Most Important Facebook Hacks in 2020
Facebook is a social media platform that is rapidly developing. Rumours are swirling that Zuckerberg and his team will soon launch a series of beta tests, including removal of the ‘like’ button. Likewise, Messenger and private groups will be prioritised so advertisers may be challenged for their eligibility and space in the main feed.
Therefore, it is important to adjust your advertising strategy and tactics on Facebook to keep ahead of these updates. Especially seeing as the click prices and the competition are not reduced.
Larry Kim, an expert in the field, gave a talk on his most used Facebook hacks at INBOUND19. And today is your lucky day because I will share three hacks from his presentation in this blog post.
#1 – The inverted unicorn ad targeting method
Yes, this was new to me too, but after hearing Larry Kim talk about the inverted unicorn ad targeting method, I have changed the targeting of ads on Facebook. The method is to rethink the way we build target groups. Let me give you an example:
You are in a company that sells licences for an email marketing platform. As such, you perceive your target audience as being people with interest in email marketing or marketing in general. Out of this (relatively large) target group, you would like to hit those who also work with email or marketing daily.
These are called two correlated variables, as there is a significant (and relatively obvious) connection between your professional interests and your job title. Your audience, therefore, looks like this:
So, you have a total audience based on, for example, interest, and then a subset based on, for example, job title. But the output of this is generic ads that do not make the user feel very special. We see tons of ads that play on our professional world, work life, etc. – this is not a particularly engaging or ‘thumb-stopping’ ad.
As described in our blog post ‘The 3 biggest takeaways from INBOUND19’, it is about getting personal with your target audience. As an advertiser, we have to dig deeper to capture the audience's attention and create ads that convert.
With the ‘invented unicorn ad targeting method’, it is about turning away from the safe and boring correlated variables, and instead exploring completely uncorrelated interests that can produce notable ads. Let's return to the example from before:
You are a company that sells licences for an email marketing platform. You perceive your target audience as being people with interest in email marketing or marketing in general. But instead of creating an audience with a correlated variable (job title), you find a completely uncorrelated parameter – e.g. people who are interested in Game of Thrones – with no direct link to email marketing. Your audience, therefore, looks like this:
These types of audiences provide exceptionally high engagement rates and are great for converting. You get personalised and creative ads where the user will feel 'wow – it is spot on and made right for me’. The downside, of course, is that this type of targeted advertising requires more work. First, you have to come up with some exciting and meaningful uncorrelated variables, and then you have to prepare content for these micro-segments. But one thing is for sure – I definitely need to try the method.
Want to see how the example works? Check out the following:
#2 – No to standard Facebook Campaigns
This one can be a bit of a tummy tuck for most people working with advertising – so be warned. Larry Kim's message was simple: you have a small budget for advertising, so drop the regular campaigns and focus 100% on remarketing.
Why? On average, the expected CTR and conversion rate for remarketing ads is 3-5 times higher. For most companies, about 70% of all conversions come from remarketing audiences, which in most cases only make up 10-20% of media spend. So if the budget is tight, there can be high value in realigning media spend and focusing 100% on remarketing.
Anxiety inducing? Indeed. The downside is that you may see a dive in your volume. There is also the risk that in the long term you will have saturated your remarketing audiences. Therefore, Larry Kim's message is that you allocate some of the budget you released by ‘dropping’ regular ads to other growth efforts – such as PR stunts, offline activities, guerrilla marketing, etc., to make the group of people who already know you (eligible for remarketing) larger – and then use ad dollars to convert them.
#3 – Repay a favour (Reciprocal marketing)
This type of marketing can seem daunting, but reciprocal marketing can be good for business if you find the right match. Reciprocal marketing is about ‘reciprocating a service’. In other words, you need to sell other companies' products and services. However, the key point here is to find someone who is not a direct competitor – identify someone who has a complementary product instead.
Larry Kim used an example from his own use of reciprocal marketing. He has marketed the ‘frenemy’ Neil Patel’s services and, while the two are not direct competitors, they serve the same target groups: PPC marketing and SEO. By advertising for Neil Patel, and vice versa, they both experienced a boost in efficiency for their ads and organic posts as they benefited from each other's audiences.
This type of marketing is similar to influencer marketing. It helps you build remarketing groups by letting your ‘frenemy’ send a lot of relevant traffic in your direction. And remember – this isn’t only about paid advertising. It can also be used to share the messages of others organically, too.
So start looking for complementary companies and partners in your industry that you could benefit from. You also save a little on the content effort, as you can allow your ‘frenemy’ to deliver content that fits your target audience, but they do the hard work of writing it. Smart, right?