Social networking nowadays is popular amongst all age groups and spheres of society. Currently 2.34 billion people are on one or several social media platforms and this number is expected to soar to 2.95 billion by 2020 (i) . While on the one hand most social network users do not go to Facebook or Twitter with the intent of purchasing anything, advertising on social media still works because of the amount of time that people spend on it. On the other hand, there is a rise in the number of companies who use social media specifically as a mean to promote their products and services and to sell them both to consumers and to businesses. There are 2.34 billion people on social network sites and 2.34 billion people is a lot of potential buyers.
Facebook, the market leader in social networking sites, is an ideal platform for advertising and raising awareness of your brand. They have user friendly tools for advertising which reach the target viewers for your business. Additionally, it is an easy and efficient way to reach consumers whether you are in B2B or B2C. Goldenberg, in his 2015 book on social media and CRM, pointed out that
An estimated 66 percent of business decisions-makers start purchase research at a search engine. Even more, 69 percent use social media.
(Goldenberg, 2015, p7) (ii)
He is referring here, not to B2C but specifically to B2B and further explains that with the current trend, social media is one its way to become on top of the list for B2B communication. (Goldenberg, 2015, p8) (ii)
According to his predictions,
80 percent of consumers will search online for information pertaining to an organization, and they will trust peer-generated content on Social Media communities more than information on an organization’s website or so-called experts in that field. In several industries, including travel and healthcare, this behavior is already taking hold.
(Goldenberg, 2015, p8) (ii)
Social media has been on the rise and will keep on rising. While there are specific social media platforms that can be used to reach a specific audience, Facebook still remains by far the most popular social media platform with 1.71 billion monthly active users (iii) (307 million European users) and one just cannot ignore that pool of potential buyers.
Several people have that misconception that Facebook users are young and that it should be used exclusively for B2C but Facebook is not geared only towards B2C or targeted towards youngsters. It has a varied audience, from different spheres of society. In the U.S, 63% of Facebook users are above 30 years old (42% above 40) (iv) and in China 51% are above 30 (v) . More than half of Facebook user have some college education and nearly a quarter have a bachelor degree. Facebook is not only a big pool of buyers, it is varied one.
Thus you can easily reach the right people out there if you have the right ads. Facebook has so many possibilities when it comes to advertising and can help your business but it is easy to get lost and confused when you have no idea how your ad actually works. Additionally while Facebook provides the medium for advertising, in order to achieve your goals it is important to provide meaningful and valuable content in your ads, regardless of the type of ad. Like in any form of advertising, if the content is bad, no matter the platform, it can work against you.
Throughout the next 3 weeks, we want to explore a few types of Facebook ads; how to use them and which one to use for which purpose.
Next week, we will talk about:
1. Domain ads
2. Page link ads
3. Multi-product ads
In two weeks’ time, we will look into:
1. Canvas ads
In three weeks’ time, we will have a look at:
1. Dynamic ads
2. Lead ads
If you have any questions about other aspects of advertising and branding on Facebook or need more information about B2B communication and social networking, you can contact us on email@example.com.
(ii) Goldenberg, B.J., 2015. The Definitive Guide to Social CRM: Maximizing Customer Relationships with Social Media to Gain Market Insights, Customers, and Profits. Pearson Education.