As we approach the end of 2023, you’re most likely thinking about your marketing plans for 2024.
(And if you’re not, you probably should be. But no pressure.)
Which platforms are going to take your business to the next level? Where are the best opportunities for digital marketing? How can you make the most of your advertising budget?
While you have a wide range of social media networks to choose from, Facebook is one of the biggest marketing platforms on the planet – and if you’re wondering if it’s right for your 2024 plans, we’re here to help.
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In this guide, we’ll be exploring some of the biggest Facebook advertising benefits available to marketers in 2024. So whether you’re an experienced Facebook marketer evaluating your strategy or a brand new advertiser assessing your options, you’ll know how Facebook ads can support your goals next year.
Let’s get started.
What is Facebook marketing?
Before we take a closer look at the benefits of Facebook advertising, let’s start with the basics.
What is Facebook marketing, and why is it relevant to your business?
The Facebook advertising platform is used by a jaw-dropping number of businesses around the world. Brands can utilise Facebook ads to achieve a range of objectives, from growing brand awareness to driving website traffic and generating sales.
The versatility of Facebook as a marketing tool is incredibly valuable, and with the right strategy in place, these ad campaigns can be a game-changer for your business.
While there are plenty of different approaches to running Facebook ads, Facebook marketing generally falls into one of two categories – organic and paid.
Organic Facebook marketing is all about engaging your existing followers and nurturing brand loyalty. You can achieve this by posting high-quality content on your Facebook business page and interacting with your customers. Not only is this a great way to maintain interest from your audience, but it can also help you generate long-term revenue.
Organic marketing is free, since it primarily involves uploading posts, responding to followers, and promoting your website content.
A paid Facebook advertising campaign, on the other hand, requires a budget. However, paid advertising enables you to attract new customers rather than just engage existing followers – by leveraging data-driven targeting tactics, versatile ad formats, and smart campaign optimisations, you can use paid ads to reach granular audiences and boost ROI.
A healthy balance of both organic and paid Facebook marketing is usually a formula for success. While your organic efforts help you cultivate a loyal customer base, paid advertising is key for reaching high-value prospects and increasing brand awareness.
The benefits of Facebook advertising in 2024
Now that we’ve covered the basics, let’s dive into the advantages of Facebook advertising for businesses like yours.
1. You can reach a colossal audience of potential customers…
To put it simply, Facebook is a huge marketing platform.
Like, seriously huge.
Recent data shows that Facebook now attracts roughly 3bn monthly active users, after blowing past the 2bn mark in 2017.
(Source: statista.com)
Now, that’s a very impressive number. But why is it relevant to advertisers?
Well, for one thing, this mind-blowing reach means you’re pretty much guaranteed to find a massive number of hot prospects on the Facebook platform. When you’re able to access an audience of this size, it becomes much easier to consistently engage new prospects, convert them into customers, and repeat the process.
Secondly, the jaw-dropping scope of Facebook allows you to scale up campaign spend without worrying about hitting a ceiling. With the right strategy in place, you’ll be able to steadily increase spending and generate leads without sacrificing cost efficiency.
Finally, the sheer size of the Facebook audience is hugely beneficial when it comes to machine learning and campaign optimisations. With billions of users available for targeting, the Facebook algorithm can rapidly collect performance data and implement game-changing adjustments to improve your ROAS.
The growth of the Facebook platform isn’t likely to slow down in 2024, so you’ll have plenty of valuable opportunities to increase brand awareness, attract new customers, and scale up your marketing efforts.
2. …and also keep your existing customers engaged with your brand
Facebook will undoubtedly remain an invaluable tool for paid advertising in 2024 – but it also offers exceptional opportunities for organic social media marketing.
With a solid organic strategy, you can use your business’s Facebook profile to:
- Post high-quality content that captures the interest of your target audience, emphasizes your product benefits, nurtures brand loyalty, and grows your Facebook presence.
- Deliver responsive customer service and communication through direct messages and post comments.
- Boost your Facebook follower numbers through competitions and giveaways.
- Increase sales by promoting products and special offers to a highly engaged, ready-made customer audience.
If you haven’t already started harnessing the power of Facebook for organic marketing, 2024 is your opportunity to do so.
(Source: facebook.com)
While it’s easy to obsess over attracting new customers through Facebook ad campaigns, organic marketing can help you maintain long-term revenue and grow a highly engaged follower audience. Many brands leave their Facebook business pages to gather dust, which provides you with a brilliant opportunity to establish a lively, active brand presence.
The key here is consistency.
If you can stay committed to responding to your customers, posting high-quality content on your Facebook page, and incentivising web traffic, then your organic strategy will pay dividends in the long run.
3. You can leverage advanced targeting options to reach high-value audiences
If you’re looking to drive business growth in 2024 by reaching profitable new audiences, Facebook is the place to be.
By leveraging the advanced targeting tactics available on the platform, you can launch insanely efficient ad campaigns that maximise conversions and minimise acquisition costs.
So what do these high-performing targeting options look like?
In terms of basic targeting tactics, Facebook offers a range of pre-built audience categories that can be used to reach potential customers. You can target Facebook users based on their location, demographics, behaviours, and interests, and these core audiences can prove to be very effective for many advertisers.
However, the really powerful targeting options come in the form of Custom Audiences.
Facebook Custom Audiences are built using first-party data, which allows you to reach hot prospects who are already familiar with your business in some capacity.
(Source: facebook.com)
This means they’re significantly more likely to engage with your ads and purchase your products, which helps you to skyrocket conversions and boost cost efficiency. Custom Audiences are created through the Facebook pixel, and are broken down into four main segments:
- Website Custom Audience
- App Activity Custom Audience
- Customer List Custom Audience
- Engagement Custom Audience
By using Custom Audiences, you can set up ridiculously effective retargeting strategies that dramatically increase your conversion rates on Facebook.
On top of this, you can also build Lookalike Audiences, which are essentially brand-new segments that share similar traits with your Custom Audiences. This enables you to extend the reach of your ad campaigns while maintaining a focus on quality, high-converting audiences.
This level of data-fuelled targeting is one of the biggest benefits of Facebook advertising, and also one of the main reasons Facebook ads should feature in your 2024 marketing plans.
4. You can activate across the sales funnel to drive consistent revenue
One of the major benefits of Facebook advertising is the ability for brands to activate across the entire sales funnel. Whether you’re looking to boost brand awareness, increase consideration, or maximise sales, Facebook ads can help you to succeed.
That’s because Facebook offers a magical combination of data-driven targeting, versatile ad formats, and rich analytics that can all contribute to effective full-funnel advertising.
Below is an example of how a business could use Facebook advertising to reach, engage, and convert audiences across the funnel:
- To increase brand awareness, a business might launch snappy Video ads that introduce their product offering and establish their identity. By using broad targeting, the brand can maximise reach and engage a wide range of potential customers.
- Through Custom Audiences, the brand can then specifically target users who interacted with their Video ads. They could follow up with more product-led Carousel ads designed to increase consideration and drive website traffic.
- After increasing traffic, the brand can utilise the Facebook pixel to retarget those users who completed purchases/visited the checkout page. These tactics will help to drive conversions and maximise efficiency at the bottom of the funnel.
These full-funnel strategies can be constantly adjusted to improve performance, and advertisers can access clear and practical analytics through the Facebook Ads Manager to fuel optimisations.
With a full-funnel approach and strategic product messaging, you can use Facebook ad campaigns to generate long-term revenue in 2024.
5. You can utilise multiple ad formats to achieve your goals
Facebook is a highly versatile marketing platform, and whatever your objectives might be in 2024, there’s a good chance that Facebook advertising can tackle them.
A big reason for this is the array of effective ad formats that are available on Facebook.
There isn’t a one-size-fits-all solution to digital advertising, and to achieve a diverse range of objectives you’ll need an equally diverse range of marketing tools. This is where Facebook’s ad formats offer serious value – whether you’re trying to encourage engagement or drive lead generation, you’ll find the perfect placement for the job.
Below are the main ad format choices you can access on Facebook:
- Photo/Single Image Ads
- Video Ads
- Stories Ads
- Messenger Ads
- Carousel Ads
- Slideshow Ads
- Collection Ads
Each of these formats can be deployed to help you crush different campaign objectives. For example, you might use Video ads to deliver some captivating brand storytelling, Collection ads to accelerate product sales, or Messenger ads to promote a limited-time offer.
(Source: facebook.com)
This kind of versatility is a huge benefit when it comes to social media advertising because you can experiment with different formats until you find what works for your business.
As you become more confident in running ads on Facebook, you’ll find it easier to test different formats against different objectives and optimise your strategy.
Just remember to tailor your visual assets to different placements and make the most of the space available to you. If your creatives have been designed with a specific format in mind, rather than just hastily edited to fit a certain spec, they’re far more likely to drive clicks and conversions.
6. You can launch powerful DCO campaigns to deliver personalisation at scale
Searching for an innovative new strategy that can help skyrocket your marketing performance in 2024?
Dynamic Creative Optimization could be the answer.
With DCO on Facebook, you can take advantage of advanced machine learning to launch highly effective campaigns that deliver personalisation at scale.
The Facebook algorithm will take various creative elements (e.g. images, videos, headlines, CTAs) and mix & match them to generate a huge number of ad variations. These variations will then be tested at scale and adapted based on user behaviours, with the platform quickly identifying the best-performing assets for your target audience.
DCO can be an incredibly powerful marketing tool, and since the whole process is automated, you can optimise entire ad campaigns with minimal effort. It’s also a fantastic way to engage new audiences while still delivering relevant product messaging.
Facebook makes Dynamic Creative Optimization very accessible for advertisers, as everything can be set up and monitored directly through the Facebook Ads Manager. If you haven’t experimented with dynamic creatives in the past and you’re keen to innovate in 2024, DCO could prove to be extremely valuable to your business.
(Source: medium.com)
7. You can access in-depth analytics to fuel optimisations
Clear performance data is like gold dust for digital marketers. After all, the more you know about the delivery of your Facebook ads, the easier it becomes to implement adjustments that will increase conversions and reduce costs.
Luckily, Facebook provides marketers with heaps of useful campaign data, and it’s all accessible through the user-friendly Facebook Ads Manager.
The Ads Manager is designed to deliver actionable insights that are easy to digest, which is absolutely key when you’re making in-flight optimisations.
Below are just a few of the Ads Manager functions that can help you run more effective, more profitable campaigns:
- You can access core metrics (e.g. reach, impressions, clicks) in real time, giving you an instant snapshot of ad performance.
- You can set up custom reports that include all of your priority metrics and key visuals.
- You can track conversions (e.g. sales, subscriptions, downloads) using the Facebook pixel and attribute them to specific ads.
- You can create, launch, and monitor the performance of A/B tests from the Ads Manager dashboard.
The ability to access and analyse data is critical for digital marketers, and the Facebook Ads Manager excels in this department. If you want a platform that furnishes you with all the insights you need to make smart optimisations in 2024, look no further than Facebook Ads.
(Source: shopify.com)
8. You can use Facebook advertising tools to gain a competitive edge
No matter what industry you’re operating in, you’re inevitably going to deal with pesky competitors trying to steal sales from your target audience.
However, while you can’t avoid competition in the digital marketing world, you can use a few tactical Facebook advertising tools to get ahead of the pack.
For example, by utilising Interest audience targeting, you can reach prospects that have a self-reported interest in your competitors. If you’re a challenger brand in the market, this is a brilliant way to identify users who follow established rival businesses and target them with compelling product messages.
You can also use the Facebook Ad Library to have a sneak peek at competitor campaigns.
While you won’t be able to see how competitor ads are performing, you can still extract a lot of valuable information through this tool. For example, you can discover:
- The types of Facebook ad formats your competitors are running
- The key product messages other brands are focusing on
- The types of Facebook users your competitors are trying to engage
- The frequency of competitor ad campaigns on Facebook
All of these insights can help you to refine your own creative messaging, and even identify potential gaps in the market for you to exploit. This data is hugely useful for digital marketers, and another reason why Facebook is such a powerful marketing platform.
Facebook is one of the most reliable and effective social media platforms on the planet – and that isn’t likely to change in 2024.
Whatever your marketing objectives are next year, it’s highly likely that Facebook advertising can play a pivotal role in helping you achieve them.
The benefits of Facebook ads are almost endless, from granular audience targeting to in-depth analytics and insane platform reach. By incorporating Facebook into your long-term business plans, you’ll be able to unlock these immense benefits and set yourself up for success.
As an expert Facebook ads agency we can help you with your campaigns just get in touch for a free consultation.
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