You might have seen my article about some keys to getting better audience targeting on Facebook ads, with a little trick called layering. If you haven’t, check it out.
So after 7 days and $147 of spend, I’m going to look at what we’ve got.
ENGAGEMENT RATE:
Engagement rate is a common measure for social, it shows how many people have interacted with your content, which can give an indication of quality and how much it has caught the attention of your audience.
I’ve said this before, and now again, if you aren’t into numbers, I REALLY want to help you get into data. That’s where we find insights. You work out an engagement rate like this…
Get into your analytics for Facebook.
149 (link clicks) divided by 9089 (reach) x 100 = about 1.6% engagement (average FB is 3%)
But my real goal was downloads of the marketing plan. I have had a total of……
5 email sign ups.
Woah, break the bank! Ha!
You might be wondering why I’m sharing such (seemingly) dismal results. I promised I would share my knowledge AND my learnings. I’m on a mission to figure out what is working well and whats not in the land of digital marketing, so you can benefit too.
Let’s look at conversion rate then.
So 5 (total downloads) divided by 149 (link clicks) x100 = 3.3% conversion rate which is just above median according to these guys in this blog.
Nothing about this really surprises or disappoints, and I’ll tell you why (also important for you and your business to keep expectations managed)
Brand exposure - it usually takes 7 positive interactions between a brand and THE RIGHT target audience before they’ll make a decision. This is literally my first 7 days in this venture. I’m cold calling a new audience. It’s highly likely my content is still being shown to people who it’s completely irrelevant. So I need to get really targeted and clear about my people.
And.. even if my message is amazing, the competition in my field is HIGH. I’m getting advertised to by marketers of all kinds on Facebook.
So, what can I do?
There are a few options:
- Create a different kind of offer – Perhaps the one page marketing plan maybe wasn’t an appealing offer. Perhaps there are a lot of people offering something similar. It’s likely there is something else people need that I haven’t tapped into yet. I need to experiment with different content pieces to see what gets more response. (feel free to send me suggestions of what might be helpful to you!)
- Change the message. I’m going with an honest, approachable vibe, but ensuring my knowledge and expertise comes through. To be honest, I could make it more formulaic, and salesy, but I feel like that would be going against my brand values a little bit. I am more a communicator than a sales expert. However, this is something to consider.
- I could have more ads running to get my brand exposed to the same person in multiple ways. The process of familiarisation through multiple channels is a pretty common technique in advertising.
- I could increase the budget on the existing ads, because a 3.3% conversion rate isn’t too bad?
A common response is to ‘throw more money at it’, but let’s investigate first.
$150 got a reach of 10,000, which got 150 link clicks, and 5 email addresses added to my community (none of those people liked the FB page BTW) which means each of those email addresses cost me $30.
We can look at this two ways.
$30 for a lead isn’t too bad, if they become a lifetime customer - i.e they stay on my list, enjoy the content, buy a course or service in the future and end up spending with me in the long term.
With my goal of building a community of 2500 people and their email addresses, if I used only this method, and everything happened at the same pace, it would take 500 weeks, and cost me $75,000. That’s not a particularly hopeful outlook.
My thoughts on this are, that the cost of the lead, should reflect what you’re getting in return. $30 to spend on an email address, isn’t as good as spending $30 to get a paying customer. I don’t really recommend this, but as an example, you can purchase an email list for around $150 per 1000 email addresses.
If I spent $30 on the advertising, and had sold someone a course valued at $249, that’s more palatable.
So, what am I going to do then? Two things:
Stop the ads, $30 for an email address is too much for me to be spending right now.
Do some research and develop a customer profile, so I know more about who I’m talking to.
Develop a clearer strategy about what my business is, and how I’ll reach people with it.
I need to (like many of you) remember that social media might be easy, quick, and people are definitely there, but it’s not always the right channel to reach YOUR people. Read more on that.
Stay tuned I guess, I love hearing from you, so drop me a line.
Jade