Those developing a business plan are forced to ask themselves the same basic question over and over again: who is my target customer?
This question haunts the dreams of many savvy entrepreneurs, who pore over data to better understand who their real demographic is. These folks get that if they're not ultra specific about their customer, they won't be able to market to them effectively. So they take the time to create a strong "customer profile" that outlines the key characteristics of those most likely to buy the product.
It's this kind of specificity that sees the best results.
But it doesn't stop there. The most efficient marketers are also extremely discerning about where they place their ads, because they know that it's not just about getting eyeballs on your page--it's about getting the right eyeballs. Time and time again, Facebook has proven to be an excellent medium for tapping into the right audiences.
"By its very nature, Facebook allows you to be very targeted when serving ads," says Ben Simkin, founder of BusinessNET. "This ensures that your pay-per-click dollars are at their most efficient."
Simkin has used Facebook Ads to sell over $1 billion worth of products and services. In one case study, he grew Canterbury Property's already impressive revenue ($30 million) by 210 percent in the first year.
I sat down with him to chat about how he did it and took away some good nuggets of wisdom:
1. Intimately understand your target demographic.
As mentioned, folks, you need to know who your ideal client is - better than you know your life partner. Lifestyle, values, beliefs, priorities, what they love, what they hate and especially--what their big issues are right now.
2. Focus on the big issue.
By knowing this personal information and focusing on their big issue, you make your marketing functional. Your marketing should begin to solve their problem - whether through a blog post, a downloadable ebook, a landing page, or a webinar. Give them something they can take away, implement themselves, and get a result.
Research has shown that the desire to achieve a goal or solve a problem intensifies once initial progress is made, so in order to intensify their desire to solve the problem by buying your product, show them some progress towards that goal.
3. Build confidence in your audience.
Confidence is a two-way street. Most business owners only worry about instilling confidence in their product or service, but most times, a potential customer won't buy because they don't have confidence in themselves. There may be a whole range of reasons why they themselves believe they couldn't get the same result you are promising. It's your job to build up confidence in your target market. Do this by sharing the relevant success stories of relatable customers.
4. Focus on scaling, not saving.
A lot of business owners can fall into the trap of trying to save money on their clicks and leads. Conversely, they should focus on the volume of leads or transactions. If the price creeps up and they are still making a decent profit, then they shouldn't cut back spending - they should work on scaling those transactions up. Of course optimization is important, but the focus should be on volume, not on trying to save money. Don't work hard to save a few dollars at the cost of a few million.
5. Keep your finger on the pulse.
Facebook Advertising is not a platform you can "set and forget", it is constantly evolving. So you need to read your numbers regularly and adjust accordingly. Optimizing your campaigns every day will lead to significantly better results.