HOW TO IMPROVE RETURN ON AD SPEND?
My favorite metric to track when it comes to Facebook ads is definitely Return on Ad Spend.
Return on ad spend is basically a metric telling you how much more revenue you are getting for the amount of money you are putting in to run your ads.
So, the better the ROAS, the more awesome everything is.
But when we talk of increasing ROAS, most people think that the only way to do it is to lessen ad cost.
Here’s the thing though, as much as we think we do, we have little control over costs.
Because Facebook is a bidding platform, costs are directly related to the number of advertisers competing with you to reach the same audiences and how much they are willing to spend to beat you for that space.
Take note that they don’t even have to be your competitors. You may be in different fields but if you’re trying to reach the same audience, you’re bidding against each other for the same ad space.
So how then if not through costs?
INCREASE. CUSTOMER. VALUE.
There are many concrete ways of doing this:
One Time Offers post purchase
But to summarize this all, at the heart of these strategies, to increase customer value, businesses have to continually find ways to FURTHER help their targeted audience with the problem they are already having.
If you’re an insurance agent, how else can you further provide protection for your clients?
And if you’re a freelancer or service provider, how else can you further help your client to grow his/her business?
If you’re a life coach, how else can you make an impact in the lives of your client?
At the heart of it is still service but it’s basically selling to the same people who have bought from you before. The assumption being you already have an awesome product which allows you to build trust and rapport with your customers.
So much so that it can even be them to come to you and ask for more.
Never underestimate the power of service and coming from the heart.
Even in business, even when people say that it’s a cutthroat world out there,
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