The Internet has opened up huge opportunities to gain market share using new spins on traditional strategies. Facebook offers engagement strategies that generate brand awareness with never before seen ROI, according to an Epoka University study. Because of its 1.3 billion subscribers, marketing research and experimentation is relatively easy on both a global or local scale. Creating and promoting a successful Facebook marketing campaign is relatively simple using some established marketing principles:
Establish a Budget
Most businesses know they need to spend money on marketing. The harder question is figuring out how much to spend. Some experts suggest spending 25 percent of your budget on marketing. For a small or new business, this may be excessive, so a logical assessment of your business is required to dictate your marketing budget. Because of Facebook’s scalability, on-page advertising can be as low as $50 per month.
If you want to hit your market hard, then it would be appropriate to invest more in marketing. The Small Business Administration has good advice on finding guaranteed government loans and developing business plans for investors. If you have alternative assets like a structured settlement, a company like J.G. Wentworth may be able to convert your future payments into cash that you can use to help run your marketing campaign.
Identify The Demographic
Your budget and your demographic reach are directly related. Companies can’t sell to everyone. Generally businesses will market to specific ages, geographic locations, and behavioral niches. With Facebook advertising you can limit who sees your ad text. As part of the setup process, you can select gender, age, geographic location, and various interests. This significantly narrows your demographic to something more manageable. Both traditional marketing and modern social media marketing techniques advocate a strong knowledge of your market base.
Test And Retest
The Internet has made marketing research much more affordable. Traditional market research package could cost a business upwards of $20,000, and this only gives you information without the actual advertising, notes Entrepreneur. Facebook advertising comes with built in metrics that tell a business the reach, demographic breakdown, and interaction for each ad. This allows you to test the effectiveness of each ad, make adjustments, and test again. It also lets you change keywords and phrases to see what resonates with your potential clientele. Any good promotional strategy will have a testing method in place before the first run of the ad. Because of the non-linear nature of social media marketing, sales figures are not the best metric. Often interactions or brand awareness make better test parameters.
The ability to throw caution to the wind and try something new without breaking the bank is what separates Facebook marketing from traditional medias. Facebook is a blank canvas on which the creative get to paint. The use of apps, quizzes, and newsfeed posts, in conjunction with a pointed marketing message gives near unlimited permutations for creative advertising campaigns. If you want an example of a well done integrated Facebook marketing campaign, take a look at the Alamo Rent-A-Car Coast To Castle Sweepstakes app.