, you’ll foster a lot of good will in your marketplace, which can be a really wise investment in your brand on the long run. Let’s see how it works:
Step #1 - Create Valuable Content (Specifically Videos).
Facebook loves video. Specially, they love video ads. In other words, they want to position themselves like the “New YouTube”, so this is an opportunity that we need to leverage.
For this step you can create any kind of content out there (blog posts, viral posts, audio, etc.), but I strongly suggest you use videos because they get a lot of reach and better placements right now on Facebook.
You can even get people watching your video for a penny per 3-second view! And we’re talking about really targeted audiences! We’ll talk about that in the next step.
If you want to put this into overdrive, you can go LIVE in your Facebook page and then boost these videos through Video Views campaigns. Live videos and live streams have a lot more reach than pre-recorded videos uploaded to Facebook.
A word of caution: Lead with your best content.
Think about this for a minute. You’re reaching out to cold audiences, people that don’t know who you are or that you even exist. And the content that they’ll see for the first time needs to blow them away! It needs to be really good so that they want to engage with your company and know more about your brand.
You can do this with articles as well, and send people to your blog posts by the use of Landing Page Views campaigns or View Content campaigns. This is also fine if you’re camera shy or you simply feel more comfortable writing articles.
Step #2 - Boost Your Content On Facebook
We all know that organic reach on Facebook Pages is near to zero, right? So if you want to get a lot of mileage of your hard work, you need to put some money behind it. Even further if you worked hard to make this happen.
To achieve this, we can basically use two type of Campaign Objectives: Video Views or Pay Per Engagement. In any case, if you’re doing videos, they both work well. I’ve seen the Pay Per Engagement have slightly better results at scale, but you need to test this out.
Next, you’ll choose your target demographics in the targeting phase. This is important because you’ll be creating an audience after this is done, and you want this audience to be interested in what you have to offer in Step 4. Basically, you’re creating your own “pool” of people that are interested in your lead magnet or webinar offer.
On the Ad level (or creative), you want to choose the content you created on your Facebook business page, selecting the “Use Existing Post” option in your ads.
Once you have your content uploaded to your Facebook page and boosted, we move to Step #3.
Step #3 - Create Custom Audiences For Video Viewers
Now it’s the time to create those Custom Audiences so we can pool those video viewers somewhere that we can target them. To do so, you need to go to your Custom Audiences section within your Ads Manager and create a Video custom audience.
Then you’ll choose the video you’ve been promoting in Step 2, which will increasingly get more and more views. I usually create three custom audiences: 25 percent of video viewed (larger but less engaged), 50 percent of video viewed (the sweet spot) and 75 percent of video viewed (smaller but super engaged).
The more you run these videos, the bigger your custom audiences will become, because Facebook will automatically put those video viewers into the different “buckets”. Not to mention all of the “organic” views that your video could have (and that you’re not paying for).
Step #4 - Retargeting Your Custom Audiences
So we have come to the stage where we can start promoting our products and services to those audiences.
My videos are usually 10 minutes long. If someone watches 50% of my video, that means that they’ve heard me rambling for at least 5 minutes. Think about this.
For me, that is a really engaged prospect! Much more engaged that someone that accidentally stumbles across my ad on their timeline. We have had a touching point and I’ve provided value without asking anything in return. Pretty cool huh?.
Once you’ve created these Custom Audiences, it’s time to finally launch your Conversions Campaigns, which will be the one that will bring you sales and leads.
The way we do this is to create a new Facebook Campaign, and we choose the Conversion Objective. Provided that you have the Facebook Pixel correctly installed on your site, you should be able to pick the right type of Conversion, depending on your goals for this campaign.
Now here’s where the magic happens. On the ad set targeting level, you’d choose those Custom Audiences you created earlier. This is basically telling Facebook that you ONLY want to target people within the platform that has watched at least 25 percent to 50 percent to 75 percent of your video and forget everyone else.
By doing this, we’re immediately weeding out most of the people on Facebook and only focusing our Conversion campaigns on people that are engaged with our content and that have at least watched that percentage. This basically tells us two main things:
That they are somewhat interested in the topic we’re discussing in the video
That they have already had one touching point with our brand, so we’re not complete unknowns
So just to recap: We’re using our Video Views campaigns in order to attract those potential prospects that are interested in our products and services and we’re giving them the opportunity to learn from us, without asking anything in return. Once they’ve reached certain goals (like watching 50% of a 10 minute video), then we’re targeting them with an offer (that could be a lead magnet, a webinar or even a trip-wire).
This will increase your conversions and dramatically lower the cost to generate a new customer because you’re taking this powerful two-step approach.
If you have any questions, don’t hesitate to ask!
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