This One Weird Trick
We can't call our company dysrupt without offering novel recommendations and predictions from time to time.
We say this in jest but honestly, with this one weird trick, we have increased subscriptions to our newsletter 35% month over month, got invited to speak at a conference, and were published as one of the top e-comm experts.
In researching this write-up, we couldn't find one article written about this growth hack that has existed for over 18 months!
What's the growth hack? Slack. Specifically public Slack Workspaces.
The easiest way to break down new systems is to understand their unique verbs and vocab. If you are not an expert Slack user, there is a bit of a learning curve, these terms will be brand new and useful.
- Workspace - Think of this as the office building of the Slack office park. As a slack user, you can gain entry to numerous office buildings. Your own company has its own building but there are other companies or groups of people who will allow any person entry if they follow the workspace's rules.
- Channels - To extend the metaphor, these are the offices and conference rooms in the building. Each channel has a unique topic and are denoted with an hashtag, #. Typically with public workspaces, there will be a #random, #marketing, or #promotion for people to post what they are working on.
B2B's Wild West
If you are in the B2B space, our suggestion is simple - become familiar with Slack, its top public workspaces, and how the largest groups are monetizing the communities they have built. Online Geniuses, offers a 1-month wait to enter or a $25 "skip the line" fee to gain access immediately. Other groups have a monthly subscription fee that can exceed $1,000 a year!
There are numerous new avenues emerging on this platform to connect with interesting B2B audiences in unique ways. Generally these break out to two approaches: contributing to a group with valuable content or creating and growing a thriving community.
On the contributing front, proper B2B marketing means producing high-value content. Supportive communities exist that are hungry for this type of content and services. Everyone is looking for an edge and your product and service offers one...it just needs the right eyeballs on it. Just this morning, we found an impressive pitch deck template from the Startup Studygroup and have been able to absorb real-time, industry vetted opinions on IDFA changes impact from Mobile Dev Memo.
Creating a thriving community is difficult but the benefits of doing so are tremendous. (Especially the $1000/year variety.) Slack offers a way for people at work to be part of a community in secret. No peering eyes noticing that you are on Facebook or Reddit all day. (Or you can use this site that makes Reddit look like Outlook.)
From a brand perspective, having a thriving community provides a robust network to understand market trends, easily garner feedback on any new products and services, hiring funnels, etc.
Best Practices
Slack can be anonymous but our recommendation is to treat it as an extension of your LinkedIn profile in terms of decorum and types of content.
Public workspaces on Slack typically have a channel around promotion or shameless plugs. These are the easiest places to start with posts as they are designed to absorb this type of content. You can be more bold on how and where to approach but content moderators appear top notch in the groups we are part of.
Outside of shameless plugs, actually contributing insights and useful content overtime to any community is a great way to build up credibility. Many of these communities are stock full of first adopters and innovative people looking for other smart folks in their given field. Find a way to actively engage and be authentic!
In terms of a posting strategy, Simon Sinek has you covered on a great framework to leverage that he profiles in a video about helping a homeless woman. Instead of having her sign read, “Please donate. I’m homeless” or something to that effect. He had her update her sign to read, “If you only give once a month, please think of me next time.”
With that one weird trick, she doubled the amount she received in only 25% of the time. We think you all can achieve similar results by experimenting with Slack. Have fun!
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Thanks to Morning Brew for sharing their work on Unsplash
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Facebook Ads Bidding Strategies can either make or break your advertising campaign. If you've been struggling with getting the best results, understanding the benefits and drawbacks of each strategy can save you both time and money. The right bidding strategy can help you reach your target audience more effectively and get the most out of your advertising budget.
Each bidding strategy has its unique benefits and challenges. Some are great for maximizing visibility, while others prioritize cost-efficiency. Choosing the right one depends on your specific goals, whether that's more clicks, better engagement, or higher sales. Knowing the pros and cons of each strategy will help you make informed choices that benefit your business.
This article will guide you through five key Facebook Ads Bidding Strategies. You’ll learn about their benefits, drawbacks, and how to pick the one that suits your campaign objectives. By the end, you’ll have a clear understanding of which strategy will help you achieve your advertising goals effectively.
Understanding Facebook Bidding Mechanics
Facebook bidding is essential for advertising success. It involves auctions where advertisers compete for ad placements. Understanding key elements like Auction Dynamics and Different Bidding Strategies is crucial.
Auction Dynamics and How Bids Work
In Facebook's auction, ads compete based on bids, estimated action rates, and ad quality. Bid represents how much you're willing to pay for a specific action (like clicks, views, or conversions). The Cost Per Result adjusts based on competition.
Bid Cap lets advertisers set a maximum bid. This ensures spending control but may limit campaign reach. Meta bidding strategies, like Lowest Cost and Target Cost, help optimize for specific goals, balancing cost and performance.
Factors influencing the auction include:
- Bid amount
- Ad relevance
- Estimated action rates
Exploring Different Bidding Strategies
Advertisers can choose from several Facebook bidding strategies. The Lowest Cost strategy aims to get the most results for the lowest price but may lack spending control. The Cost Cap strategy helps maintain an average cost while driving results.
The Bid Cap strategy is useful for high-control needs, letting you set the max bid per action but it might restrict delivery. Target Cost aims for a stable cost per action, ideal for steady budget planning.
Choosing the right strategy depends on your campaign goals, budget, and desired Cost Per Result. Evaluate each option to find the best fit for your needs.
Implementing Bidding Strategies for Campaign Success
Successful implementation of bidding strategies can drive better results and optimize ad spend. Key factors include setting appropriate bid caps, maximizing returns using ROAS goals, and balancing volume and value.
Setting the Right Bid Cap for Your Campaign
Setting the right bid cap involves determining the maximum amount you are willing to pay for a result. This ensures costs don't exceed the budget. Bid caps can help control spending and improve efficiency.
- Analyze past performance: Review historical data to identify the highest bid that achieved desired results.
- Adjust as needed: Be flexible to change bid caps based on real-time campaign performance.
- Consider the competition: Higher bid caps might be necessary in competitive markets.
Maximizing Returns with ROAS Goals
Use the Return on Ad Spend (ROAS) bid strategy to drive maximum returns. ROAS goals ensure that every dollar spent on ads generates a specific amount of revenue.
- Calculate target ROAS: Set a realistic ROAS based on past campaigns.
- Monitor and tweak: Regularly check ad performance and adjust your ROAS goals to meet revenue targets.
- Balance quality and cost: High ROAS might limit reach, so find a balance between cost and quality.
Balancing Volume and Value in Bidding
Balancing volume and value helps achieve the right mix of reach and profitability. Consider using both Highest Volume and Highest Value strategies.
- Highest Volume: Bids are set to get the most conversions, good for awareness and large-scale campaigns.
- Highest Value: Focuses on getting the highest-value conversions, suitable for targeting high-value customers.
By carefully implementing these strategies, advertisers can meet their campaign goals effectively.
5 Facebook Bidding Strategies: Benefits, Drawbacks, and Selection Guide
Static ads and dynamic ads serve different purposes in the world of marketing. Static ads are simple and stay the same at all times. They are easy to create and can be effective for straightforward messaging. But dynamic ads offer customization, changing their content to fit the audience's preferences and behaviors.
Dynamic ads might seem complicated, but they bring better results by targeting specific groups with personalized messages. This means higher engagement rates and more conversions. Static ads, on the other hand, are less effort to produce but may not capture attention as effectively.
Deciding between static and dynamic ads depends on the brand's goals and resources. Each has its strengths and can be powerful if used appropriately in a marketing strategy.
Understanding Static and Dynamic Ads
Static ads and dynamic ads serve different purposes in digital marketing. Each has unique features and benefits that cater to varied marketing needs.
Exploring Static Image Ads
Static image ads are straightforward. They are typically still images that do not change once created. These ads are ideal for conveying a clear, unchanging message or brand image.
A static image can include text, graphics, and logos, and is often used on websites and social media platforms.
Advantages of Static Images
- Consistency: The message remains the same, which can be useful for brand recognition.
- Simplicity: They are simple to create and often cost less than dynamic ads.
- Predictability: Once the ad goes live, what you see is what you get.
Unpacking Dynamic Advertising
Dynamic ads are more complex. They can change content in real-time based on user data and behavior. Unlike static ads, dynamic ads can alter images, text, and calls to action depending on who is viewing the ad.
Benefits of Dynamic Ads
- Personalization: Content can be tailored to each user, potentially increasing engagement.
- Flexibility: They can show different messages to different audiences without creating multiple ads.
- Efficiency: They adapt to user preferences, making the ad experience more relevant.
Comparative Analysis and Use Cases
Static and dynamic ads offer different benefits and limitations. This comparison will help you understand where and how to use each type effectively in your marketing strategy.
Static Images Vs. Videos
Static images are simple and quick to create. They load faster than videos, which is great for mobile users and slow internet connections. They allow for clear, focused messages without distractions.
Videos, on the other hand, capture attention better with motion and sound. They convey more information in a short time. Videos are more engaging and can demonstrate products or services in action.
Leveraging Opportunities for Static Ads
Static ads are useful in various scenarios. Billboards are a great example, as they need to be read quickly. Print ads in magazines and newspapers also benefit from static images. Online banners are often more effective when static, as they load quickly and are less intrusive.
Static ads are best when the message is straightforward. They work well for short calls to action like "Buy Now" or "Sign Up." Visually, they should be clean and uncluttered to convey the message quickly.
