Who is the right audience for your business?
A good portion of the world’s population uses Facebook. 2.89 billion users to be more accurate.
With so many people in one place, it creates the perfect business opportunity.
This means that brands can reach out to potential customers on Facebook.
But there is a downside. In early 2019 Facebook changed its algorithm such that unique personal content received greater priority than public content from brands.
Consequently, the reach of organic traffic was severely affected.
Brands have found it a good idea to pay for Facebook ads. But paying for ads doesn’t mean business success.
For that, you will need to optimize your targeting and really think of “paying for ads” as “investing in data” – Because that’s what it really is.
Now let’s find out more about finding the right audience for your business – Think of this as finding the right customer avatar.
1. Define your demographic the right way
When creating a new Facebook ad campaign, you will be required to select a demographic. The three main ones include location, age, and gender.
However, this doesn’t mean you should go with the broad categories. Instead, you must appeal to a specific group.
For instance, just because people of different age groups can buy your product doesn’t mean that you should create a generalized ad campaign.
This is sure to fail in the long run.
Instead, appeal to a certain age bracket.
2. Define specific interest
To target your ads to a specific niche, you will need to start by defining their particular interest.
Remember what we said about creating a generalized ad? Well, with such ads, the click-through rate is much lower, which will eventually cause it to fail.
Avoid going with the demographics. For instance, even if you plan on selling your products to men, define a specific group’s interest.
Ask yourself what type of interests a true fan would have. Then use this when creating your Facebook ad.
3. Locate people who are already interested
One of the many advantages of Facebook is that you can see customers who are interested in your type of product.
Sending an ad to these individuals may significantly increase the odds of conversions.
Simply go to your Facebook ads manager and locate the behaviors menu. There is also a sub-menu allowing you to narrow down your search based on purchase habits.
Up to 75% of customers will search for a product online before committing to buying it.
With this in mind, however, note that you have a week to convince the customers to buy your product.
Any longer than this, and they are likely not going to make a purchase.
4. Consider peoples income level
Imagine selling a product that is worth $5000 to a broke college student. This wouldn’t work.
This is why you must target your ads based on income level.
Facebook lets you do this by going to the demographics section in your Facebook ads manager.
Here you have the option of targeting your ads based on net worth, income, or Liquid Assets.
While Facebook doesn’t provide accurate information, it does decode people’s net worth and income based on several secondary data sources, including spending habits.
The estimation is good enough to make the right targeting. For example, it is far more effective to send ads on affordable products to lower-income groups and more expensive products to people with a higher income than sending a generalized ad to everyone.
Final Thoughts on Finding The Right Audience
There are plenty more targeting options with Facebooks ads that allow you to send tailored campaigns to the right people.
This increases the chances of getting a response and significantly improves the odds of making conversions.
For more articles to help your business read our other Business Blog