5 years ago, Facebook ads used to be very effective, almost any product and services you sell will have a positive return as long as you have a decent targeted demographics provided by Facebook.
However as the world of advertising is moving away from traditional media, and into social media, more ad dollars are poured into Facebook and every company is competing for the same ad space. Companies that were focusing on chasing new leads but were unable to retain existing customers did not survive. However, if you are still in business and will like to turn it around, then I have some good news for you. I will share with you a method that I have integrated with our customers that is turning things around. It’s call the Targeted Audience Growth Engine.
Facebook doesn’t know your business better than you do
Whatever the product or services that you provide to your customers, you probably have a good idea on who your target audiences are. However, simply using Facebook’s targeted audience ad tool to find your customers is not good enough. Facebook is in the business of connecting people, which means that the data they collect about each user is optimize for that single purpose. Your business is likely to be different than Facebook, and therefore you should know more about your customers in your domain than Facebook does. And the only way you can do that is to start owning domain specific data about your customers.
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The best way to know someone is to engage
The best way to know someone is to sit down, talk, have a beer and have some quality time together. However, this is not the ideal method to scale your business. A better alternative is to use software to engage with your customers, and collect domain specific data about them during their customer journey. This method can be implemented into any communication channels. The most effective channel for customer engagement right now is messaging apps, because it is where most people spend time with their family and friends. So by default, engagement on message applications are general much higher then email, web and voice.
Implementing the Targeted Audience Growth Engine with Facebook Messenger Chatbot
Over 300,000 chatbots are active on Facebook messenger now, however most businesses do not take the advantage of using their chatbot to learn more about their customers. Whatever chatbot you are building, you should focus on keeping high engagement with your user, and capture all the necessary data about your customers during the conversation. These data can now be use to profile your customer and give you a better insights about your customers. These data should be domain specific data about your business that help you identify who your customers are.
The image above shows the whole cycle of the Targeted Audience Growth Engine. The cycle being by you running some targeted ads on facebook and bring these new users into your chatbot. After that, your chatbot will start to engage with your user and will try to filter out each user base on some domain specific criteria you defined. During this stage you will need to find your highest value users and converting them into your customers, you must focus on the quality the user and not the number of users. A good way to think about this is imagine you are the bouncer of the hottest night club in town, and you need to have a way to filter out people with no potential. Every business has their own definition of their high value customers, and you will need to establish this during this stage.
After you have segmented your high value customers, and were able to convert them to paying customers. You have now successfully created a list of the most valuable customers for your business.
You can now take this list of people and export them back into Facebook’s Ad Manager and turn them into a custom audience. Using Facebook’s look alike feature, you can now find more customers that is similar to your most valuable customers and drive them into our chatbot again, and the cycle repeats itself. With each iteration, you will be able increase the number of your most valuable customers. You can also change filtering definition base on new findings you have discovered about your customers.
Use Facebook, but don’t rely on Facebook
Over the past couple years, the businesses who have rely heavily on Facebook to reach out to their customers have lost some of their own identity, and it is time to get it back. I hope you find this article helpful, and whether you agree or disagree, I will love to hear from you in the comment below.