If you’re like most of us, while scrolling through your Facebook newsfeed, you’ve seen ads for the very same products or services you had recently been viewing online.
You probably know that what you experienced is called Facebook remarketing, a powerful Facebook advertising option that allows businesses to remarket (or retarget) to people who have visited their website with Facebook ads.
The reason we see so many ads on our Facebook newsfeed for products or services we were recently researching online is because Facebook remarketing works; and it’s a crucial tool for any brands’ social media strategy!
A Facebook remarketing campaign gives advertisers the ability to hyper-target their goods to a warm audience of website visitors who have already shown interest in the brand or business but did not complete a purchase or conversion.
While serving retargeting ads to a warm audience who is familiar with your products/services is a key bottom of the funnel strategy to increase conversions, a smart strategy first drives potential customers to your website with awareness ads (top of funnel).
Targeting this cold audience with awareness ads will help increase brand recognition and drive website visits. Once a customer has visited your website and shown an interest in your products, they move to the middle and bottom of the funnel. That is when Facebook remarketing plays its role to increase conversion via Facebook remarketing ads.
Set up your Facebook account to support dynamic retargeting ads.
With over 50 different Facebook ad types available, knowing the best ad type and conversion goal to reach your audience on Facebook can be overwhelming. Retargeting is thankfully, pretty straightforward.
All you need is a website with your products or services, a Facebook remarketing pixel that will be added to your website’s code, and your Product Catalog uploaded to Facebook.
The Product Catalog is created on Facebook’s back-end and it hosts your products and services. The Facebook remarketing pixel makes the connection between the products on your website and the products on your Facebook Product Catalog. Thus showing customers the same product they were viewing, a.k.a. Facebook dynamic retargeting ads.
If the goal of your advertising campaign is to convert leads into sales, retargeting customers is integral to the success of your Facebook marketing campaign.
In this article we share with you three powerful benefits of Facebook remarketing.
1) Facebook remarketing is extremely cost effective
Facebook remarketing is by far the most affordable advertising medium available.
With an average cost to reach 1,000 people (CPM) of $0.25, as reported by Sprout Social, Facebook beats any other digital or traditional advertising channel. LinkedIn ads and Google AdWords follow next with a CPM of $0.75 and $2.75, respectively.
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Traditional media, such as Cable TV, has a CPM that is 28 times higher than Facebook advertising at $7.00, while newspaper is 128 times more expensive at $32.00.
This is not to say that traditional media should be completely replaced with digital advertising; but if you’re looking to reach a large audience for a very affordable cost, a Facebook advertising campaign with remarketing to a Custom Website Audience (your website visitors) is the best strategy for ROI.
2) Facebook remarketing reaches your audience when they are on Facebook
Increase your chances of reaching your audience by using Facebook remarketing.
Another powerful advantage to Facebook remarketing ads is that your ad will only be shown when your target audience and customers are active on Facebook.
Facebook knows a lot about its users including when your potential customers are online and scrolling through their newsfeeds. And that’s when Facebook displays your remarketing ad to them. So, you are incrementally more likely to reach your target audience with Facebook remarketing as opposed to running an ad on TV or in a magazine and hoping your customer will see it.
A study conducted by Facebook IQ in the U.S. found a whopping 94% of participants kept a smartphone on hand while watching TV. They also learned viewers focused on the TV screen just 53% of the time; using their smartphones was one of the top reasons for looking away from the TV.
This further proves that although people’s attention shifts from multiple devices and platforms, you have a high chance of engaging a focused consumer on Facebook with your retargeting ad campaign.
3) Remarketing via Facebook provides excellent ROI
Facebook remarketing converts leads into customers by enticing them to return and connect with the part of your business or product they most desire.
While some believe in the advertising Rule of 7, which states that consumers need to see an ad at least 7 times before converting, others follow Thomas Smith’s Successful Advertising guide, which states it takes about 20 times to see a conversion.
The actual number is probably somewhere in between, but it’s clear it has to be more than once; and Facebook retargeting does just that.
According to WordStream, a consumer is, on average, 76% more likely to click on a retargeting ad than a regular ad. 76% more likely. That’s really significant!
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However, it’s important to nurture those leads and encourage them to come back to you by reminding them about how great your products are.
Customers need multiple approaches before making a purchase, and by increasing brand awareness through retargeting you are reminding them of the product they were looking at and driving them through the Facebook ad funnel toward conversion.
Are you using a Facebook remarketing campaign as part of your social media advertising strategy?
Grab your complimentary Facebook ad audit (for qualifying accounts*) to ensure your Facebook ad strategy is optimized to meet your business goals and increase those conversions!
And for other social media best practices, see how Harp can help.
*A business or brand with a minimum Facebook ad campaign spend of $1,200.