GM quite publicly pulled their Facebook ads in the week leading up to Facebook’s IPO. No, I don’t think that’s the reason the stock price is down 30%. Yes, I think it has something to do with it.
Investors are taking a closer look at Facebook’s potential to make more money. That’s what matters now. And if large corporations that spend hundreds of millions of dollars marketing their products every year can’t find value in Facebook ads, who will?
Facebook ads are a different kind of advertising medium, one that I don’t think many people fully understand yet. They’re not quite paid search ads, because I’m not actively looking for what you’re offering at the time I see the ad. They’re also not simply display ads, because they’re built into a very specific network, designed with photo and text components, and targeted based on information I’ve provided to Facebook.
So what are they?
I’m not here to answer that question. But I will say that I’ve had success with Facebook ads in the past, and I think there is a place for them in your budget, whether that budget is large or small. As with anything, you have to track the response you get and decide whether or not you’re getting the return necessary to justify the marketing dollars you’re putting there.
Here are some creative ways to use their ad targeting options to your advantage before giving up:
- Target Brides – Facebook allows you to target women who go from Single to Engaged, or Engaged to Married.
- Target Your Competition – Facebook allows you to target people who are connected with particular brand pages. You can use them to target fans of your competitors with an incentive to switch.
- Target Referrals – Facebook allows you to target Friends of Fans, or the Friends of those people that like your brand page. You can use this to solicit referrals from your own network and sign up new people.
- Target Singles – Calling all dating sites.
- Target People Who Like Things Similar to You – Using the “interest” targeting options, you can show your ad to people who already like something similar to what you’re offering. This could work well for new movies, albums, tv shows, etc.