Jack Carr, Senior Performance Manager at NMPi
One of the most significant selling points for paid social for advertisers is the unparalleled scale and variety of audience options through which to reach your target audience. Proper usage of this data strengthens your campaigns and brings in the right new customers whilst maximising revenue generation from existing customers.
1. Identify Your Target Audience.
Before focusing on how to reach your audience, you must first identify who they are. This can be established from a variety of sources, and will largely depend on your sector and the maturity of your business. You can analyse your current Facebook fan page followers using Audience Insights or take learnings from customer profile reports from providers such as Experian.
2. Maximise on the Available Targeting Options.
I don’t think I need to dwell on the breadth of information available to build out complex, layered targeting on social. Of course, different campaigns demand different targeting, but at least make sure you’ve evaluated the potential of targeting based on interest, behaviour, demographic data, lookalikes, dynamic re-targeting & prospecting, pixel-based audiences and CRM data. There’s also plenty of insights you can garner from your other channels and other platform tools.
3. Avoid Granularity for Granularity’s Sake.
Granularity in paid social, as with all digital marketing, is extremely important. However, it is essential that it is justified. If you’re not serving a different creative, directing to a different landing page, utilising a different budgeting strategy or some other variation, then do you really need to segment?
Facebook requires a minimum of 50 conversions per week for each ad set in order to optimise effectively, but the more the better. Overeager segmentation is likely to instead impair Facebook’s natural optimisation by overly constricting audience sizes, negatively impacting performance and potentially driving up costs.
4. Overlay Targeting to Minimise Wastage.
Whilst targeting options like lookalikes, interest targeting, and dynamic prospecting are powerful, these need to be narrowed down. Take back some control through leveraging demographic data obtained from your Analytics platform alongside both your own audience data and Facebook’s.
Furthermore, leverage negative audiences to minimise overlap and avoid escalating frequency. Just because people fall in two of your audiences, doesn’t mean they’re going to respond any better to seeing your ad an excessive amount of times.
5. Leverage Your Own Data Intelligently & Wisely.
From your own data, granularity is key. For prospecting, find top performing segments to expand via lookalikes such as regular purchasers or high AOV purchasers. For your re-targeting, find previous purchasers that have lapsed, newsletter recipients that have never converted, those that click through email communications, but don’t purchase and target them with compelling, tailored offers and creative in order to bring them back into the fold.
The options here depend largely on the scale of your CRM database, particularly in the post-GDPR landscape, and also the quality of the data collected.
Published date: June 26 2020