What is one question a Shopify store owner should ask themselves when determining how much to advertise on Facebook?
To help you know how much to advertise on Facebook as a Shopify store owner, we asked marketing professionals and social media managers this question for their best suggestions. From "What is a Realistic Timeline for Results?" to "What’s My Store’s CAC On Facebook?," there are several practical questions that you may ask to help you decide how much to advertise on Facebook.
Here are 10 questions for Shopify store owners advertising on Facebook:
- What is a Realistic Timeline for Results?
- What Do I Want My Audience To Feel Or Take Away?
- What is My Return On Investment?
- Are There Any Budgetary Restrictions?
- Who Am I Trying To Reach and Why?
- Am I Ready?
- What Interests Should I Target?
- What is My Store Hoping To Achieve Through Marketing and Advertising?
- Is Facebook The Best Platform for My Business?
- What’s My Store’s CAC On Facebook?
What is a Realistic Timeline for Results?
Are you aiming for open-ended marketing campaigns on Facebook, or do you have a specific goal in mind for your eCommerce business? You should ask yourself what a realistic timeline is to achieve the results you want. Before you can do that, though, you have to be sure that you're setting reachable benchmarks or milestones that will help you get to where you want to be, and when you want to be there. Then use Google Analytics to track your Facebook campaign’s progress.
Peter Babichenko, Sahara Case
What Do I Want My Audience To Feel Or Take Away?
Appealing to your audience's emotions is an incredibly effective marketing strategy. You can boost your effectiveness by determining what you want your audience to feel or take away from your Facebook ads. How do you want them to think of you, and in what contexts? In order to utilize your marketing campaigns on Facebook to generate the most positive responses, decide what your goals are with your target market first.
Stephanie Schull, Kegelbell
What is My Return On Investment?
One question I always ask myself is "What would be the ROI for every dollar spent on Facebook advertising".
Ultimately, the only reason one would advertise on Facebook is to generate more sales. I always check my Return On Investment (ROI) and compare that with what I would get on other social media platforms. If I see that I could potentially generate more sales with the same amount of dollars spent on Pinterest or Instagram for example - then it may be a more prudent business decision to spend my money elsewhere.
Mogale Modisane, Power Tools Blog
Are There Any Budgetary Restrictions?
Facebook advertisements are cheaper than other traditional kinds of marketing campaigns. Even so, they're not above budgetary restrictions. Ask yourself if there are any budgetary restrictions, and how these may affect your efforts to reach potential customers on the platform. You can achieve a lot with less money than you think on Facebook, but planning it out ahead of time will be of great value to your efforts.
Nataly Vanunu, Boho Magic
Who Am I Trying To Reach and Why?
Your marketing strategy must have a target audience. You need to be asking yourself, “Who am I trying to reach and why?” Without this information, you're not going to be as effective as you want to be at selling your products. Business owners should tailor their marketing campaigns to specific potential customers they know they want to reach. This is the best way to see how much time, money, and energy they should be spending on Facebook ads.
Michelle Conarty, Lily and Llama
Am I Ready?
Before advertising on Facebook, every store owner should ask themselves how fast, and how large, are they ready to grow?
A Facebook advert has the potential to reach a huge number of customers and if successful, you can anticipate unprecedented demand for your services. You will need to ensure that you have the capacity and supply chain in place to deal with a surge in demand. Unfulfilled orders or a disappointing customer experience could result in a severe backlash that could have disastrous implications for your business. Conversely, serious over-stock will have financial implications and may result in a loss.
Be careful when selecting who to advertise to and try to find a balance between the number and range of adverts posted and the ability of the business to keep up with demand and aim for a gradual build-up.
Jonathan Zacks, GoReminders
What Interests Should I Target?
Facebook is the best choice for interest targeting. This marketing strategy allows you to focus your campaign on users whose interests align with what your business offers. You need to carefully evaluate your audience's interest to double your chances of success. Assess your capacity to create compelling content that entices your target market to avoid wasting money on Facebook ads.
Let's say your business specializes in selling camping gear and suits. To leverage Facebook's interest targeting feature, you need to find people who are outdoor enthusiasts. Look for adventurers, mountaineers, rock climbers, etc. These people will make your Facebook ads more successful, so you must know if you have enough of them before proceeding with your campaign.
Lilia Tovbin, BigMailer.io
What is My Store Hoping To Achieve Through Marketing and Advertising?
As a Shopify store owner, the percentage of money you spend on digital marketing and advertising will depend on one important question: what is my store hoping to achieve through marketing and advertising?
This will lead you to closely evaluate your store’s KPIs and how your marketing and advertising efforts can help you achieve these goals. If you’re already an established Shopify store owner, you most likely won’t be spending more than 5% of your revenue on marketing and advertising. In that instance, your KPIs will more likely be directed at maintaining your existing customer base as opposed to generating leads to attract new customers.
However, if you are new to Shopify’s platform, you’re more likely to spend as much as 10% and higher of your revenue on marketing and advertising using Facebook Ads. This is because your KPIs will be directed towards generating new leads which will hopefully convert into new customers for your business.
Kriti Mawji, Belledorm
Is Facebook The Best Platform for My Business?
It’s important to remember that although extremely popular, Facebook isn’t always the best place to pay for ads. You need to be where your target market is to get the best returns from your campaign. This involves knowing what social media platforms your ideal customer uses the most and figuring out which of these can showcase your products or services in their best light.
For example, if your product can benefit from a visual-heavy campaign, perhaps Instagram or YouTube are better alternatives. If your target market is a young demographic, you might get more results from TikTok. Remember, Facebook is a great all-around platform for paid ads, but it’s definitely not the default go-to for all businesses.
Milo Cruz, Freelance Writing Jobs
What’s My Store’s CAC On Facebook?
Many stores know their overall cost to acquire a customer (CAC). You simply take your overall marketing budget and divide by the number of new customers you generated from that spend. However, far fewer stores know their ‘channel-specific’ CAC. When deciding how much to invest in Facebook Ads, you’ll want to first find your CAC on Facebook alone. As long as your CAC is acceptable, you can continue to incrementally scale up your budget and new sales.
Zach Grove, Zach Grove