Facebook Bidding: How to Outsmart the Competition
Alright, the title is a little clickbaity but it got your attention, didn’t it!? Let’s talk about a few simple ways that we here at SWAY battle our clients’ competition for the winning bid on Facebook (and really any paid-media platform).
First off, were you aware that Twitter, LinkedIn, and Facebook all operate on a bidding system that determines when, where and IF your ad will be shown? In essence, that’s how these platforms operate. You might be thinking “How can I compete against Coca-Cola or some other giant brand? Well, social platforms typically realize this, you won’t be put into a competition you can’t compete in. Think sports - in boxing, someone who is 130 kg doesn’t go up against someone who is 60 kg. You ARE going up against businesses that match your ‘weight’ and the highest payer in the category wins in the automation process. We know you don’t want to be bored with jargon so let’s jump right into how you can win this bid!
As a business owner, you’re fully aware of the competition out there, in your area and beyond. As an agency, we represent several different types of businesses. It is necessary for us to ensure we treat all of our clients with equal attention and consideration. Many agencies operate in niche markets serving a specific type of clients. SWAY, for example, has some clients that can have similar needs or target audiences. This can simply happen because the agency has developed a name for themselves and they’re good at what they do. We have a few focus areas and the clients within them need dedication on behalf of SWAY to prevent them from bidding against each other. Smart targeting techniques will avoid this potential problem.
1. Email Lists
These can be a goldmine for any business! Collecting emails as either a method to stay in contact with your clients or to send out newsletters to subscribers? So long as you have an information sharing policy in place that guests can agree to, you can share this information in confidence with your marketing agency. If there are enough emails on the list, we can utilize this to create an audience for targeting on Facebook. There are so many ways in which this information is pinpointed, but it’ll put you to sleep. One of the best ways we can use this information is to create a look-a-like audience that will replicate your current customer's interests, desires, etc. It’s like finding new friends but for your business!
2. Page Interaction
Another way that advertisers can prevent bidding wars between their clients, or going up automatically against their competitors, is through audiences based on page interaction. It’s possible to create an audience and a look-a-like audience from the people who currently like your Facebook page. Better yet, it’s possible to create audiences from people who have interacted with previous ad campaigns! This opens the door for retargeting (a way to remind prospects about the product) as well as generating a fine-tuned audience from people who took the first step and interacted with the previous campaigns.
3. Area/ Demographic Target:
This one might be obvious, but if you’re an agency representing two similar clients it can be tricky. It’s possible to target a whole city, or if you’re lucky - part of a city. Think about targeting locations around your business as closely as possible. At SWAY, we try to concentrate our efforts in line with the characteristics of the desired leads. For example, run the ad to the suburbs or a portion of a city rather than the whole thing. Another useful tactic is to ensure understanding of demographics. What age category and economic position are the prospects? Don’t bother competing in a bidding war to get the attention of 18-year-olds if they can’t afford your product!
4. Interest Target
Here’s a final tip for today to consider! This one is our favourite for ensuring our clients do not compete against each other. Interests! For example, housing developers in and around the suburbs might have competing interests at first glance, however, it simply requires some deeper digging. Open spaces, mortgage loans, nature and other factors may seem like the common interests among anyone headed to the suburbs. But, with deeper thinking, interests such as mountain biking may only be applicable in specific parts of the suburbs. How about lake life? Fishing, boating, all of these things can be area-specific and should be used to prevent clients from bidding against each other or to prevent the competition from winning your bid.
So, what’s really the most important factor here? Well, there is a common theme among all of the points that we’ve outlined! It can be as simple as truly knowing who your desired customers are! Easier said than done sometimes, but with a little bit of research and collaboration, there is plenty of information to be discovered. Then, all that’s left is to apply it all to an outstanding marketing campaign.