Building the Best Facebook Advertising Strategy
Social media has proven to be one of the most effective ways for brands and companies to reach their desired audience. Facebook specifically has become a go-to for entertainment, news and updates from family and friends. In fact, Facebook has so firmly implanted itself in our culture that the majority of the U.S. population is now on Facebook. It’s also become a network that people spend a significant amount of time on daily; the average adult spends 22 minutes scrolling through their feed.1 And because of the nature of social media, brands have been able to engage with their customers in unprecedented ways. It’s also become one of the best ways to reach a mobile audience; every day, people spend 20 percent of their mobile minutes on Facebook properties.2 Few other networks can boast this kind of exposure to an audience and Facebook has used this connection with their audience to entice advertisers. So how does your dealership take advantage of Facebook’s advertising?
Build a focused Facebook advertising strategy.
At this point, some might say “I already have a Facebook strategy. I’m in the clear.” But you’re not alone: 98 percent of dealers have Facebook pages and 83 percent are already doing some form of paid social media on Facebook.3 Have you clearly defined your strategy to make sure you differentiate yourself and maximize your effectiveness?
In addition, dealers are constantly searching for ways to better serve their customers. A whopping 94 percent of companies see “higher engagement and conversion rates” by committing to the customer experience. The F&I process tends to have the most negative effect on CSI scores, so leveraging a tool that is customizable, efficient and simple puts the customer at the center of the experience. Tablets benefit the dealer as well — on average, F&I salespeople save 5-15 minutes per deal using a tablet menu versus a paper one. And the best F&I managers take it one step further: they’re offering a level of flexibility based on the customer, presenting on paper, tablet, text or desktop.
1. Have a Purpose
If you’re advertising, you have to know your end game. Are you trying to build awareness? Drive customer engagement? Get a particular model off of your lot? The majority of dealers, 89 percent,2 want their ads to drive traffic to their website. Depending on your goals, decide if you should boost your Facebook posts or build a true social media advertising strategy. If your goal is to build brand awareness and customer relationships, boosted posts may serve your purpose. If your goal is to find your website visitors on Facebook as well as new buyers, a targeted Facebook advertising strategy may better suit you.
2. Measure Success
Think about how you’re going to measure success and set your goals from the beginning. If you’re looking to drive brand awareness, set goals for impressions. Want better customer relationships? Benchmark your engagement rates. Driving website traffic and engagement? Monitor vehicle details page views, inventory searches, leads and hours and directions page visits.
3. Find the Best Audience
Everyone knows that audience is key to successful marketing. Now Facebook allows you to target potential customers in ways we never thought possible: by age, interests, location and even habits. But you can get even more sophisticated by using Facebook’s tools with your website visitor data and your DMS. Instead of simply retargeting website visitors, you can build look-alike audiences based off of shoppers who have visited your website or already bought from you. This audience will have the same characteristics as the people who are seriously shopping for and buying cars from you today. Optimize this audience by bidding more for the “likely buyers.” With “likely buyer optimization,” we’ve seen 2.3 times as many website engagement actions per dollar spent.3 Talk about making your dollar work harder!
4. Get Creative
Build creative that supports your campaign goals. Retargeting website visitors? Show them dynamic inventory ads that are most relevant to their interests. Targeting your owners? Show them a message that’s relevant to where they are in the ownership lifecycle. Building brand awareness? Think about creative campaigns that can build excitement around your dealership. Use eye-catching visuals to keep a potential customer from scrolling right past you.
5. Measure Results
During your campaign, monitor the performance of your ads to see which are the most engaging. Turn off ads that aren’t drawing as many eyes. Adjust delivery and timing to optimize success. Compare Facebook performance to your ads in other channels and adjust your budget to take advantage of opportunities in the highest performing channels. When you’re finished with the campaign, analyze the metrics to see what worked and what didn’t so your next campaign can be even more successful.
Putting extra money into your Facebook posts is one thing, but advertising your dealership on Facebook is an entirely different beast. Arming yourself with a strong strategy is the first step to getting more buyers on your lot.
Want to optimize your advertising strategy by adding Facebook? Check out CDK Digital Advertising, now including Facebook Advertising.
1eMarketer, 2016 2Source: ComScore Key Measures and Mobile Metrix US 3CDK Research, 2016