How Well Do Facebook Ads Work And Will They Work For Your Business?
Sep 30, 2021The question on every business owner’s lips is “will Facebook Ads work for me and how well?”.
Am I right? Regardless or not, it’s a super important question to ask yourself before you invest any of your hard-earned moolah!
CHECKLIST: WILL FACEBOOK ADS WORK FOR YOUR BUSINESS
We all know the incredible financial return other businesses all over the globe have experienced using Facebook Ads, but I want to help you determine whether it’s worth your business pursing.
To do that, I’ve curated a simple checklist. I’m not going to lie, it will require a couple of hours research but trust me, you really will save so such time, money and sanity in the long run.
There is one trusty tool that is going to serve as your research bible for this entire lesson and it’s called drumroll…the Facebook Ads library.
FACEBOOK ADS LIBRARY
The Facebook Ads library is the place you can search all the ads currently running around the world and how long they’ve been running. These include ads running across Facebook apps and services, including Instagram. For products and services, you can only search active ads but for ads that are about issues, elections or politics, you can also search ads that are inactive and no longer running.
It is a free tool that was created by Facebook to provide advertising transparency but it’s incredibly helpful for marketers and other businesses and content owners too.
The Facebook Ads library is absolute gold for researching your industry and competitors. You can use your findings as a guide to model your ads off…you’ll understand more soon.
Let’s head over to the Facebook Ads Library to start our research.
We are going to use this FREE tool to search up our industry and competitors and work out whether our ads will work or not ahead of time!
But how do you do this?
Let’s go through the process!
STEP 1: SET THE LOCATION AND AD CATEGORY
Set the location to the country that you’re going to advertise in and choose an ad category to begin your search. 99.99% of the time you’ll be choosing ‘All Ads’ for the category.
STEP 2: SEARCH A KEYWORD OR COMPETING BRAND
Type in a keyword or a competing brand to search using their Facebook handle and select the correct one.
In the Facebook Ads Library, you can search for keywords related to your product or services or other advertisers such as your competitors. We want to choose the latter option as we want to be able to model from our biggest rivals.
Hopefully you know who in your industry is your biggest competitors. If so, compile a list of at least 20 of them to begin your research. If you don’t, head to Google and run a search on other businesses like yours e.g., I would personally Google Facebook Ad Agencies Australia.
For this example, I am going to use a well known brand to make it a little easier. The brand I'll be researching is Nike. Follow along with one of your own primary competitors.
When you first begin your search, you will notice all the information available about the brand along the top of the screen in the header section of the landing page. This covers off the brands follower numbers, when their Facebook Page was created, the countries they advertise in, and any potential spending related to issues, politics or elections around the world.
STEP 3: DETERMINE IF THE BRAND HAS ANY ADVERTISEMENTS RUNNING
If a large number of your competitors are advertising than that is a great sign that Facebook Ads may also work for you and that is your first tick in the box. They certainly wouldn’t be advertising unless they were seeing a return on investment.
If your competitors aren’t advertising, is it because you are a first mover, and they may not have considered Facebook Advertising yet OR is it because they have tried advertising in the past and it failed. The latter result is less likely as Facebook Ads works for most brands if the offer is strong and the execution is done well. Continue your search as you may find you have a competitive advantage here if it rings true.
STEP 4: COUNT HOW MANY ADS YOUR COMPETITOR IS RUNNING
Count how many ads your competitor is running? Not literally but you know what I mean! Is it just one, this could be a trial ad or is there at least ten?
The greater the number of ads that they are running, the more likely it is that the ads are working for them and that they could very well work for you too.
Tip: Scroll through all the advertisements and look at the starting date along the top of the ad. If the advertisements began more than three months ago, than it’s a high chance this ad is profitable. If the advertisement was launched in the past week, then this advertisement wouldn’t be a good guide.
Are we ticking more boxes?
STEP 5: TAKE A CLOSER LOOKS AT COMPETITOR ADVERTISEMENTS
It’s time to look at the advertisements in more detail. Take a peruse through the types of media they use, the copy, headlines, call to action buttons and why not even give them a click. After all, we do want to know where the ads land you after its clicked.
Hint: This will give you plenty of ideas to model from later. Modelling off brands that have been advertising for a long time will save you loads of time and testing because you can bet your bottom dollar they did and continue to do a stack of testing on all ad elements.
And remember I didn’t say copy their ads, we do want to be original and offer people the same respect we’d expect for our brand.
Now we’ve determined if:
- Our competitors are advertising
- If their ads are likely getting results
If we can say yes to these two points, then it’s a good sign that Facebook Ads could work for your brand.
But first we need to determine whether their success will translate into our very own Facebook Ad success.
STEP 6: DETERMINE IF FACEBOOK ADS WILL WORK FOR YOU
It’s time to lay your product or service offer on the table and determine how similar it is to what your competitors are offering.
For those competitors that are experiencing Facebook Ads success we need to consider:
- Do we offer a similar price, product or service, and can we match this closely?
- Is the price similar?
- Are you cheaper and why? Is this difference something that matters to your audience?
- Are you more expensive? Are your products or services better and your customers are willing to pay the premium to get those extra features or benefits?
- Are you the same price or cheaper and your product or service is actually better quality?
Often with bigger competitors in the marketplace that have established brands it can be hard to compete against them UNLESS we have a better offer or price.
If you can confidently say that your offer is just as compelling as your competition then you are ready to create a winning Facebook Ads campaign. Remember: the execution is just as important as the planning.
Feeling confident that Facebook Ads will work for your business before beginning your ads journey is crucial. It will mean you put that much more effort into the execution of the advertisements to achieve your brand’s objectives and goals with the confidence that they can and will work. It’s a mindset shift and I’m so glad you completed these steps before starting.
Not sure how to set-up a conversion campaign the right way?
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WILL FACEBOOK ADS WORK FOR BUSINESS?
You're all set. So, jump in and start creating your ads and do a better job than your competitors. You have no excuses to not do well because you have all their ads right in front of you. Complete this in its entirety for all your competitors and I promise you won’t regret it. Good luck.
