Imagine building a money-printing machine… You invest $1 and get $2 back – or even $5 back! Traditional business models have embraced a goal of 20-30% growth year over year; however, successful Facebook advertising allows you to potentially grow exponentially compared to traditional growth trajectories of the past.
We’re going to dive into 3 essential steps for Facebook advertising that you need to know in this series… Starting today with misconceptions!
Now, you may have heard a few crazy notions about Facebook advertising and/or marketing as a whole. Before you can successfully run Facebook advertising, we have to address the marketing misconceptions… Let’s break down those misconceptions with top digital marketers!
Get Past the Misconceptions of Marketing Before Jumping Into Facebook Ads
Misconception: Instant ROI is the only metric that matters.
Truth: The lifetime value of a customer is so much more powerful.
“Creating a marketing plan with a long-term relationship in mind ensures that you are cultivating actual lifetime customers…the kind of customers who will buy every product you produce, the kind of customers who will tell ALL of their friends about you, and the kind of customers who will then go on to be your most powerful marketing machine.” – Ashley Buffa
Misconception: XYZ worked in the past. It should work now.
Truth: Marketing is always changing.
“The market changes. The platforms change. People change. To think that your marketing methods can stay the same and still be effective over time is unrealistic.” – Christa Nichols
Misconception: Marketing and advertising are the same thing.
Truth: Entrepreneurs tend to confuse marketing and advertising.
“Advertising is putting your offer out there, and marketing is much bigger than just communicating about it. Marketing at a minimum covers customers, competitors, products, channels, pricing strategies, AND promotion (advertising falls under this).
There is no amount of money thrown at advertising that will turn the lack of a good offer (directed at the right people, at the right price and at the right moment) into a success.” – Geraldine Leroye
Misconception: When you’re struggling, cut the marketing budget.
Truth: Marketing is your business’ lifeblood.
“Don’t cut down on the marketing. Hire the right people and change your strategy to something that works. Trust me. ‘If you think hiring a professional is expensive, wait until you hire an amateur.'” – Krista McEwan
Misconception: Logos and brand names are the most important part of marketing.
Truth: The ability to scale and pivot are essential!
“A common misconception we see entrepreneurs have about marketing is that it often gets neglected. One can spend hours thinking up the perfect company name, logo, letterhead, website, product, or service but they don’t put enough emphasis on a marketing plan to get their dream business launched, scaled to the next level, or just achieve enough speed to hit the goals they are looking for.” – Gilly Palencia
Misconception: It’s just about sales.
Truth: The long-term success of a brand has more going for it than just sales.
“As entrepreneurs, we often forget the why of what we do what we do and how our products and service impact the life of others, but when we only focus on getting more sales and leads, we forget that serving others creates trust and loyalty which is a key factor in true success. When you look at Apple and Microsoft you’re able to see the magnitude of their customers’ trust and loyalty. Trust + Loyalty = Longevity.” – Mara Dower
Misconception: If you love to be on social media, you’re a successful marketer.
Truth: You have to plan, prepare, and execute every day.
“Then you have to read, react, and potentially pivot to what your analytics tell you on a daily, weekly, and monthly basis. I love the quote that I have posted in my office: ‘Success is never owned, it is rented. And rent is due every day.'” – Megan Flanagan
Misconception: Focusing on a tactical application.
Truth: The “why” hasn’t changed for years.
“Reach the right people, at the right time, in the right place, with the right message. The ‘how’ of tactics will always be changing (that’s why you partner with an expert in channel-specific tactics) but as a business owner, all you need to know is the overarching strategy. Keep your eyes on the big picture and trust your experts to execute on your behalf and monitor results regularly.” – Holly Flick
Misconception: Tactics are #1.
Truth: Tactics aren’t as valuable as audience feedback.
“Tactics over your audience feedback. ‘If I do X like Y company I will get Z results’. It’s not a linear process. You have to test, test, test always keeping your audience in mind.” – Stephanie Roes
These misconceptions can and should be broken through in order to run successful Facebook and marketing campaigns!
If you want to learn more about marketing using digital platforms, come join us and surround yourself with talented social media managers!
Opinions expressed here by Contributors are their own.