People aren’t looking at billboards. They’re not paying attention to TV commercials. They’re not reading magazines. So in reaction to that low demand, those companies have increased the price of advertising to keep it ROI positive.
That means smaller companies have a few years to take advantage of these platforms before big companies start crowding in.
But first… businesses need to adapt their mindset to the “new world” of marketing.
Marketers and advertisers hadn’t figured out what a commercial should look like. They were trying to adapt the “old world” into the “new world.”
We’re seeing a similar thing happen today as we move from a TV commercial, outdoor media world onto a Facebook and Instagram world.
Most people understand that you can’t just take a TV commercial and “paste” it on Facebook. We understand that doesn’t work. But there’s a more advanced conversation that we’re not having around what actually does work in a social media environment.
For example… should you be changing out actors and actresses in your videos to demographically match the customer base that you’d be targeting? Should you test your messaging by posting a tweet or a blog post first to see if it’s worth spending money on a video? How many pieces of content should you be creating for each segment?
TACTICS FOR FACEBOOK ADVERTISING
Here are some specific tactics you can use to run campaigns in 2019:
1. CREATE 20 – 100+ AUDIENCE SEGMENTS
I’m creating 100 pieces of content around my personal brand per day.
And I’m still probably 4,000 short of what I should be doing.
Meanwhile, there are businesses out there are creating 4 pieces of content for the year, and they’re putting massive budget behind those pieces of content.
It’s much more impactful to segment your customer base into 20 – 100 segments, and create content specifically for each of those segments. For example, I’m not a huge fan of Milky Way candy. But if they targeted me on Facebook with a piece of content tied to the New York Jets, I’m interested.
You’ll be much more likely to get a reaction from your audience if you created content contextual to who they actually are.
2. DON’T WORRY ABOUT HIGH CPMS
The reason businesses are afraid to go narrow on targeting is because it increases CPMs.
But the broader you go, the more “vanilla” your messaging needs to be.
It’s why brands like Coca-Cola and Skittles have used slogans like “Open Happiness” or “Taste the Rainbow.” In the old world of marketing, it wasn’t possible to go narrow. You only had a few pieces of content that millions of people would see – so your slogan had to be vanilla.
When you go narrow, you might pay higher CPMs, but your creative has a much better shot at converting because you can tailor your message to your segment.
Too many companies are thrilled to pay lower cost for higher reach, then get confused when their creative doesn’t get anyone to do anything.
3. RUN RETARGETING ADS ON THE MOST ENGAGED VIEWERS
Here’s a winning strategy that will convince you that marketing works for the rest of your life:
Create a contextual, long form video and get 100,000+ people to see it.
Then, take viewers who watched 2-3 minutes of that video and retarget them with a call-to-action.
You’ll be stunned how many of them convert.
4. TEST AND LEARN BEFORE SPENDING MONEY ON PROMOTION
It’s ludicrous to me how companies decide to spend $200,000+ on creating an advertisement based on tiny focus groups and subjective opinions of internal decision makers.
There are much smarter ways to test which piece of creative to bet your money on.
For example… you could test out your messaging through a tweet or a blog post. If that works, you could make a picture that goes more in depth. If that gets traction, you could make a short video clip. If that works, expand that into something bigger.
5. CREATE BRAND IDENTITY BY PRODUCING A HERO, ICONIC, “ANCHOR” VIDEO
Think of an anchor video as a Super Bowl Commercial for a small business.
The reason that so many brands and businesses spend millions of dollars on Super Bowl Commercials is because virtually everyone is watching. There’s so much attention on those commercials (both during the actual game and after the game when people watch on YouTube) that it’s actually underpriced.
That’s why brands put so much effort into crafting the message and narrative of their commercial – because they know that it will play a massive role in how people see their brand.
I think the same thing applies to small businesses.
Of course you’re not going to have the budget to run a commercial on the Super Bowl, but what you can do is create a viral, iconic video (like Dollar Shave Club or Purple Mattress) that shows who you or your company are, and distribute it across social media.
If done well, it could lead to a massive amount of sales and you’d build strong brand at the same time.