Facebook essentials:
3 tactics to boost your online sales
"Facebook & Instagram advertising is one of the most effective channels to drive awareness and sales on your online store...."
Facebook essentials: 3 tactics to boost your online sales
Facebook & Instagram advertising is one of the most effective channels to drive awareness and sales on your online store. If you're advertising on Facebook now, you've taken the first steps towards a marketing channel that can potentially generate a lot of revenue. Here, I will present you with 3 Facebook advertising tactics that have created results for several Danish companies. Enjoy!
1. cohort analysis
The first tactic is Cohort Analysis. This is probably the most powerful tool in Facebook's ad platform. During a cohort analysis, you track a number of users who share common traits based on behavior on your website to see when they perform a specific action.
If you're using dynamic product ads for retargeting on Facebook,you really need to read this. With cohort analysis, you can see how long it takes from when a customer visits your page for the first time until they make a purchase.
At Growbix, we have saved companies thousands of dollars using this tactic. Many companies run retargeting periods of several weeks, even though the conversion period on their product is typically a few days. If the conversion period is a few days, you should move your entire budget to those few days, and I can almost guarantee you that your ROAS on dynamic product ads will skyrocket and you will notice extra sales on your website.
Jump into Facebook Analytics under "Cohort", create your first cohort analysis and get a lot of insights into the buying period in your business.
Result:
Based on a cohort analysis, we changed the retargeting period for a customer from 28 days to 7 days and got the following results:
- 9% decrease in spend.
- 72% increased ROAS.
- 38% decrease in CPA.
2. Broad Dynamic Ads
If you run an online store, you may already be using dynamic product ads for retargeting. It's a powerful feature where you advertise products to customers who have visited your site but didn't convert. Here you dynamically display products to customers based on their behavior on your site.
The feature we're about to discuss is very similar to the retargeting feature. The big difference is that you show products to people who haven't visited your site yet. This is called Broad Dynamic Ads.
When following the normal steps in setting up a retargeting campaign, select "Find prospective customers even if they haven't interacted with your business" instead of "Retargeting ads to people..........".
It may sound a bit too fancy in a hurry, but it's actually a powerful feature that Facebook offers here.
With this feature, you're actually targeting people who have shown interest in the type of products you sell or products that are similar! When you use the feature, people will automatically be shown products that match their interest.
In short, this feature will allow you to steal customers from your competitors.
By working with Broad Dynamic ads, we got the following results:
- Spend: 13,517 kr.
- Turnover: 109,493 kr.
- ROAS: 8.74
3. win back ads
This tactic is simple but effective.
In our experience, a new customer costs on average significantly more to convert than an existing customer. With win back, you can create a lot of additional revenue with a small budget. For example, using dynamic product ads, you can choose a custom combination of a target group of previous customers who have not purchased in a certain time period.
Hit that target group with a beneficial message, like a discount code, free shipping or just news on your shop, and you'll have a good chance of generating additional revenue with good ROAS.
Here are the results Growbix got with one customer using Win Back Ads over 3 months:
- Spend: 12,900 kr.
- Turnover: 239,037 kr.
- ROAS: 18.53
Want us to boost your online sales?
Let's have a conversation about how we can turn your webshop into an e-commerce winner. We'll schedule a call where we can learn more about your needs.
