As part of Female Entrepreneur month on The No Formula Podcast, I interviewed Courtney Tarrant. She founded a boutique Facebook Ad Agency for online entrepreneurs. In our conversation, she tells us about how she became an expert in online advertising. She also provides valuable Facebook ad campaign hacks that you need to know as an e-commerce business owner. That's what we are covering in this blog! You can also listen to the interview here.
The ABC's of Facebook Ads
The letter A stands for audience. Courtney emphasizes the importance of knowing who you are targeting. B stands for budget. She says that you need to be a realistic with your budget - a few hundred dollars won't get you very far. The $1 a day Facebook Campaign does work for companies who are targeting an already qualified list of leads. And this is coupled with strategy and Facebook Ad experts. If this is not your situation, then it won't work. C is company inventory. If a Facebook campaign suddenly increases sales by 100%, are you ready to accommodate that demand?
Not everyone can succeed with Facebook Campaigns
This is one of my favorite tips from Courtney. She reveals that companies cannot rely on Facebook ads to build a business. They need to create a profitable business first. Facebook ads will only amplify what the business is already experiencing. Therefore, if your business processes aren't already generating revenue, then Facebook ads won't work. However, if your business is already generating sales, then Facebook ads will only increase that success.
Facebook does not fix a failing business
Courtney goes on to tell us that businesses should have the following elements before using Facebook ads:
Quality product that a target audience values
Good pictures of your products
Already have an organic reach on your website
A validated concept that is working
Social proof that customers value your products (testimonials, for example)
Quick Facebook Ad WIN
If you want a quick win with your Facebook Ads, use retargeting. Retargeting is when you target people who already visited your website. Courtney reveals that the top two reasons people leave their cart without purchasing it 1) they got distracted and 2) prices are too high. Therefore, overcome the first objection by reminding them that they were interested in your product. Retargeting will get them back to their cart and more likely to purchase. Your retargeting can also include a discount. As a result, you are overcoming both objections at once. You are reducing the barrier to entry and securing a higher chance of sales. Note, that Courtney explains that a good return on investment for your Facebook ads is a return of $4 for every $1 spent. Anything less than $2 return is not good.
For more tips from Courtney (she has many more), listen to the full episode here.
You may also be interested:
Join the Facebook community. In 2021, I will use the group to add additional free content and marketing tips for entrepreneurs. Join today to help shape the content on the show!