With entrepreneurship on the rise and millions of small businesses vying for attention, finding the right place to spend your marketing dollar is a critical factor in business success. Social media juggernaut, Facebook, offers marketers a great opportunity to target their audience precisely, using the enormous reams of data Facebook has at its disposal. The question is, is Facebook advertising working for small businesses?
According to a Facebook blog post there are now over 40 million active small business pages on Facebook. And according to Hubspot an August 2015 article reported that “92% of Social Marketers are using Facebook for advertising.” And that businesses paid 122% more for advertising in 2015 than they did in 2014. The same report states that the average cost per click in Q2 2014 was .55 cents, which was .13 cents higher than the same period the previous year.
All this leads to higher marketing costs for small business and potentially higher customer acquisition costs therefore diminishing marketing value. Or does it?
Although the question might seem simple at first, there is a great complexity to it, and numerous variables to be considered. These include the knowledge of marketers in using Facebook, the issue of duplicate and false profiles that lead to useless impressions, targeting strategies implemented, and total marketing spend.
There is however a way to analyze the answer. This is exactly what we are working on discovering. As we analyze reach, CTC, CTR based on dependent variables such as Result Type and Results, we aim to build an analytical model that will provide us with the answers we are seeking and share it with you, right here.
Once we have gained insights into the value of marketing on Facebook we’ll then dig deeper in order to enable predictive and prescriptive analytics. But everything depends on the data. We are therefore looking for small businesses to provide us with their data which is easily extracted from their Facebook Ads Manager. We’ll clean the data to create anonymity. We are not interested in any one specific business. We are looking for aggregate results as they relate to small business marketing campaigns.
We are not leaning one way or the other and are completely unbiased. We are simply looking for answers through good data analysis that we can share with you and entrepreneurs like yourself. You may be looking for the same answers. Join us on this voyage of discovery.
Answer the questions in the form below to help with the work, and we’ll contact you..