Everyone’s asking about prices and details, but no one’s buying! Why are your Facebook ads not converting?
Facebook boasts around 3 billion monthly users. If you’ve run ads on Facebook before, you know that all four types of customers we discussed yesterday are present on the platform.
During our consultations with companies, many complain that they can’t reach their customers, or in other words, their customers aren’t on Facebook as they claim!
I find this reasoning completely illogical unless you’re selling a product to aliens living on Mars, for instance.
Remember this fundamental rule when advertising on Facebook: “Everyone is on Facebook.”
Yes, your target audience might be very specific and small, making it challenging to advertise there because, ultimately, the cost of reaching that customer on Facebook is much higher than through many other methods, but everyone is there.
To identify the real problem companies face, we need to understand the types of customers on Facebook.
Here’s the breakdown:
Ready-to-Buy Customers: The 2-4% You’re Competing For
These make up about 2% to 4% of the market. They know their problem and are looking for the right solution. They’re often on Google, but they’re on Facebook too, and you can target them there.
These are the people you and your competitors are trying to sell to on Facebook. They typically don’t ask questions on Facebook; they contact you directly or message your page.
Customers Aware of the Problem but Not Ready to Buy
This type of customer makes up about 26% of the market. They know they have a problem but aren’t yet looking for a solution. They’re often on Facebook, mostly asking about prices and specifications.
These are the people asking for details and prices. They have the problem your product solves but aren’t ready to buy yet.
The Largest Segment: Unaware of the Problem
This is the largest segment, making up 70% of the market. Imagine that 70% of your potential customers don’t even know they need your product!
Still wondering why people aren’t buying from you?
Improving Your Facebook Ad Strategy
Most companies that advertise on Facebook complain that sales are very low compared to the budget spent on these ads.
Of course, there are many reasons behind this problem, but the main issue is not understanding the nature of people on Facebook. You can test this right now.
Go on Facebook and scroll through the main page. You’ll see all the companies trying to sell only to the ready-to-buy segment. This isn’t wrong, but it isn’t entirely right either because there are many other aspects to the equation. One key point is that no one will buy from you unless they know and trust you. Another essential thing to remember is that all competitors are vying for the same ready-to-buy customers.
Don’t just focus on the immediate target; aim for everyone.
Conclusion
By understanding the different customer segments on Facebook and adjusting your strategy accordingly, you can significantly improve your ad performance. Remember, it’s not just about targeting those ready to buy but also building trust with those who aren’t yet ready. This broader approach can help ensure your Facebook ads start converting better, boosting your sales and making your marketing efforts more effective.
