There is a general reduction on digital ads spending as companies cut variable costs. Some have entirely paused ads at the moment.
An unintended consequence is that it has led to a 30 to 50% fall in CPM (cost per 1,000 impressions) across Facebook and Instagram. This is likely due to the combination of lower demand as companies cut spend, and higher supply as people spend more time on ads.
Our contrarian view is that if you are D2C or B2C, consider not stopping ads entirely, but start at a lower budget and increase over time. We have seen a high reduction in CPA (cost per acquired customer) across numerous e-commerce niches, with companies increasing ad spend successfully.
Needless to say, you need to refresh your creatives and copy for the current climate.
For B2B companies, most have completely or substantially cut ad spend, unless in niches specifically related to remote working.
Most B2B companies have now adopted a content-first strategy for their marketing.
However, after the deluge of COVID-19 ops emails, we're now faced with a wave of webinars nobody asked for. Webinars are good for curated specialist content, and if you already have a strong community.
But nobody needs another webinar for "10 Tips to Work From Home".
Always remember to prioritise quality over quantity.
Adjust your B2B comms as follows:
• Add value to existing clients: To optimise your content distribution, use it for customer success and existing leads in your pipeline. Have your Sales team send these materials to leads and clients as a blogpost or PDF.
• No hard selling, no cold calls, and minimise cold emails.
• Adjust your tone for the climate. Be succinct, respectful and clear.
Don't send yet another generic webinar invite, please.
The content you create for your existing clients and prospects can also be repurposed to get more leads. Now is a great time to use quality content to scale up your future prospecting lists.
To convert content views into leads, do this:
• 1. Create quality content in a PDF: Focus on creating quality, niche content not found elsewhere, e.g. a guide to adjust business strategy for your niche. Package it as a PDF with beautiful graphics.
• 2. Set up a landing page: Create a dedicated landing page that explains how great this toolkit is for your niche.
• 3. Implement pixels: Add your pixels from Facebook (B2B, B2C), LinkedIn Insights Tag (B2B), and set up your Google Tag Manager. This is so you can track who has visited the site, and you can retarget them with ads in the future.
• 4. Require an email to download: Ask for an email address* to download the toolkit. Send the user to a link to download this toolkit via a service like MailChimp or SendGrid.
• 5. Upload these emails on Facebook: In the coming weeks/months, use these emails to build Lookalike Audiences on Facebook to run ads. Aim for 800 to 1,000 emails. This "seed" email list allows you to target people of similar profiles with future ads.
The outcome? You get to retarget people who have visited your site, and you also get to build a wider Lookalike Audience based on the initial interest.
The importance of creating content for your own niche can't be overstated.
If you go too broad, you'll waste money as your pixel data and Lookalike Audience will show your ads to those who are not your ideal customers.
Facebook's Lookalike Audience function allows you to target new potential customers, by using your existing customers as a "seed" from which to extrapolate.
For example, if you upload 1,000 emails as a "seed" audience, you can create a 1% Lookalike Audience which allows Facebook to target 1% of the populace that most closely match the audience you just uploaded.
From 1,000 people, you can extrapolate it to 1,000,000+ that closely correlates to your existing customers.
How does Facebook do this? Facebook uses all kinds of data signals from user behaviour, demographics (age, gender, locale), pages, likes, ads click, and pixel data found across millions of websites. Freaky.