Get a great cost per acquisition with Facebook’s targeted ads

If you haven’t played around with Facebook’s targeted ads yet, it’s absolutely worth your time. Especially for small businesses who have limited budgets, want to make a highly focused impact, and are focused on cost per acquisition.

Try a campaign, and then compare your CPA versus your other channels. For certain marketing goals, it will likely be the wisest possible use of your money due to 1) how targeted you can get with your communications and 2) how you only pay if people respond to your ad (the CPC model Google invented).

Here’s how it works. Click ‘Advertising’ at the bottom of any Facebook page, and click ‘Create an Ad’.  On the next step you are already writing your lead copy, your more detailed copy, inserting an image, and then choose where the ad will take people–your destination website. The excellent UI shows you–in real-time–the ad you are creating. (See image on right for how I filled out this page. And see FB’s great FAQ on designing ads)

Next, the fun part. Who do you want to talk to? You will quickly see the great marketing paradox in action – you can achieve a massive reach if you are less targeted with your audience. But less targeted people tend to generate lower response rates. Or, you can hyper-target your communication which limits your reach, but also typically boosts your response rate from a more interested audience.

You can target down to the city level, and even specify a radius around that city. In my case, the screenshot at right shows that I only want my ad to show to people within 50 miles of my home town of Boulder, CO. When I make that selection, Facebook shows me exactly how many people will see my ad if I keep these settings. I then enter that I only want people 21 and over seeing my ad, and my audience numbers drops further. But I am refining to people who are great candidates for my digital marketing consulting services, so I like the trade off.

I enter the term ‘marketing’ as yet another filter, which means my ad will only show to people who have entered ‘marketing’ as a like, interest, or occupation. Again, I am gambling that this filter will produce stronger response rates. The screenshot above shows that these filters will result in 11,820 people seeing my ad at any given time. Since I only need a few clients at once, this reach is more than adequate. In fact, it rocks.

On the next page I choose only to pay when my ad is clicked on and then set my daily budget (great feature, also from Google). I review my ad, enter in a credit card, and my ad is up and running in the right column of Facebook to just those 11,820 people that I believe represent the best targets for my consulting business. Brilliant!

Give it a try and see if you are as enamored as I am with this amazingly easy method of delivering targeted communications.

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