As America takes precautionary measures against the Coronavirus, large events are being canceled left and right. This is causing a lot of companies to re-assess their marketing budgets. After all, why continue spending money on an ad campaign for an event that’s postponed until further notice?
Small businesses should take notice of the free advertising space opening up on social media, specifically Facebook. Here are 3 reasons why.
The more ads there are on Facebook, the less likely people will see yours. That’s why Facebook ad-spend is important, and why CPMs are higher during the holidays. CPM stands for “cost per mille” and it refers to how much a Facebook ad costs to reach 1,000 users. During the holidays, every business is advertising its sale on Facebook!
A lot of Facebook ads are for events, which businesses are doing less of currently. The expected revenue from these events is also causing businesses to recoup that money elsewhere, leading to cuts in their marketing budgets. This lack of competition means the ads currently running on Facebook are more visible than usual. Your Facebook ad is much more likely to reach users right now, which will help whether or not COVID-19 has affected your business economically.
Google, Microsoft, Apple, Amazon, Spotify — these are just some of the major companies that have implemented mandatory work-from-home policies in response to the Coronavirus. They’re not the only ones. Chances are if your job involves a computer or phone, you’re working from home right now. If you aren’t, you know someone who suddenly is. As of right now, 36 states have closed down schools, which is another reason more employees are having to work from home. Just in the past few weeks, nearly 300 universities have closed (and that number might grow). All of this to say, there are a lot of adults cooped up at home and on social media right now. In fact, social media is listed in the top 5 distractions for telecommuters. This will be especially true for those who have never worked from home before, as it takes time to learn to work remotely without distractions. More people will be on Facebook now than ever.
Test New Ads
If you already have Facebook ads, now is a great time to test new ones. Testing new ads is an essential part of your Facebook advertising budget. Five times as many people read the headline of the ad as they read the body text, meaning your headline is basically 80 cents of your dollar. You could be getting more leads with different text, images, or videos in your Facebook ads, and there isn’t a better time to start experimenting than right now. The decrease in competition will give you more results than usual about the changes you’ve made. You’ll be able to tell what works and what doesn’t in your Facebook ads, saving you money and getting you more leads.
Right now is an overwhelming time for small businesses who feel blindsided and are facing a lot of unknowns. Fasturtle is doing everything it can to help our clients handle the financial effects of COVID-19 and prepare for the future. If we can help your company or organization in any way, don’t hesitate to contact us.