“Where’s the ROI?”

This question has been nagging digital marketers for a long time when it comes to social media. And one of the main casualties in this scenario is Facebook. In the B2B space, there persists a feeling that Facebook is only for B2C. In one of our previous blogs, we had talked how Facebook has been wrongly characterized as an effective platform for B2C and not B2B. In this blog, we continue to bust some of the other myths surroundings Facebook and the return on investment from this particular social media platform.

Generating leads and proving the RoI of marketing activities have been the biggest challenges faced by any marketer. So, why is it important for marketers to map the ROI of their activities on Facebook? More and more people are using Facebook for professional purposes along with having their personal pages. Facebook is the preferred medium for many to find interesting content. According to a HubSpot research, nearly 73% of people say they use Facebook for professional purposes, while there has been a 57% increase in content consumption on Facebook in the past two years. About 76% of people use their Facebook feed to find interesting content. The difficulty with establishing ROI on Facebook has been tracking and that can easily be solved through Facebook ads.

Optimized Facebook ads help to target the right kind of audience among the nearly 1.18 billion daily active users, who can range from CEOs to students to companies to entrepreneurs. Facebook Ads Manager enables you to overcome organic reach limits and precisely target the demographics that you are looking for by setting audience parameters using location, job title, interests, income levels etc. Start by selecting objectives such as clicks to a website, app downloads, likes, shares, connections and cost per click.

Recently, Facebook has updated its Ad manager, which allows marketers to target ads only to those people who are most likely to take a certain post-click action. Facebook will help you identify these people based on conversion data one, seven or 28 days after click. The analytics will make it easier for the marketers to target their Facebook ad spend on users who are likely to take the next step. You can evaluate the cost per connection by manually dividing your spend by the number of connections (or any of the objectives you choose) or use a Facebook ads tracking tool. Voila! You have your ROI.

Another effective way to track ROI is through Facebook Retargeting as it helps in achieving lower cost per click, a higher conversion rate and boosts your market reach. If you want to boost conversions from your Facebook ads, retargeting your content to the right audience is a must. By doing so, you will increase your brand recall. One common strategy is to remarket to those people who have already visited your website or shown interest in your product or service.

Also, Retargeting on Facebook usually has a lower cost per click compared to the same on search engines as the traffic is supposed to be less targeted on Facebook. Another thing that you can keep in mind is that you don’t have to limit your audience to just potential customers and also include current customers. Their positive comments will help create a great expression of your brand and generate more engagement online, eventually leading to higher conversions. You can also leverage the lists of potential and current customers by creating a lookalike audience. The advantage of such an approach is that you will be reach to those customers you were likely to miss out on and who are most likely to be interested in your product or service.

By leveraging Facebook data, you can remarket precisely to the audience you need to reach. And it fits easily within all budgets.