We hope to see many of you next week in Las Vegas for MTMP!
As always, we expect a great turnout with over 1,200+ lawyers at the conference and we expect a lot of conversations with current clients and new clients.
If you have not done it already setup your meetings now with X Social Media’s Managing Director Lucas Gerler, Chief Revenue Officer Paul Liebman, our VP of Marketing Joshua Jones and Founder, CEO Jacob Malherbe for the very busy conference.
The State Of Facebook Advertising
As most of you all have seen in the news there has been a lot of changes around Facebook advertising in the last 12 months and we are now ready to fully explain the changes and what it means to campaigns that you guys might want to run in the future.
Facebook Then and Now
Whereas in the past we could leverage targeting very deep on Facebook down to an interest group (Example; people that used a CPAP device or were interested in Hernia Mesh), now all these health care buckets are gone and we cannot target this way anymore.
The new way of running Facebook advertising is all algorithm based. Think about it like this; I show 1,000 people an ad and I see their reaction to it.The more people I show the ad to the better the algorithm will understand what audience I am looking for. The better it understands my audience the better results will be.
So what that means in dollars is the bigger your budget is on a campaign the more time we have to teach the algorithm what you are looking for.
If you were to take a timeline for campaign performance, the worst results would come in the start of the campaign and as the algorithm learns results get better day after day.
As we get leads in via your landing page, the Pixel starts learning and telling FB what we will accept and what we will decline, and the stronger the campaign gets. This results in cheaper leads over time as the pixel and the campaign “learn” in real-time.
The lead quality and cost are even cheaper than we could get before when we went after the limited audiences that was in the interest buckets. The reason the leads are cheaper now vs before is because of the larger audience size we can now reach.
Before we where limited to an interest audience of maybe 2million people per interest. Now, we go after all 280 million Facebook users and the FB algorithm will know in real-time what they are interested in and who should see what ad.
I hope everybody followed me on that explanation. If not, or if you have more questions, I will have a panel discussion at MTMP 8am local time on April 4.
Please join me there and questions are always welcomed!
Where does the New Facebook Algorithm approach work the best?
The more potential new clients that have the same problem, think CPAP, Roundup, Zantac, 3M, Talc, the better this approach will work.
Areas we have seen less strong results with the changes to Facebook would be Church abuse where there is very very few clients. Sometimes however you can overcome the fewer potential client numbers by deploying other tactics like geo-targeting or lookalike audiences.
An example would be Fire Foam or PFOS/PFAS where you know where the military bases are located which is then where water contamination is most likely to be occurring. Another example would be Paraquat where we know where paraquat was sprayed and where the largest quantities where sprayed.
So in some cases you can find a way around the problem but in general Facebook advertising has become similar to TV advertising with a Digital overlay.
Facebook Advertising vs TV Advertising
TV is always just a numbers game it does not get smarter with every dollar you spend. You could argue that the TV buyer optimized his buy based on what stations perform the best by using different numbers for each channel but again that Channel does not become smart over time by the dollars you invest.
On the other hand, for every dollar you invest in Facebook adverting the algorithm learns more and more about your perfect clients as it receives feedback from people seeing and reacting to the ads, and it gets feedback on the landing page level from what an attorney will except as a client and what they will disqualify.
We feed back to Facebook all that information as leads start coming in and the intake talks to them and qualifies them or disqualifies them. So the bigger your investment, the better your results over time, as you teach Facebook about your business and ideal new client.
When we do run into problems on Facebook with spending money fast enough, for scale we do move some budgets to TV for adverting on those channels but when we do it comes with what we call a digital overlay on what we have already learned about the perfect client from Facebook advertising.
We can still see on Facebook what TV channels our perfect audience prefers to watch. So even though our TV advertising is similar to others, it does come with more targeting options than traditional TV buys are offering us today.