July 15, 2021
Facebook has long been one of the biggest advertising platforms out there and an essential part of every social media agency’s marketing strategy. But with newer and different social media platforms like Snapchat and TikTok gaining more popularity, iOS 14 changes, privacy regulations, and higher CPMs, Facebook ads may not be quite as effective as they used to be. So, the question is are Facebook ads actually still worth it in 2023?
It’s no secret that Facebook is losing the younger generation. Teenage users are dropping significantly as they migrate to other platforms, including TikTok and Snapchat. To a lesser degree, the number of young adults between the ages of 20 and 30 is also declining. Younger users see Facebook as boring, and negative, and they have concerns about their privacy on the platform.
The aging user base is a problem that Facebook has yet to be able to resolve. Although their struggle to attract younger users isn’t new, it has been growing worse recently. And while the popularity of Instagram remains strong among teens, statistics show that teens are spending more time on TikTok and Snapchat than on Instagram.
Despite declining users among teens and young adults, Facebook ads are still one of the most powerful tools for businesses. Facebook is currently the third most-visited website in the world, second only to Google and YouTube. And it’s still the biggest online social media platform, nearly 3 times the size of TikTok. Facebook might not be the powerhouse that it once was, but it isn’t quite dead yet either. The benefits of a platform with 2.7 billion active users, and the ability to reach an enormous number of potential customers are unmatched.
Some of the other benefits of Facebook ads include:
Facebook offers you the ability to target your audience, allowing you to spend your ad budget more efficiently and effectively. You can break your audience down by age, location, ads they’ve clicked on, pages they engage with, and more. You can decide who sees your ad and who doesn’t, so you can target the right people and get higher conversions.
Facebook allows you to create a Custom Audience and target people who already know about your business. You can target such users as those who have purchased once but haven’t purchased again or customers with a high average order value.
Facebook also has a Lookalike Audiences tool for finding a new audience that is similar to your existing one. This tool is very helpful in finding a new audience that is likely to become customers.
Analytics are vital to your ad campaign. You have to be able to measure it to find out what’s working and what isn’t before you can improve it. Facebook metrics provide you with all you need to monitor your campaign’s performance. You can see post engagement, conversion rates, sales, and many more metrics. This allows you to optimize your ads by focusing on what works to boost your ROI.
Even though Facebook has a number of advantages, it does have some disadvantages as well. We’ve already mentioned the decline of younger users, a troubling trend because younger audiences are more apt to buy online. Here are some other disadvantages of Facebook
The iOS14 updates that prohibit certain data collection and sharing unless the user opts in to allow it has limited the ability for marketers to personalize ads and target specific audiences.
If you’ve placed ads on Facebook in the past, you are already aware that it’s becoming more and more expensive to advertise on Facebook. With increased competition, more advertisers are bidding for space, and the cost is continually rising. Despite this, placing an ad on Facebook is still relatively cheap compared to other advertising methods.
It takes time to learn how to successfully market on Facebook. Many companies hire a Facebook advertising agency to avoid the headache and hours of frustration trying to figure it out on their own.
Online users are more aware of how they are being targeted these days, which makes it harder to reach them. The savvier users become, the less inclined they are to trust advertisers.
While Facebook ads have become more complex and are expected to continue changing, Facebook as a platform is far too powerful not to consider when planning your paid social strategy. The key is to continue to adjust and find solutions to optimize performance and get results, employing new and different tactics and ad strategies.
If you want to make Facebook ads work for you in 2023 and beyond, we recommend following this set of guidelines:
Creative is what will back up and enhance the message that you’re trying to deliver on Facebook. Creative speaks to your target audience, engages them, and draws them in, making it much more likely that they will interact with the ad.
Broad targeting on Facebook Ads gets your message to as many Facebook users as possible. This can go a long way toward building buzz and generating brand awareness for your product or service. With limited data collection, broad targeting takes on more importance than in the past.
A testing mindset is important in any ad campaign to help you improve your ad strategy over time. Testing gives you a better understanding of your audience, their behavior, and their wants and needs.
If you’re wondering whether Facebook ads are worth the effort in 2022 and 2023, the answer is yes. Although Facebook isn’t what it once was, and probably never will be again, it still has an enormous number of users, many of whom are your potential customers. Once you have found your target audience, your success on Facebook ads is unlimited. Don’t worry when others say that Facebook is dead, and Facebook Ads are no longer relevant. Nothing could be further from the truth. However, Facebook Ads definitely have gotten increasingly difficult the last few years. That’s why we’ve created a strategy that will help you continue to sell on Facebook successfully. If you’re having trouble, let’s connect!
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