Has Facebook Screwed Us All Over?
It was always going to happen.
As soon as Facebook floated on the stock market we new things would change. The flood of free traffic, sales and engagement from our Facebook pages would be over. And now, it truly is.
In a recent Forbes.com article it was revealed that Social@Ogilvy tracked the drop earlier last year, from 16% of followers engaging with a brand page post in 2012, to 6% in February 2014 for smaller pages and just 2% for pages with over 500,000 followers. And it’s only getting worse in 2015.
This means that for pages with 10,000 fans, you can expect approximately 600 people to engage with the page – if you’re lucky. The news gets worse. When you factor in that online conversion rates sit at approximately 2.3%, it’s hardly worth getting out of bed for. Not to mention the fact that Facebook now only shows our posts in our fans news feeds if, a. it’s relevant and b. they’ve engaged with our page recently. Which means, that your posts may only be getting to the same group of fans each time you update your status instead of a broader reach of individuals which lead to a consistent stream of online sales. Which brings us to…
Two Critical Questions We Must Ask Ourselves
1. Has Facebook really screwed us all over after all of the money and time we’ve spent to attract fans to our pages and promote Facebook as a brand overall?
2. And, should we continue to use it as a powerful marketing platform? But if so, how?
Let me answer these questions in two parts as there are hundreds of thousands of business owners who are only just awakening to this cold hard truth and scratching their heads unsure of what to do immediately.
To Ditch The Social Media Giant or to Continue?
The answer is an emphatic….
“YES” we must continue marketing via Facebook!
And, here’s why.
Although engagement is drastically down on fan pages and click through rates to website pages are abysmal, the need to consistently create content that converts has never been stronger than what it is at this moment. Content marketing isn’t the future for marketing any sized business large or small in any industry, it is the very confronting present.
In the age of the social share it is vital that we create a content marketing strategy that includes a solid mix of the following;
- Shareable status updates
- Articles that educate, entertain, but most importantly convert
- Compelling video content that establishes credibility and that attracts media attention
- Images / info-graphics that spread like wildfire
Which means, continuing to share content on your Facebook page is vital, even if engagement is low. However, instead of just aiming for engagement, we want to drive these individuals back to the ‘hub,’ your website to get them on your mailing list in which conversion rates are still extremely high.
Furthermore, it’s important to understand that Facebook isn’t the only platform for you to distribute your content through. It forms just one part of your greater marketing mix, including other sites such as;
The content you choose to post determines how much it gets liked and shared, but more importantly how much it drives traffic to your website pages in which the real transactions actually occur, i.e. an opt-in to a email list or an actual sale. We must continually assess which platforms deliver us the best results whilst getting as much value from each piece of content we develop as possible by distributing it via all of the major networks in which your target market congregates.
In relation specifically to Facebook, it just means that we must look at it with different eyes using it in a different way that generates a viable return on investment. And, to get started here are my top 4 strategies for generating high conversion rates using Facebook ads manager groundbreaking online research tools.
4 Steps to Achieving High Conversion Rates Through Facebook
There is life far beyond the Facebook newsfeed and it is where you can achieve 300-2000% plus return on your investment. Let’s take a look at how.
1. Marketing Data & Conversion Power of The Pixel
An area of Facebook that’s still relatively untapped by many is the Conversion Tracking Software. Within Facebook ads manager you can create adverts and set-up conversion pixels. A conversion pixel is a piece of code that gets dropped on a sales confirmation page on your website. Which means, when you run an advert to that specific product via Facebook and you make a sale, Facebook tracks that the conversion has come from a specific advert targeted to a specific audience.
This is incredible data for you to hold because suddenly you can shut down the adverts that aren’t converting and turn up the ones that are. Case in point, on a daily basis one of my digital products that retails for $147.00 achieves conversions via Facebook adverts for as little as $5 per checkout. Resulting in a staggering 2840% return on investment on some specific campaigns.
By leveraging this data, you can then create what Facebook calls, ‘Lookalike Audiences’ based on those that have converted / checked out in your shopping cart. This works incredibly well once you’ve hit 50+ conversions. You can put Facebook to work to come up with a larger list of hot prospects that are ready to buy. Then, it’s all about scaling up and testing various adverts and audiences on a regular basis.
Image: Example of Facebook report and conversion statistics
2. Tap into The Power of Segmentation
Any strong and successful marketing campaign is driven by its ability to clearly segment out its hottest prospects and market to them what they need when they need it. Every single month Facebook is allowing us to segment further and further into highly specific likes and interests of our target demographic. This is nothing new.
However, before you go crazy with this, marketing 101 states that ‘you’ must be clear on your target market first and foremost. Click here to find out how you can do that research over the coming days >
Once you’re clear on who it is, then and only then can you really jump in and magnify the targeting that Facebook has given you access to. This amplifies any ‘Lookalike Audience’ you create based on the initial advertising campaigns that you run. The more defined your market, the higher your ROI becomes.
3. Compete With The Giants: Re-targeting Campaigns
Re-targetting campaigns have been around for quite sometime, however never like this. Facebook allows you to embed a piece of code on specific pages on your website or even landing pages. From there, you can create adverts to appear in the newsfeed on your prospects Facebook page with timely campaigns that will re-capture their interest if they have not yet purchased. This yields higher than average conversion rates than many other campaigns because in numerous cases it can take up to 9 points of contact with a prospect to convert them to a paying customer. However, understand that if they haven’t converted within a 60 day period, they’re most likely not going to. You get this option within Facebook to define how many days you’d like to re-target them for.
4. Get 1000’s of High Converting Leads Cheaply
First let me redefine by what I mean cheap. A cheap lead is one that allows you to get a sale with a high profit margin. To find out what a cheap lead is to you we must first calculate how much we spent to get traffic to a particular sales page minus the cost of that advert from the total revenue generated. Now, some Facebook adverts will give you incredibly cheap conversions and leads, however others may not yield any at all. This is where you make full use of the ‘View Report’ features within Facebook to find out what your specific results have been.
Secondly, understand that although you might be generating leads on a daily basis via Facebook and some are purchasing immediately, there will be others that will make a purchase later on. This is where your cost per lead can significantly decrease, however, you must have the tracking measures in place to know that this is occurring in the first instance without swiftly turning off an advert assuming that it’s not been working for you, when in fact it has.
How Your Social Media Strategy Needs to Change… Immediately!
Since we now understand that things will never be the same, it’s time to look at our other options to further diversify our marketing campaigns by using the latest tools available to us. One of the greatest opportunities right now for business owners is Pinterest. Yup, you heard right. According to Techcrunch, Pinterest is the 4th largest traffic driver online right now.
Pinterest is a social media platform and visual tool that allows individuals to collect ideas for their various projects and interests. People can create and share boards via bookmarking key ideas (called “Pins”) that they use to do things like research, plan home decorating projects, business ideas, save articles, share quotes, watch videos and more.
Pinterest has seen incredible growth within the last 12 months and the time to tap into it is now, before they change their strategy and become like Facebook – of which of course is inevitable.
But how do you achieve this?
By creating / sharing quotes and pins in relation to your business and ensuring they are shared directly from your website so you can send traffic to your site to encourage interaction, engagement and ultimately opt-ins to your site for immediate and delayed sales.
Lookout for upcoming feature articles on The Power of Pinterest coming soon.
Moral of The Story – Never, Ever Create a Single Point of Failure In Your Business
Now although there are a lot of pro’s to Facebook, there are going to be a lot of bitter business owners that are biting their lips right now getting pissed off at the fact that their fanbase is almost worthless. It is if they choose to see it that way. The reality (as discussed), is very different however with all of the powerful tools we can now tap into, the likes of which we’ve never seen before that are relatively simple to use and easy to execute.
The free ride of traffic was never going to last and those that put all of their faith and trust in a company that’s core objectives is to drive their stock market value up, needs to open their eyes.
The lesson is that we must never, ever get complacent in learning about the latest techniques in online marketing – if we do, that’s when our profits begin to drop whilst your competitors increase.
Never be at the mercy of Facebook again. Here’s how!
Now, if you’re looking for a solid Facebook marketing strategy that isn’t impacted by trends in social media and one that will always provide you with a solid stream of new leads and sales, checkout The Ultimate Facebook Conversion System.
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In the meantime, share the love with your fellow entrepreneurs by sharing this article with them and let them know what they need to do immediately to avoid getting screwed over by Facebook and other social media sites. The opportunities exist, but only when you have a solid marketing strategy in place that is unaffected by a sudden change that is out of your control.
Until next time, go and shape the world we live in.