Placing ads on Facebook provides one of the most targeted advertising opportunities on the Internet today. You decide the exact demographic to see your ad. Narrowing down the audience lets you be pretty sure that whoever clicks your ad is your target customer.
Determine whether Facebook advertising is right for your business. Facebook ads allow you to reach out to new people who might not have other means of discovering your expertise, product, or service. In essence, you’re paying for highly targeted people to Like you and (you hope!) buy something from you.
Get clear on Facebook’s ad structure. You opt for either cost per click (CPC) — a model where advertisers pay their host only when their ad is clicked — or you pay based on how many thousands of people see your ad (impressions; CPM).
Understand the Facebook ads auction-based system. You bid on how much you’re willing to pay for each action (action means either each time someone clicks your ad, or each time Facebook places your ad in front of 1,000 people).
Determine your Facebook ad type. You can create a Facebook ad for your Facebook Page, for a Facebook Event, for an external website, and much more.
Consider Engagement ads. When you advertise something internal to Facebook, such as your Page, Event, or Application, you are creating an Engagement ad, which allows people to respond to your ad without actually leaving the Page by clicking Like or clicking to RSVP to your event.
Gain valuable connections. Advertising your Facebook Page is one of the best things you can do with Facebook ads. You know that the people who click your ad are in your target market and enjoy Facebook. Connecting with new people on your Fan Page allows them to get to know you and your company.
Identify your goals. Before you start spending money, have a goal in mind. What does a successful ad campaign look like? Attracting 50 more Fans? Selling 25 more widgets? Having 10 people sign up for your newsletter? Specify your goal and ascertain a way to track your progress.
Determine your baseline. Collect some baseline data on how your Facebook Page is performing currently. How many Fans do you get per week through your current efforts? How many website hits from Facebook do you receive currently? Use this info to assess whether paying for your campaign is cost effective.
Allocate a budget. Allocate a budget and time for the initial testing as well as the longer-term Facebook ad. You don’t want to spend money on an ad that isn’t converting well. Your initial testing budget should be at most one-tenth of your entire ad budget. Run each variation of your ad for a short time to see whether one version out-performs another significantly.
Make your initial ad decisions. Map out your strategy before you start. Decide how long to run your ad, how much you want to spend, and how often you change things around.
Rotate your ad. Plan on rotating your ad every couple of days to keep things fresh, especially if you’re advertising to a small demographic. This isn’t a “set it and forget it” campaign. With luck, after you finish your testing, you’ll have zeroed in on a couple of ads that perform well.
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Source:http://www.dummies.com/how-to/content/using-facebook-ads-to-expand-your-business.html
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