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Social media dominates the present-day marketing landscape. More so, a platform like Facebook that gives you direct access to 2.6 billion people.
But is it actually worthwhile to use Facebook?
Facebook advertising has definitely increased in popularity, with an increasing number of businesses using the platform to gain new leads and stay connected to their existing customers.
Plus, there are solid stats that highlight how useful incorporating Facebook can be for your marketing strategy:
- A total of 1.6 billion users see Facebook ads, out of which 1.21 billion are between the ages of 13 and 34.
- An average Facebook user clicks on about 12 ads every 30 days.
- Approximately 80% of social reference to e-commerce sites stems from Facebook.
Converting visitors into customers should be super easy on the platform then, right? Sadly, this isn’t the case.
You see, all your marketing efforts will backfire if you don’t have a carefully planned Facebook ad campaign in place – one that is impactful and is supported by in-depth knowledge of the platform’s best practices.
There is no shortage of gurus who will run Facebook ads for you too, so how do you find somebody who will get you actual results?
Our team at Neil Patel Digital has created this handy guide to help you find the best Facebook ad consultant who knows what he’s doing, without wasting your marketing budget or talking in circles.
5 Ways a Facebook Ads Consultant Can Help Grow Your Business
You’ve heard of multiple businesses having success with Facebook and Instagram ads, but you haven’t been able to make them work for you.
So what went wrong?
If you want to explore Facebook as a means to advertise your products and services for maximizing sales and generating leads, you need an expert.
Developing a winning Facebook ad strategy comes from experience and expertise – something that a Facebook ad consultant can offer. After all, it pays to be really good in your chosen field and have a track record of success.
Here are a few ways in which a Facebook ad consultant that help grow your business:
Extremely Advanced Audience Targeting
If you consider yourself a savvy business owner, it’s natural you would want to take full advantage of everything that Facebook marketing offers.
This is precisely what a Facebook ad consultant can help you achieve.
Since consultants are experts, they can develop ads that target people by demographics, location, gender, income level, age, interest, education level, and behavior, among other factors. In fact, the expert will know targeting options that you may not have even heard of!
For instance: Did you know Facebook permits you to target an audience based on the recent purchases made?
Additionally, a consultant has the know-how to create custom audiences, lookalike audiences, and layer targeting options, each of which allows you to get very granular with your targeting.
Easy Adherence to Strict Facebook Protocols
Facebook is like a strict teacher from school who likes to maintain discipline and decorum.
The platform’s main lookout is to protect users and their sentiments so that they continue using Facebook. They don’t want them to be annoyed by frequent ads or get insulted by any sponsored post.
Basically, creating a Facebook ad that gets approved isn’t easy – you have to remember a lot of rules.
You can end up wasting a lot of time, with a serious threat of getting your account flagged if you aren’t careful.
Facebook rejecting your ads doesn’t necessarily mean that they were offensive or irritating. It’s just that they didn’t meet the intricate rules and regulations the platform has to protect its users.
But guess who knows all these rules and regulations? An experienced Facebook ad consultant.
They can use their expertise to create attention-grabbing ads that not only force the viewer to take action but also comply with rigid Facebook policies.
Help Boost ROI Through Remarketing
If this is the first time you’re hearing of remarketing or haven’t yet utilized this excellent tactic to manage your ads, hiring a Facebook ad consultant is definitely wise on your part.
Remarketing is a powerful way to target people who have already visited your website, which, in turn, can be useful for driving up your ROI. And not only website visitors, but you can also connect with those who have used your app or given you your email address.
The consultant takes advantage of these people who are already engaged with your brand, and hence, may only need a little bit of coaxing before they take the plunge and finally place their order.
To build your remarketing audience, they develop a system to tag your website visitors with a cookie.
Trust us, remarketing on Facebook can be very useful for increasing your revenue without breaking the bank. Facebook ad experts set up the whole system so you can continue to build your business around the clock.
Help Maximize Your Facebook Ads Budget
Your Facebook ad budget is a small part of your overall marketing budget.
If you plan on using paid ads, you might also be targeting customers on Instagram, Twitter, and Snapchat. Consequently, you cannot afford to waste your money on a single channel, as it’ll reduce your funds for other initiatives.
Since a Facebook ad consultant knows the ins and outs of the platform, the possibility of errors is considerably less when compared to an amateur. The former also use intelligent tactics to maximize budgets and conversions on ads sets.
For instance, most consultants increase ad set budgets by 20% every 2 to 4 days. This warrants a gradual increase, which doesn’t trigger a new learning phase, ensuring more stable performance. While it’s true that growing the budget does take time, your ad set life will be longer with fewer performance dips.
Efficient Scaling of Facebook Ads
Scaling Facebook ad campaigns is very challenging, mainly due to the dynamism of the platform.
You need to constantly update your strategies and tactics when making changes in Facebook’s Ad Manager, and manage ad creatives. In short, it’s a continuous cycle of developing winning campaigns and fighting ad fatigue.
Any reputable consultant is well-versed in tactics that can make the process more streamlined and effective. Some of these tactics include:
- Using automated rules for scaling
- Duplicating successful ad sets
- Securing the lowest manual bid
- Adjust your ad set budget according to performance
In short, they take care of everything.
Think of the consultants as Michelin Star chefs that have their own unique recipes for their client’s campaigns. They are ready to experiment, make mistakes, analyze, and automate, which ultimately boosts your business growth.
How to Get Started With a Facebook Advertising Consultant
Now you know you can grow your business by hiring an expert with Facebook ads.
The next step is to figure out how you can get started with Facebook advertising consulting.
Just throwing money at the problem and hoping for the best isn’t a good strategy. You require a clear road map that illustrates your end goal, along with milestones that can guide you to stay on the right track.
We’ve compiled a list of steps below that can help you make sure you have the right person or people managing your account.
Find and Hire the Right Facebook Ad Consultant
Having the right person manage your ads account is like that essential puzzle piece of a puzzle that completes the whole picture – without it, it‘ll remain incomplete.
Before hiring anyone, make sure you do your best in researching and looking at the credentials of prospective candidates.
The following are a few ways to determine the capabilities of the prospect:
- Ask to see their past portfolios and results they have previously achieved for other clients.
- Find out whether they are familiar with your target audience and style.
- Good communication skills and a pleasant personality so you can express your wants without hesitation.
Another alternative is to use online hiring platforms, such as Upwork, Freelancer, and Reddit. Here, you can either post a detailed project description of what you need to be done or choose a freelancer profile from these marketplaces.
Seasoned consultants, which we highly recommend, usually ask potential clients to fill an inquiry form, and then schedule a call for a discovery call.
Hold Meetings to Set Out Expectations
Once you’ve selected your expert consultant, you should hold frequent meetings to discuss your goals and budget. They should know what you expect from the Facebook ads, how you want them to perform, and how often you would review or tweak them.
Even the expert should be aware of your vision and budget constraints within which he has to operate. Thanks to their experience, the consultant will help you set your goals, but the overall objectives should always come from you since it’s your company at the end of the day.
Remember, your expert wants you to be crystal clear about your expectations and the amount of money you’ll be comfortable spending on your advertising.
Review the Growth Game Plan
The fact that you hired a Facebook ads consultant means you want your business to grow.
You want to use their expertise in Facebook advertising and take advantage of their knowledge. So you should give them the flexibility to come up with a game plan for your advertising campaign. Let the consultant work out the details based on your input.
You can then schedule a detailed review of the game plan before giving the go-ahead. Make sure that you’re on board with all the decisions before the campaign goes live.
Get the Ball Rolling
The learning curve is a part of advertising – be it Facebook or any other social media platform.
There is no guarantee that your first ad campaign will be successful or as lucrative as you wanted it to be.
The funny thing is that it’s a good thing.
The first few weeks after your campaign goes live is a learning stage where you and the consultant get an idea about who engages with your business and how you can adjust your strategies to increase ad appeal.
Hence, don’t be afraid to set your plan in motion. The valuable data you get after the launch is the key to future success.
Monitor Results and Adjust Budget Accordingly
Never max out your budget before reviewing your ad campaign performance.
The Facebook ad consultant will collect, analyze, and provide you with all the relevant data about the campaign. He or she will also suggest tweaks that can help your ads perform better.
After implementing the suggested adjustments, you can work on incrementally increasing your budget. Even when your ads start performing better, you should continue monitoring and making adjustments over time.
The aim is to keep improving your ad strategy always, and the expert should be able to take care of this for you.
Measuring the ROI of Facebook Advertising Consulting Services
Let’s assume you hired a Facebook ad consultant, and have launched your first campaign.
How do you know you made the right choice with the candidate? Or are the ads effective in driving leads and sales?
The only way to find out whether your campaign was a success or not is to measure the ROI.
Ask yourself the following questions:
- Are you okay with only building your list with no return on your ad spend for now?
- Is your strategy to just break even with your tripwire?
- Do you want to prioritize building your email list for a future launch?
- Do you have any return expectations? Say for every $5 you spend, do you expect to make at least $10?
Once you figure out the answers to the above, talk to your consultant about the same.
Ask the expert what increase in revenue you can expect in the first month of launching the campaign, and in case the ad performs poorly, what remedial measures would they take to ascertain a consistent ROI.
Measuring the ROI of your Facebook ads is dependent on the following data:
- Connections or leads
- Cost per lead
- Cost per customer
Tracking ROI from social media can be a nightmare. But having a consultant on board equips you with the right knowledge about variables and tools that can simplify tracking, cost association, and revenue measurement.
Your ROI will tell you whether you’re getting results or not, providing you a bird’s eye view of the whole campaign.
4 Point Checklist for Finding the Right Facebook Ad Consultant
Are you wondering how to hire the best Facebook ad consultant for your brand that understands your requirements and can successfully deliver results?
Below, we‘ve created a detailed checklist to help you walk through the entire hiring process.
Objective Advertising Expertise
To get results on Facebook, you need to create impactful ads that can deliver results.
Hiring a consultancy can be your first step to ensure this in case you don’t have first-hand knowledge about how things work.
Whoever you choose to be a consultant should have the skills to help you meet your goals – Whether it’s generating revenue, locking in more leads, or getting more click-throughs.
A dead giveaway for this? Having an exciting portfolio that boasts of successful companies and brands.
A Facebook advertising consultancy that has worked with diverse clients will understand the nuances of creating ads that leave a stronger impact on the viewer.
Look for Relevant Experience
As mentioned before, the marketplace is filled with freelancers claiming to be the best, but only a select few have the experience and expertise to back it up.
A Facebook advertisement consultancy should have the brain and muscle to guide you through the process and help you attain your business goals.
So whether it’s an individual or a team, make sure they have the experience and knowledge to create and maintain successful ad campaigns. Figure out the following questions:
- How long has the consultant been creating Facebook ads?
- Has the consultant worked with clients in your industry?
- How do they handle communication and reporting of the campaign?
- What do they do when the campaign results are poor?
The consultant should have a hands-on approach for advanced audience targeting, customer engagement, and eye-catching copy creation.
Well-Versed in Copy and Analysis Best Practises
Advertisement consultancies should be familiar with the latest Facebook advertising software and tools – pretty much anything required to ensure the job gets done and gets done well.
For Facebook, in particular, expert knowledge about Facebook Ad Manager, Facebook Pixel, and Power Editor is crucial. This gives better access to data that can be used to create creative and effective advertisements to increase popularity and promote growth.
Find Out What Others Say About the Consultant
Your chosen consultant should be experienced and have a good reputation.
Look for social proof like previous client reviews and testimonials to gauge the overall capabilities of the prospective candidate. This will help you understand more about their work ethic and determine their suitability for your company.
96% of customers go through testimonials before making a purchase decision since it indicates a higher possibility of a similar experience in the future.
Moreover, having plenty of testimonials means the consultancy has been consistently delivering positive results.
You’re at a higher risk of losing money when you don’t know how Facebook advertising works.
Hiring a consultancy gives you access to the right knowledge and experience. From identifying targets, running ad campaigns, and monitoring results, a Facebook ad consultant will take care of it all.
So yes, choosing to work with a reputable team of expert consultants is undoubtedly the best way to maximize results on Facebook and reduce the risks of spending thousands of dollars in vain.
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The Federal Reserve left its benchmark interest rate unchanged and signaled no changes next year after its latest meeting to evaluate the economy. The Fed’s so-called dot plot shows no rate hikes in 2020 and just one in 2021. The “current stance of monetary policy is appropriate to support sustained expansion of economic activity,” the Fed said Wednesday. The U.S. appears to have stabilized at steady but slower rate of growth and inflation is still below the Fed’s 2% target. The vote was unanimous to leave the short-term fed funds rate at a range of 1.5% to 1.75%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Find Out What Hidden Business Credit Card Rates to Look For and How to Avoid Them
Credit cards are a fact of life for most small businesses. They get a bad rap, but used properly they can be hugely beneficial. It is a precarious walk on a balance beam, however, to balance the benefits versus the cost. When you think of business credit card rates, the first thing that comes to mind is probably interest rates. These are, of course, one of the largest costs of credit cards. They are also widely variable, ranging from as low as 0% for an introductory rate to almost 30% in some cases.
There are many more costs that can be associated with these cards however. So many in fact, that many business owners do not even realize the business credit card rates they are paying. It can be frustrating to continually make payments yet never see a corresponding decrease in the balance. We dug in to find out everything you need to know about the business credit card rates you know, those you don’t know, and how to handle or avoid each one.
Business Credit Card Rates: The Devil You Know
Here are some common business credit card rates you are probably familiar with, and some tips on how to save on each.
Check out our professional research and score the best business credit cards for your business.
This is a given with any credit card, and most likely the number one cost most associate with them. The only way to avoid it is to pay off the entire balance every month. Short of that, it cannot be eliminated. It can be reduced however.
First, keep your personal and business credit score strong. The better the score, the lower the interest rate options available to you. Then, shop around. Just look for the cards with the best rates. Be aware however, many lower rates are promotional only, so they will go up after a set period of time.
When it comes to business credit card rates, this one is no secret either. Many cards charge an annual fee for the administration of the account. Most often they are associated with cards that earn rewards such as miles or points that can be converted to gift cards, airline miles, or cash back. The key to keeping annual fee costs to a minimum is to simply use cards that do not charge this fee.
If, however, you find a card with a fee that has rewards that you will use to the point that you recover the cost of the fee plus some, then the benefit may outweigh that cost. There could be other benefits associated with a card that charges a fee as well. A cost-benefit analysis based on your specific business situation is the only way to know if it is worth it.
This one is self-explanatory. Late fees are charged to your card when you pay after the due date. The best way to avoid them is to not pay late. However, know that if you do pay late and it is a first offense, you may be able to have that fee removed. You have to call and ask. It doesn’t always work, but sometimes it does for a first offender.
Hidden Business Credit Card Rates
Now for the part you are really wondering about. What are you paying that you do not realize? How much could you save if you knew about these things and either avoided them or chose cards that did not charge them? Here are the hidden costs to look for, and how to reduce or avoid them all together.
Balance Transfer Fees
These are fees on balances that you transfer from another card. Typically this would be done in an effort to get a lower, promotional interest rate on the balance transfer. Usually the fee is a percentage of the amount being transferred with some minimum. So if, for example, you were to transfer $3,000 and the transfer fee was 3%, your balance on the new card would increase by $3,090.
The only way to avoid this is to not do a balance transfer. Of course, there could be cases where the savings with the promotional rate makes it worth the fee. That will have to be determined on an individual basis.
Cash Advance Fees
These are just as they sound, fees paid on cash advance funds. Similar to balance transfer fees, they are typically a percentage of the advance. Cash advances can come in the form of cash advance checks that you simply write and deposit into your account, or funds that you get from an ATM with your credit card and a cash advance PIN. If you do not do cash advances with your credit card, you do not have to worry about this fee.
Reward Redemption Fees
Did you know that sometimes you have to pay a fee on rewards that you earn? The credit card companies say that this is to pay for the processing of the rewards. Avoid these fees by reading the fine print in the rewards section before you apply for the card. Most do not even know that these fees exist, and sometimes they end up costing more than the rewards are even worth.
Reward Recovery Fees
This fee is closely related to late fees. Some cards revoke rewards earned during the month if you are late on your payment for that month. They then charge a fee to reinstate those rewards. To avoid this fee, be sure to pay on time.
Inactivity fees and Account Closure Fees
The inactivity fee is assessed after you go a certain length of time without any activity on the card. Most often that amount of time is one year. The first thing you have to do to avoid this fee is know which cards have if. After you determine that, figure out the minimum you must spend in a year to avoid the fee. Then, either make certain you spend that amount, or cancel the card.
Beware however, because some cards do charge a fee for closing accounts.
Most cards offer a payment protection plan. This is basically insurance that will cover your payments in the event you become ill or unemployed. While is sounds great, it can be quite expensive and add up quickly. Avoid it by either opting out on the front end, or canceling it if you already have it and do not want to pay it.
The push to save the environment is a noble one, and the credit card companies are doing their part. One way they are doing this is by charging a fee for paper statements. You can opt in for electronic statements and avoid paying the fee.
Did you know that if you use your credit card to pay for goods from a company that is not located in the United States, you may have to pay a fee for that transaction? This is true even if you never leave the country, and even if you do not know the other company is foreign. Read the fine print about fees before making any purchases from companies you are not familiar with to determine if this will be an issue.
Taxes on Rewards
While this isn’t exactly a credit card fee, it is a potential hidden cost of using credit cards. There are times when, depending on how rewards are earned and how they are used, that you may have to pay taxes on them. Find out more about this and how to avoid it here.
Check out our professional research and score the best business credit cards for your business.
Here’s the big key to avoiding unexpected fees and costs. Know what to look for. Now that you have a list of the most common hidden credit card costs, you can be diligent to pay close attention on the front end and not apply for any credit cards that charge fees you do not want to pay.
No one wants to pay more than they have to. On the other hand, some of these fees may be worth it to you to pay depending on the benefit associated with it and whether or not your specific business could benefit. For example, if you have a chronic health issue, it may be worth it to you to pay for the payment protection plan.
Why Business Credit Card Rates May Be Worth It: Benefits of Business Credit Cards
While all these costs can make it seem that credit cards are the devil, and though they do get a bad rap, there are actually plenty of benefits to using business credit cards. Here are just a few:
- Build business credit
- Finance business needs without the hassle of a loan, including:
- Taking advantage of special bulk pricing
- Equipment maintenance and repair
- Working capital
- Unexpected, or expected, cash gaps
- Use rewards to reduce costs
Of course, we all know credit can get out of hand, but used properly and with the proper attention to business credit card rates, they can be an amazing tool for your business.
How Can They Help Build Business Credit?
Not only can these cards help you build business credit, they are actually vital to the process. Of course, regardless of the business credit card rates, you will have to have business credit to get business credit. That is why you start with vendors in the vendor credit tier first. These vendors will give you net 30 terms on invoices and report those payments to the credit reporting agencies, without a credit check. After you have enough of these accounts reporting, you will have enough business credit to apply for your first business credit cards.
You’ll start with store cards. Cards tied to retail stores such as Best Buy, Office Depot, and Lowes will approve accounts with very new business credit earned from accounts in the vendor credit tier. They will also report payments to the credit agencies, which will further grow your score
After enough of these are reporting, you can apply for cards in the fleet credit tier and the cash credit tier. As these cards report your on-time payments, your score will only grow stronger. This will also mean you start getting offers from cards with more favorable business credit card rates, such as lower interest. Find out more about the credit tiers and building business credit using credit cards in each one here.
Side Note: Hidden Business Credit Card Rates When Accepting Credit Cards
Just as there are hidden fees when it comes to using credit cards in the course of your business, there are also hidden rates on the other side. If you accept cards as payment in the course of your business, be aware of these little-known costs.
Manual entry fee
Did you know that it costs your business more in credit card processing fees if you manually enter the credit card number rather than swiping it? It’s because of the increased security risk. If at all possible, make sure customers swipe instead of type in the number.
Check out our professional research and score the best business credit cards for your business.
Below Limit Costs
Okay so this isn’t an “extra” fee per se, but it is a definite cost. It is entirely possible that you can lose money on a credit card sale if it doesn’t hit a certain dollar amount. This is because the business credit card rate on processing that transaction may actually be more than the profit earned from it.
That’s why you see many businesses, such as donut shops and other businesses with frequent low dollar amount purchases, require a minimum purchase if you intend to use a card. This not only avoids the problem of losing money on low dollar amount purchases due to processing fees, but it can increase profits when you consider the number of people that do not carry cash.
Stop Paying Business Credit Card Rates You Do Not Know About
It is impossible to find a card with no unsavory fees. The key is to determine which ones are worth it to you to pay. Then, apply only for cards that charge business credit card rates you are willing to pay. The credit card industry is fiercely competitive, and if your business credit score is solid, you can have your pick of the cards that will work best for you.
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