In less than 3 hours you’ll be able to use Facebook’s ad targeting features, install and use the Tracking Pixel, launch campaigns, and receive a certification.
Learning how to use Facebook Advertising isn’t just for launching Facebook ads to sell products. Instead, think of Facebook ads as a way to communicate with hyper-targeted groups of people. Facebook advertisements can be used for recruiting, for public relations, to promote events, to build communities, and, of course, for selling products and services.
Learning to use the Facebook Ads suite for business will enable you to be better at online marketing, modern digital communications, and will give you a strong background for a variety of social media and digital marketing applications. You’ll also earn your Facebook Ads 2017 certificate which you can link to on your LinkedIn® profile, resume, etc.
In this post, we are going to launch your marketing mind to the next level with three critical MBA marketing concepts that apply to growth hacking.
1. The two levels of marketing strategy
A campaign is a coordinated series of tactics that are associated with some specific initiative. Specifically, at the campaign level of strategic thinking, you’re thinking about the objective of the marketing campaign and also the messages that you want to take out to the audience.
The second, lower-level marking strategy is about tactics. A tactic is a single mechanism that is designed to achieve the goals of the campaign and usually, at the tactical level, you should be looking at things like resource allocation, which should include grabbing the content, the budget, or whatever you need to achieve the tactic in the campaign.
For example, a graphic design company in Illinois wants bring in more clients for their logo services. They’ve noticed that a lot of companies in their target market -medical service providers- do not have attractive or appealing branding.
The design company decides to run targeted ads on Facebook that will reach medical professionals who show interest in other pages that would imply that they they are building their own practice. They also decide that AdWords campaigns and some direct marketing through LinkedIn networking is an effective way to develop leads.
The company’s objective is to serve more new clients for logo services and their messaging is that the medical service industry is not up-to-date with good design, which could set them ahead of the competition.
Their tactics are the ad campaigns and networking, plus all of the copy, images, and the budget that would be necessary to make the tactics effective.
2. The buying center
Then there is the delivery mechanism. Through which channels will this tactic help the campaign achieve what it’s trying to achieve?
Most growth hacking is about tactics, experimentation, and optimization. When you are designing campaigns –we are going to onto the second concept here–you want to be thinking about this concept called the buying center.The easiest way to understand the buying center is through an illustration:
Let’s say that there’s a marketer trying to take to market a natural health care product and their target market is chiropractic centers. They might be thinking, “Well, I need to talk to the doctors and show them that this product really works.” In reality, it might be that the chiropractic centre purchases products by the doctors introducing sample products into a group meeting and the group meeting might be led by a mission-oriented business manager.
What you’re seeing here, is that the doctor might be focusing on the specific healthcare applications of the product, whereas the business manager, who might have more decision-making power,is focused on the mission of the product to see if it aligns with the values of the company. The buying center, in this case, is not just the doctor. It’s the doctor as well as the business manager. So, as you start to design your campaign, you want to investigate and find the buying center that is responsible for making decisions of buying products or services.
3. Customer Creation vs. Discovery
If you’re trying to take a new problem or solution to market, then you are trying to create new customers because they don’t know that they have the problem that your product solves yet. This is mostly about education.
On the other hand, if you’re taking a product to market that is solving a problem that customers already have, then you’re campaign is probably more about discovery so that customers can find you when they need you.
Here’s a quick example: In the 1990s, organic food started to get really popular in the US. Those organic food companies had to educate customers about why buying organic food made sense. They had to work to educate the consumer on why organic food is better for you.
On the other hand, you also have restaurants, but people already know that they’re hungry. So, with restaurants, it’s about being found through services like Yelp and other review sites. That way, when somebody searches for a restaurant or needs a recommendation, they find the restaurant.
In this week’s Brain Boost, a big change is in store for pixel tracking and the new model that old corporate giants are adopting.
The post pixel tracking world The former CEO of Mozilla, who created Firefox (the very popular browser), has started developing a new browser called Brave. They are building Brave because they feel that advertising and pixel tracking technologies have “polluted the internet and eroded user control over the browsing experience”.
Just recently, MIT Technology Review ran an article about how powerful Adblock Plus has become. It’s the most popular ad blocking software on the planet and it’s used by nearly one hundred million users worldwide. If you think about this, most likely,these hundred million users are among the most sophisticated on the internet and, thus, the most valuable users to advertisers.
What you need to be thinking about is that, ultimately, user experience and privacy is going to win this battle over advertisers. So, you can expect to see all the major browsers introducing new privacy features that will eliminate many of the “growth hacking” technologies that marketers rely on today. Especially things like pixel tracking because, if these users move away from the browsers then the browsers themselves aren’t valuable at all because there won’t be any ad revenue from those browsers.
That’s why, in the next paradigm of internet marketing, real relationships will still win out. I’m talking about personalized service at scale. Brands that people want to invite into their lives. So, I encourage all of the digital marketers and people who are in touch with digital marketers watching this update to encourage focusing on building relationships with your customers and community at scale.
New innovation mindset Now, let’s talk about myopic product launches. Big, traditional companies are fueling innovation with something new. The concept for myopic marketing started in the 1960s at Harvard and the idea is that you’re marketing the solution, not the product or service itself.
What this means, particularly, is that Ford and GM have stopped seeing themselves as car companies. Instead, they are seeing themselves as mobility companies. You might see that a wave of startups will start focusing on researching a type of need -for example, mobility or education- in an extensive and deep way with no product or service in mind at the beginning.
Then, they are going to find the problems and then build a company around solutions for that problem. So, you start with the need and then develop the product; not start with the product and then find your marketing mix.
You can see evidence of this, for example, through Y Combinator, which is arguably the most successful incubator on the planet.Y Combinator has started a new branch called YC research. Essentially, what they’re doing is funding nonprofit research to tackle the “big problems” and, once these problems are identified, they use the Y Combinator incubator to develop companies that solve the problems that they have been researching.
You can see, here, that the myopic focus on the need and then the focus on the product or solution is probably the wave of the future.
Risk taking is just part of the process What kept us up at night as we created content for one of the largest growth hacking courses on the Internet? It has nothing to do with the fast-growth marketing strategies that we integrated into the videos for the course.
The issues we really faced is getting our community to develop an entrepreneurial mindset; to develop a mindset where you are open to risk taking and know that, if you fail, it is part of the process. The importance of being willing to take risks as an entrepreneur is not just an opinion.
Successful entrepreneurs aren’t risk averse and there are numbers to prove it Gallup performed a poll of 2,500 entrepreneurs and they found that the common trait these successful entrepreneurs had was risk taking. People who are comfortable with risk are three times more likely to create a successful organization, four times more likely to employ people, four times more likely to create and exceed profit targets, and four times more likely to exceed sales targets.
It’s all about your mindset. That mindset that you are willing to take a little risk and if you fail, learn from your failure and move to the next step. Make improvements and changes based on what you learn about what does not work.
What’s a risk that you can take today? Next time you want to spread your message –like promote a blog post or something else you created– invest a small bit of money into a social ad platform like Twitter, Pinterest, Facebook, or YouTube, depending on what kind of content you have and what your market is. Just see what happens when you put five or ten dollars into testing your target market and the effectiveness of your content.
You probably won’t have great results with your first ad tests (no one is an expert as something they try for the first time), but you will come away with something valuable. You’ll have a greater understanding of how the particular ad platform that you’ve chosen works, you’ll know whether you were able to convert the particular target you chose, and you’ll probably have a list of things to do differently for your next set of ads.
Remember to track your results on something like an Excel sheet or in a spreadsheet on Google Drive. This and the charts and graphs tools within those programs will enable you to see, visually, your progress with ads placement. Combining your willingness to take risks with tracking and interpreting the resulting data will serve you well.
When you come to the point where you are seeing conversion rates, click through rates, and cost per conversion that is favorable, you can put more of a budget into those ads that are working. We recommend increasing your ad spending incrementally. See what happens when you put $20 additional dollars into an ad that seems to be getting you the results you want. Then, $50, $100, or even $200 if you have the budget to work with.
If you fail; if nobody clicks, it’s fine because you want to be a person of action. Somebody who says, “You know what? I’m just going to go and do that.” We hope that this will help you develop that risk mindset and be comfortable with risk taking because you’re going to be just fine, even if you fail, after taking a little bit of risk.
Comments or questions about our Facebook Ad Testing process? Leave us a note below or join our Marketing Mastermind Group to start a conversation!
In this vlog, we want to reinforce how important the relationship is between Lifetime Customer Value (LTV) and average cost of acquiring the customer (CAC). We will give you an example with a real-life situation that we encountered with Eazl.
Ludell, who is our Marketing Director here at Eazl, has been running tons of Facebook ads tests, to see which audiences respond to our advertising on the social media platform. One of the course platforms that we distribute to is Skillshare. So, we know –because we have collected and analyzed statistics– that, on average, when we bring somebody into our world on Skillshare, they bring us about three to five dollars worth of revenue. That’s five dollars in terms of a Lifetime Customer Value or, if you make an average, four dollars.
What we found is that –with as little as $8 of advertising investment on Facebook– we can reach about thirty thousand people who have liked Skillshare on Facebook. We know that these ads are driving traffic to our courses on Skillshare, which means that we get more enrollments on Skillshare. We see that, for this very small investment, we are bringing in new customers.
Let’s say that we acquire about one-hundred new students from this $8 investment on Facebook. In that case, we’re paying about 80 cents per new student, but we know that the Lifetime Customer Value is somewhere between three and five dollars per student. So that means that, for every student that’s coming in, we’re making that profit spread of about $2.
We cannot just advertise all day to these people because they’ll get sick of us and stop responding to our ads but, essentially, until you find out that that relationship is no longer valid, you could basically put unlimited funds into advertising to that particular audience. If you keep acquiring customers, you’re just basically bringing in more profit.
This is just one example of when we found the LTV to CAC ratio was in our favor and we just decided to go really big on advertising to that particular audience because we know that we’re making a lot of revenue on that little spread.
Learn an easy and practical way to test Facebook ads here.