The last few weeks have seen rapid changes in business due to the COVID-19 pandemic, resulting in a profound impact on our daily lives, behaviours and the way we consume goods and services – calling for people like us to help out.
With the government now advising us to stay at home, many industries have been forced into changing for both short and long-term. As a result, most businesses have withdrawn their marketing activities and cut advertising budgets without considering the importance of social media during this time. But this doesn’t mean you should have to as well.
Below, we’ve highlighted some of the main reasons as to why Facebook advertising could give your business the competitive advantage it needs during a global crisis
1. There are more people than ever on social media
With most of the world restricted to their homes, screen time has skyrocketed. Coupled with the fact that most retailers have closed, we are left to consume more information and make the majority of purchasing decisions online.
Advertising on social media allows your business to get its products and services in-front of your target customers where they are spending their time – online. Harnessing Facebook’s wealth of targeting options, including location, interest and behavioural-based targeting, your ads get shown to consumers whose needs and wants can be fulfilled by your business, meaning they are more likely to convert.
Creating these valuable touch points between your business and customers, both new and old, during the absence of a physical storefront is critical during these times.
2. Other businesses have reduced their Facebook Ad spend
Social media advertising works on a bidding system, therefore less business spending on the platform means less competition and lower ad costs for your business.
With Facebook already reporting a weakening in ad spend following the outbreak of the Coronavirus, there is more opportunity for your business to decrease its CPR (cost per result) and therefore increase your ROI (return of investment).
3. Providing good content and building a relationship with consumers
Right now is the most important time for your business to have both a functional and engaging digital presence; not only to sell your products but to also manage customer enquiries and nurture growing relationships.
From a marketing perspective, whilst Facebook does serve to sell products, it is also used to provide content, build brand awareness and create relationships with prospective and returning customers – a function other digital marketing platforms, like Google, cannot offer.
In a time where people are constantly on their phones, it is the perfect opportunity to provide them with content to laugh at, feel good about or be informed by. Building a strong, engaged following is hugely beneficial for brand recognition, brand sentiment, retargeting ad campaigns and building a database.
4. Increasing and building your Top of Funnel data for retargeting.
Even though not all users will be making impulse purchases, now is the perfect time to capitalise on Facebook’s lower CPR and build the top of your advertising funnel. Bringing more prospective consumers into your business at a cheaper cost and building brand awareness. You can then use this data to retarget engaged users, moving them down the funnel and converting them at a later stage. Serving people now can win business for you later.
5. Small Business Grants
Facebook is currently offering $100 million USD in small business grants in the form of ad credits. This grant will keep our local businesses to make them strong, help out with rental costs and connect with more customers than ever before.
With up to 30,000 businesses in 30 different countries, right now has never been a better time for you to delve into the world of social media advertising.