How to Create an Effective Facebook Ad Strategy in 2024

How to Create An Effective Facebook Ad Strategy in 2024

Even in 2024, Facebook remains a powerhouse in social media advertising, boasting over 3 billion users. However, ongoing algorithm changes have made it significantly harder for brands to reach their target audience organically. To overcome this challenge and maintain visibility, businesses need to advertise.

However, you can't just throw money at Facebook ads and hope for the best. You'll quickly deplete your advertising budget with little to show for it. To achieve impactful results, you need a well-thought-out Facebook Ad strategy.

This guide offers actionable steps and useful tips to help you create an effective Facebook Ad strategy, ensuring you reach your marketing goals.

Is it Still Worthwhile to Run Facebook Ads in 2024?

Facebook, despite being the world's largest social media platform, has a notably low organic reach. On average, only 2.2% of followers see posts organically, compared to 9.4% on Instagram. This limited visibility means that most of your audience may never see your content without paid promotion. Therefore, brands must invest in Facebook advertising to effectively reach their target audience.

But with so many marketers using Facebook for advertising, doesn't that mean the market is oversaturated?

Not at all!

Facebook and Google are currently the two leading digital advertising platforms. Together, they boast a potential ad reach of 1.98 billion people, or 36.7% of the global adult population. This reach surpasses any other platform, making Facebook still a highly valuable platform for advertisers.

Furthermore, many marketers consistently report that Facebook provides a better return on investment (ROI) compared to other social media platforms.

With that said, let's go through the key components of a successful Facebook ad strategy in 2024.

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1. Facebook Ad Strategy - Understand Who Your Target Audience Is

‍Before you can launch Facebook ads, you need to know who you're actually marketing to.

The more information you can gather about your target audience, the better your chances of engaging and converting them. During the pre-planning process, try to paint a clear picture of your ideal customer by asking yourself the following:

Who are they?
How old are they?
Where do they live?
Where do they work?
How much money do they make?
How do they behave online?
How do they spend their time?
What are their interests?

Afterwards, you can discover what emotional triggers and motivations drive them to take action. Is it a desire for status? A need to feel connected? Or perhaps a love for adventure? While it is a bit strange to conduct psychological research on potential customers, it's the best way to understand their "pain points" and how your product or service can solve them.

Once your research is done, you'll have several customer profiles that match your Ideal Customer Profile (ICP). This ICP is a guideline for all future marketing efforts, not just on Facebook.

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2. Build Your Sales Funnel

A standard sales funnel typically looks something like this:

Top of Funnel (ToFu): Targeting users who are unaware of your brand or product and introducing them to your business.
Middle of Funnel (MoFu): Engaging and nurturing those who have shown interest in your brand but haven't converted yet.
Bottom of Funnel (BoFu): Converting those who are ready to buy.

However, in the context of Facebook advertising, we can tweak this funnel to better fit the platform and its users. Here's a modified version:

Prospect Acquisition

This stage is where you'll be targeting users who are unaware of your brand or product. The goal here is to grab their attention and introduce yourself.

You can acquire prospects by creating ads with a broader reach, using Lookalike Audiences, or targeting specific interests and demographics. For example, if you're selling eco-friendly products, you can target people interested in sustainable living or environmental causes.

Acquisition Re-engagement

These are leads discovered through your prospect acquisition efforts (in stage one). They can also include people who have liked or commented on your posts, visited your website, or follow your page.

At this stage, leads know who you are and have even shown some interest in your business, but they haven't made significant moves towards converting.

Retargeting

These are leads who are on the verge of converting but haven't quite made it yet. They may have added products to their cart, viewed your pricing page, or started a free trial only to abandon it. The goal in this stage is to remind them of the value your business offers and encourage them to complete the conversion process.

At this stage, you can create custom audiences to target these users specifically and show them personalised ads with compelling messaging. You can also use retargeting ads to upsell or cross-sell to existing customers.

Retention

The retention stage is where you target existing customers to continue purchasing your products or services. This can include sending targeted emails with special offers, creating loyalty programs, or providing exceptional customer service.

The goal here is to keep customers happy and engaged with your brand, increasing their likelihood of making repeat purchases and becoming advocates for your business.

What Percentage of your Marketing Budget Should Be Allocated to Each Stage?

Each audience funnel stage requires a separate budget allocation to effectively reach and engage potential customers. However, that doesn't mean the budget should be divided equally among all stages.

Generally, speaking, you'll want to allocate most of your budget into acquiring prospects (top of the funnel.) This stage is essentially the lifeblood of your business, as it drives new leads and potential customers into your sales pipeline.

Here's a simple breakdown of how you should allocate your budget across each stage:

Prospect Discovery: 60%

Purpose: Attract new potential customers to your brand.
Why: This stage targets the broadest audience, so it makes sense to invest the most here to keep the flow of new prospects coming in.

Prospect Re-engagement: 20%

Purpose: Keep potential leads engaged and interested.
Why: These are folks who have already shown some interest. A moderate budget helps ensure they stay engaged with your brand.

Retargeting Leads: 15%

Purpose: Persuade very interested leads to make a purchase.
Why: Retargeting focuses on converting interested leads into customers, typically requiring targeted and cost-effective strategies.

Retention: 5%

Purpose: Keep existing customers happy and loyal.
Why: Retaining customers usually costs less than acquiring new ones, but it's crucial for building long-term relationships.

Feel free to tweak these figures based on your specific needs and performance data. However, you'll want to keep within this general breakdown to ensure you're investing in each stage adequately.

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3. Create Tailored Ads for Each Stage

With a budget plan ready, it's time to create ads for each sales cycle stage.

So why go through the trouble of creating tailored ads for each stage? It's simple - different stages of the sales cycle require different messaging and targeting strategies to effectively reach your audience.

Let's use an online pet store as an example for each stage of your sales cycle:

Ads for Gathering Prospects

Targeting: Pet owners interested in natural and organic products.
Ad Copy: "Give your furry friend the best with our all-natural pet products. Try us today and get 10% off your first purchase with code PETLOVE."
CTA: Shop Now

Here we can see that the ad targets a specific, yet broad audience and includes a discount code to incentivise first-time buyers. The CTA is also action-oriented, encouraging people to shop immediately.

Ads for Re-engaging Leads

Targeting: Leads who have visited the website, read a blog post, or engaged with social media content but haven't made a purchase.
Ad Copy: "Curious about eco-friendly pet care? Our blog readers love our all-natural pet products! Discover the benefits for your furry friend today. Click to learn more."
CTA: Learn More

This ad aims to re-engage prospects discovered from stage one who have shown interest in your brand. These are also known as "warm leads," and the ad copy reflects this by highlighting a specific benefit and encouraging them to learn more.

Ads for Retargeting

Targeting: Users who have abandoned their carts, viewed a product page or added items to their wish list..
Ad Copy: "Don't leave your furry friend waiting! Finish your purchase today and get free shipping on all orders over $50. Use code PETCARE at checkout."
CTA: Complete Purchase

Sometimes, it only takes a gentle nudge to convert a potential customer into a paying one. This ad targets leads who were about purchase but didn't follow through. By offering free shipping and using urgency with the discount code, the ad aims to motivate them to complete their purchase.

Ads for Retaining Customers

Targeting: Existing customers
Ad Copy: "Thank you for choosing us for your pet care needs! As a token of our appreciation, enjoy 20% off your next purchase with code LOYALPET."
CTA: Shop Now

Your previous customers (provided you've delivered exceptional service) are your best advocates. Creating ads that express gratitude and offer exclusive deals reinforces their positive experience with your brand and encourages repeat purchases.

Install Meta Pixel to Track Conversions

The Meta Pixel, previously known as the Facebook Pixel, is a powerful tool for tracking user behaviour and conversions on your website. By adding this small piece of code, you can monitor actions such as purchases, form submissions, and sign-ups originating from your Facebook and Instagram ads.

This Meta Pixel data can be then used to optimise your campaigns, leading to higher conversion rates.

Besides, conversion events, the Meta Pixel also collects data on:

Page Views: This shows how often a specific page on your website was viewed.
Add to Cart/Initiate Checkout: These events track when users add an item to their cart or start the checkout process.
Searches: If your site has a search bar, you'll know exactly what users are searching for.
Time Spent on Page: This metric tells you how long users spend on each page of your site.
Scroll Length: You can see how far down users scroll on your pages before exiting.
Custom Events: You can create custom events to track specific actions, such as clicking a button or playing a video.
Engagement Metrics: Analyse additional metrics like user engagement with specific elements or time spent on pages.

Pixel tracking also allows for users to create custom audiences based on any of the above data. This can help you create highly targeted campaigns, ensuring that your ads reach the right audience.

To learn more about installing and using the Meta Pixel, read our blog post here.

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11 Facebook Ad Strategy Tips

Now you know how to create Facebook Ad Strategy, here are some tips to help you get the most out of your campaigns:‍

1. Develop a Multi-Channel Strategy

Facebook is only one of Meta's advertising platforms. You also have Messenger, Instagram, and WhatsApp. To diversify your reach, consider creating a multi-channel advertising strategy.

Instagram Reels, for example, have an average reach rate of 30.81%, with 9 out of 10 people following at least one brand. If you rely on video messaging, Instagram Reels could be a game-changer for your advertising strategy. Just be sure to monitor conversion rates, which typically range from 0.3% to 2.6% on Instagram.

Messenger, meanwhile, has open rates of 70-80% and clickthrough rates of around 20%, signifying high engagement rates. "Click-to-Messenger" ads can capture leads and reduce customer acquisition costs.

2. Create Organic Content to Complement Paid Ads

Many marketers bombard their leads with sales ads, which can lead to wasted ad spend and audience fatigue. Instead, consider using organic content to complement your paid ads, especially if your leads need more nurturing. This could include educational posts, behind-the-scenes peeks, and customer testimonials.

Like your ads, organic content should be tailored to different sales funnel stages. For example, a blog post about how your product solves a common problem can attract and engage potential customers at the top of the funnel. Meanwhile, a case study or testimonial can provide the social proof needed to convert leads further down the funnel.

Research shows that organic social media can generate 100% more leads than paid social media, highlighting a balanced strategy's importance.

3. Learn From Your Competitors to Create Effective Ads

Your targeting may be on point, but it's a waste of money if your ads fail to catch attention and compel action.

One way to improve ad performance is to learn from your competitors' top-performing ads.

Analyse their ad copy, visual elements, and call to action. Perhaps they're using a sense of urgency or scarcity in their messaging, or targeting a specific pain point you haven't explored yet. These are all valuable insights that can help you create better ads.

Advertising tools like MagicBrief can help you find, save and research competitor ads. With a vast library containing over 5,000,000 ads from 25,000+ brands, marketers can filter ads by industry, platform, ad type, and other criteria to find the most relevant examples.

Furthermore, users can save their favourite ads from the Facebook Ads Library and TikTok Ads Library directly onto our platform for easy access and organisation.

To use our features, sign up for a 5-day free trial today.

4. Use Facebook Mobile-friendly ads and Targeting

Statistics show that over 80% of people access Facebook on their phones. They also found that users are over 60% less likely to purchase from a brand after a poor mobile experience, making optimising your ads for mobile devices crucial.

Try experimenting with mobile-friendly ad formats like Reels, Carousels, Stories, and Collection ads, which are all primed for shoppers. For instance, 62% of viewers show increased interest in a product after seeing it in a Facebook Story or video ad.

In addition to creating mobile-optimised ads, you can leverage Facebook's targeting capabilities to reach specific demographics and behaviours on mobile devices. This includes targeting people based on their mobile operating system, data connection type, and device brand.

5. Leverage Lookalike Audiences

Without new audiences to reach, your campaigns may plateau and struggle to grow. This is where lookalike audiences come in handy.

Marketers can create 'Lookalike Audiences' from a source audience (e.g., website visitors, email subscribers, and existing customers) and use Facebook's algorithms to find people with similar characteristics and behaviours. These audiences essentially are like your existing audience and are more primed to engage with your ads.

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To make the most of lookalike audiences, be sure to do the following:

Use High-Quality Source Audiences: Create a Lookalike Audience based on your best customers or most engaged website visitors. This ensures that you're targeting people who are more likely to convert.
Select the Right Audience Size: Opt for a Lookalike Audience size between 1%-3% of the total population for highly targeted results.
Test and Monitor Performance: Track the performance of your lookalike audiences and adjust your targeting as needed. You may want to create different ad sets for each Lookalike Audience and compare their performance to find the most effective one.

You can also add on specific interests or behaviours to your Lookalike Audience targeting to further refine your reach and increase the chances of conversion.

6. Use Videos in Your Ads

This may seem like a given in today's digital landscape, but it's worth emphasising the power of video in Facebook ads. According to research, users will spend five times longer looking at video content than static posts. Use MagicBrief's Discover library to access unlimited examples from the world's top brands.

Here are a few tips for using video in your Facebook ads:

Include captions and Text Overlays: 85% of Facebook videos are watched with the sound off. Furthermore, captions can boost viewing time by 12%-a definite advantage in the fast-scrolling world of social media.
Start Fast: The first three seconds of a Facebook video ad account for 47% of the total campaign value. This means you must convey your key message, product, or offer right away.
Keep it short: Top-performing Facebook video ads are 5-15 seconds for non-skippable and up to 30 seconds for skippable ads.

If you're strictly using still images in your ad campaigns, consider testing out video to see if it increases conversions. You may find that a combination of both still images and videos hit the sweet spot for your target audience.

7. Utilise AI to Create More Impactful Facebook Ads

Like it or not, AI and machine learning have gained serious traction in digital marketing. As a social media marketer, you can harness AI technology to create better, more effective Facebook ads.

Here are a few ways you can leverage AI in your ad campaigns:

Ad Copy: Jasper.ai and Copy.ai use natural language processing to generate highly engaging ad copy. Use these to write your next blog post, social media post, or Facebook ad copy.

Brainstorm New Ideas: Tools like ChatGPT can help you generate new campaign concepts, angles, and ad ideas to keep your Facebook ads fresh and exciting. It's a highly versatile tool to help you break through creative blocks.

AI assistants: 41% of marketers use AI assistants like Microsoft Copilot to automate repetitive tasks. These tools help improve productivity by handling routine activities.

Just remember that many AI tools are only as good as the person using them. Like any tool, they should combine human creativity and insight to achieve the best results.

8. Use Facebook Lead Ads to Build Email Lists

Email marketing still works, folks! If you're not leveraging it, you may be leaving money on the table. The good news is that Facebook lead ads can help solve this problem by making it easier for people to join your email list.

Here's how to effectively use them:

Set Up Instant Forms: Choose the "Lead" objective and opt for "Instant forms." This feature allows users to submit their contact information quickly on Facebook.
Tailor Forms: Customise the forms to collect all necessary lead information, including their emails. You can also add custom questions to gain more insights about their needs and preferences.
Streamline Data Collection: Download the information collected from Facebook's Business Manager and start building your email list. Alternatively, you can integrate the lead ad with your CRM tool, like MailChimp, for seamless data transfer.

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9. Offer Your Audience an Incentive

Ads need to provide a viable solution to an audience's problem or need. But sometimes, it helps to up the ante with an attractive incentive. A free giveaway, discount, or coupon can boost your lead generation efforts and push people to take action.

When deciding on an incentive, consider your business, product, target audience and business goals. For example, a gym that sees most customers quit within the two months can offer a free personal training session to encourage longer commitment and reduce churn.

Just remember that some incentives work better than others; align yours with what your audience will find valuable.

10. Test All Aspects of Your Ads

Your ads may be performing well, but you really know unless you have something to compare them to. This is why you must create enough ad variations to test and compare their performance.

So what exactly should you be testing? Everything. From the ad copy, visuals, call-to-actions, landing page design, and even targeting options. You never know which combination will perform best until you test it.

Let's go through a few of the main elements to test in your Facebook ads:

Creatives

Facebook ad creatives include the ad's visual elements, such as images or videos, text, and other design elements. These can all be tested to discover which combinations bring the best results.

When testing ads creatives, start by changing only a single element at a time while keeping everything else the same. This will help you pinpoint accurately which element is improving your ad's performance. For example, you might start by altering the background colour of your ad image or swapping out the image entirely to see which option engages viewers more effectively.

Audiences

Experimenting with different demographics, interests, or behaviours can help you reach a more engaged audience. According to recent data, 29.9% of Facebook users are aged 25 to 34, making them a key demographic for many campaigns. Another 21.5% are aged 18 to 24, highlighting a significant presence of young adults.

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You could also conduct tests Using Lookalike audiences based on your existing customer base or website visitors.

Ad Placements

Start testing different ad placements to see which performs best for your audience. Facebook offers a range of placement options, including the News Feed, right column, Stories, and Marketplace. Each placement may yield different results depending on your target audience and campaign objectives.

For example, placing a video ad in Stories or the Video Feed might yield better engagement due to the immersive nature of these placements.

Landing Page

Many marketers spend much time optimising their ad creatives and targeting but forget about their landing pages. Your landing page is where your audience will ultimately take action, whether purchasing or filling out a form.

Testing different landing pages, whether the layout, design, or messaging, can turn a decent campaign into a high-performing one.‍

11. Analyse The Data and Optimise

With your testing complete, it's time to analyse the data and make informed decisions to optimise your campaign. Use Facebook Ads Manager to track key metrics such as click-through rate (CTR), conversion rates, and return on ad spend (ROAS) to identify your top-performing ads. These insights will help you determine which elements of your campaign are working effectively and where there is room for improvement.

For example, if one of your ad sets is performing exceptionally well with a specific audience segment, consider focusing your next round of ads on that segment while excluding others. This targeted approach can lead to even better results, maximising your ad spend and enhancing overall campaign performance.

Final Thoughts

With our step-by-step guide, you'll know exactly how to create a Facebook Ad Strategy that drives results. A well-planned and executed campaign can significantly improve your business by reaching a highly targeted audience, increasing brand awareness, and driving conversions.

If you're looking for tools to help you along the way, MagicBrief is here to assist. Our platform provides AI-driven insights for your Facebook ad campaigns, making it easier to succeed with your advertising efforts. You'll also have access to our vast ad library, which contains over 5,00,000 ads to reference and gain inspiration from.