Earlier this month, a new report estimated that for the first time, more than 2.5 million U.S. businesses take advantage of Facebook advertising to enhance their brand. Spending more than $1,500 per year on average, they are taking advantage of the continuing dominance of the network in the digital space.
That number, on its surface, is impressive. Dig deeper, and it reveals a number of interesting takeaways that could impact your brand. What does the new report mean for the viability of Facebook advertising? Keep reading to find out.
The Reasons for Facebook’s Continued Popularity
The ever-increasing number of advertisers on Facebook makes a lot of sense. It continues to be the world’s largest social media network, and has also evolved into one of the largest digital marketing platforms in the world.
When consumers around the globe are bored, they check their Facebook feeds. When advertisers look to reach these users, they place ads on that feed.
But popularity is not the only reason for Facebook’s viability among advertisers. Its targeting options are perhaps second to none. Advertisers can hone in on audiences using a wide range of demographic, interest, and even behavior-based variables. Targeting a recent visitor to Europe between the ages of 25 and 34 is just as possible as focusing on mothers of school-aged children with a college degree.
Facebook continues to make sure that its advertisers remain well taken care of, with new targeting options emerging constantly. Through custom audiences, brands can either limit their ads to recent website visitors or a list of uploaded contacts. Given these targeting options, combined with the enduring popularity of the platform, the continued rise of marketing is not surprising.
The Dangers of a Crowded Environment
That rise, however, could become a nuisance to both established and new advertisers on Facebook. The reason is simple: the more brands compete for audience attention, the more that audience will begin to tune out marketing messages. The recent rise of ad blockers is only the latest example of oversaturation and ad fatigue among consumers.
More advertisers also means the potential loss of a key advantage of the network. Facebook offers remarkably low cost per click, long a reason why many marketers gravitate toward the platform. Facebook, like most other digital ad platforms, uses a bidding model that drives up costs as more marketers vie for the same audiences.
Using Facebook to Stand Out from the Noise
Of course, the above challenges are a nuisance, but not necessarily problematic. Savvy marketers will continue to be able to take advantage of the network’s unique advantages, effectively reaching prime audiences and driving website visits. The key is to think outside the box.
For example, Facebook video can be a prime success driver on the network. Especially small business often don’t have the means to produce video, so simply by going visual, you can stand apart in the eyes of your audiences.
Another option is to take advantage of alternative formats, such as Facebook’s lead ads. The idea is to both be different and ease the process of engaging with you for your audience as easy as possible. The more different your message is from that of your competitors, the more likely your audience will be to notice and engage with you.
Finally, don’t underestimate the power of working with the right partner. Succeeding on Facebook requires strategy and skill, and working with a partner that has experience in the medium can help you acquire and take advantage of both.
The result is success in reaching your audience on the network, even as advertising space becomes more crowded. To learn more about how we can help you successfully implement Facebook marketing for your brand, contact us.