Picking up from our second part of this series, Picking your Ad Type & Building Your Creative, we will continue to dive deeper into the world of Facebook Advertising. In particular, this part will provide a range of insights into selecting a target audience, establishing a campaign and understanding the bidding system.
After we have decided on the type of visual and the copy that we wish to use for our new ad, we need to come to a conclusion as to who we are going to target. Although this sounds simple, as you would want to show your ad to those who fit within your target audience and will engage with your post, however there are a range of options available to you:
- Demographic Targeting
- Interest Targeting
- Precise Interests
- Custom Audiences
These different options can be used together in an effort to create extremely specific targeting parameters, or can be set broader in order to gain greater coverage across a larger pool of people. Either way, these selections allow you to dive deeper into the type of people you would like to target, providing you with an increased ability to connect with your ideal audience. For more in-depth detail into the large scope of targeting available within Facebook Advertising, visit this helpful guide: Facebook Ads: Targeting
Following from our selection of the parameters we will use to target our selected audience, the next step is to look at sorting the structure for our objectives campaign. Since 2014 this process has significantly improved as Facebook makes us of a 3 tier system that is group together based off the overall objective for a Campaign, or a group of ads.
This established structure allows us to arrange our ads into groups that all fit within the previous parameters for targeting that we have just set. However, we are then able to create multiple ads under this for testing and sharing. Through this system we are able to have a variety of similar ad sets under the one campaign, but it provides us with greater control over each of the budgets and scheduling set for each ad set, as opposed to the old universal system that was used.
(Source: AdWeek: Social Times)
Now that we have selected our audience and established our campaign with all of our ads, it’s time to move forward with allocating a budget to each of our ad sets. This process allows us to determine how much we are looking to allocate to our ad sets as a Daily or a Total Budget. It is important to ensure that you select the correct option for how much you are willing to spend, as you could otherwise be greeted with a high unexpected cost as your campaign runs over time.
After this budget has been locked in, you are then able to step into the process of determining the bid amount for each interaction with your ad. This is calculated as Cost Per Click (CPC) or Cost Per Mille (CPM), Mille stands for 1000 and is linked with impressions, depending on which option you select. From there you are able to manually set the minimum and maximum you will pay CPC or CPM, however this sets the most you will pay and you may be charged a lower amount if appropriate as determined by demand.
Within the bidding system itself, Facebook has an optimised and automatic-bidding system that adjusts based on supply and demand on a dynamic basis. As a start, this may be the best avenue to undertake as you begin to gain greater knowledge about what content works for your audience. The automatic system will also reduce the risk of making any errors when processing a customised bidding structure for your ad sets.
With our ad campaigns sorted, targeting selected, budget and bidding complete, it’s time to turn your ad online and to wait for the results to come through. Looking to discover who to read the campaigns performance metrics? Check out the final post for this series on social advertising, Analysing Your Campaign Performance Metrics.