Entries by Ice Cube

3 ways to market like you are reading your prospects’ minds

One of the biggest challenges that you face as a business owner is to get your marketing to engage your prospects. The average person sees 1,700 banner ads per month. When you add online videos, newspapers, billboards, radio, and TV, it’s easy to see that consumers are inundated with ads. That’s why it’s so vital […]

9 traps of facebook marketing that causes Singapore business owners to burn time and money

You probably don’t need another person to tell you that ”everyone is on Facebook” and your business should also leverage social media marketing in Singapore. It’s widespread these days. Well, these people are not lying. Facebook records a user base of about 3million people in Singapore. On average, Singaporeans spend 2.2 hours daily on this […]

How much does it cost to do Facebook Advertising in Singapore?

Unlike advertising on traditional mediums such as Straits Times where you fork out $7000 to buy a ”half-page ad space” , things are very different on Facebook.  So how much will it cost to advertise on Facebook?

One of the biggest difference in ads pricing on Facebook vs traditional media is the flexibility in choosing your budget. When it comes to Facebook marketing, there is absolutely no minimum required amount for getting started with paid ads. You can literally spend $1 or $0.50 and have your advertisement show up. Of course, the budget then gets exhausted in probably one click with minimal impact. Facebook uses a PPC(pay per click) model of advertising.

Bidding Options

There are a few bidding options you can choose from. Facebook charges you by : Cost per click, Cost per mile or Cost per conversion. Depending on your requirements & situation, you will choose the bidding option accordingly.

Source: Adespresso.com

For example, CPC bidding lets you bid for clicks. As long as your ad is clicked, you have to pay, whether it results in a conversion or not.

Other than clicks to your website, clicks on the “like”, “share”, and “comment” buttons are also charged. For CPM bidding, you decide the maximum amount you want to pay for 1,000 impressions.

The cost per action is another option where you bid for actions being taken, designed to get more sales conversions and a higher ROI.

So how much is it?

It can be annoying to say this, but there is no specific magic number. The costs depend on a variety of factors different for each type of business (which you find out for your business here)

The cost for one click can range from $0.10 to more than $2, depending on your requirements and other factors. You can decide yourself how much you’re willing to spend and form a budget for yourself.

Although we don’t have exact figures, we have historical averages that you can possibly use as a reference. In 2015, a report by Nanigans revealed that the average cost per click was $0.11, and the CPM was $1.61 in Southeast Asia.

Source: Nanigans Asia-Pacific Facebook Advertising Benchmark Report

Adespresso also estimates that in 2016, the average cost per click for Singapore was $0.41.

Source: Adespresso.com

Factors That Influence Facebook Advertising Costs

Facebook and other online advertising platforms such as Google base your advertising costs on 2 main factors: 1)competition in your market , 2)quality of your advertisement .

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Competition

The theory behind this is simple – if many other advertisers are going after the same demographic group(s) as you, expect to pay more. Vice versa, if you are the only one, or the rare few, then the costs will go down.

Industry

Different industries require different costs. Usually, industries with higher costs are professional services, e-commerce, technology, and education.

Source: Fitsmallbusiness.com

Advertisement Quality and Relevance

Similar to Google’s Quality Score, Facebook’s algorithm provides a score to every advertisement that partakes in the bidding process.

Each ad has a relevance score that will constantly evolve depending on the ad’s performance.  An ad is considered to have performed well if a large portion of the target audience interacts with it, which is determined by click-through rate. Naturally, the advertiser with the highest relevance score holds a distinct advantage over the rest.

Even with a lower bid, that advertiser can win the auction and pay lesser for clicks. Therefore, the better the quality score, the lower the costs. To put it simply, an advertisement with good engagement may cost up to 10 times lesser than that of a poor advertisement targeting the same set of audience.

Like Google, Facebook rewards advertisers that meet users’ needs with cheaper advertising costs. This is to ensure that users’ experience are being protected from spammy ads.

Hence, you could be paying alot more to Facebook if you do not have the time, effort or know-how to optimize your ads.

Setting Up a Budget for Testing Costs

Before launching your Facebook advertisement, it is necessary to implement a budget for testing costs. These can include costs for audience testing, ad copies, images, and it is recommended to fork out at least $500 to $1000. During this process, different variations of ad images, ad copy and audience are tested in order to find the combination that works best.

Ads take time, effort and some trial and error – you can’t expect them to kick off successfully from the beginning. Therefore, you have to include costs for these into your budget to ensure a more successful advertising result.

On the other hand, if you choose to outsource your work to an agency, you have to take the agency fees into account as well. Different agencies have different charging models: they can be fixed monthly retainer fees or a percentage of your budget. You can also get a free quote by answering a few questions here.

For the latter, the figure can range between 20% to 40% of the budget. Some companies can also charge by performance, such as the cost per lead.

How much to spend on Facebook ?

There are 2 main ways to make this decision: 1)Your marketing budget  2)What do you want to achieve?

If you are a business owner determined to grow your business, it is almost always recommended that you use the 2nd method to derive your spending on Facebook.

Think of it this way. If you have a machine that reliably gives you $300 for every $100 you put in, how much money would you put in the machine ??

Infinite ! The same philosophy applies in Facebook.

If you can reliably spend $100 on Facebook to gain a new customer that brings in $300 in sale, would it make sense to continue ? Why not? Unless you have capacity issues, a company aiming for growth will always reinvest their earnings in Facebook.

How to calculate your spending

Say it takes a 100 clicks for you to get one lead.

One click costs $0.50.

100 clicks * $0.50cents/click = $50 per lead.

One click on facebook will get you nowhere, since the average conversion rate is at 2-3%. The minimum spending, if any, is to generate 200-300 clicks at the very least. From there, you can have an idea of what kind of results it will yield you, and whether to continue or not.

In deciding how much to spend, you will then have to decide how much is a lead worth to you ? As legendary marketer, Dan Kennedy puts it, the winner is not the business that gets the cheapest leads, but the one that can afford to pay the most per lead.

The Bottom Line

No matter which method you use, you should test and compare each of them out repeatedly to determine which will give you the best results. Don’t forget that the main goal of any Facebook advertisement is not to reduce costs, but to maximize ROI.

Many variables come into play, such as the click-through rate and bid price to conclude which provides the best return. Be patient, because doing so needs time. Additionally, go for the one that best meets your overall objectives.

 

How To Use The Principles Of Influence In Online Marketing

Do you think that people take into account all the information needed to make a proper decision – a buying decision? It might be nice to think so, but researchers over the past 60 years have found otherwise. What they uncovered was a scientific approach to influencing the masses, that when followed to the letter, […]

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The Current State of Business in Singapore (Latest)

The World Bank has rated Singapore as the best country to do business in for the last 10 years. Unsurprisingly, there are more than 400,000 registered business entities in Singapore, according to ACRA. This is a huge number considering our modest population size of slightly over 5million people. Companies, mostly Pte Ltd companies form the largest […]

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A comparison of Google and Facebook ads auction platform

Most of us digital marketers are no strangers to Google adwords. This proven way of generating new customers has been around since 2000. Needless to say, the auction platform that Larry Page came out with is now a mature system used by advertisers worldwide. On the other hand, Facebook auctions has bewildered many advertisers to […]

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How to create a landing page that generates sales-qualified leads for any business

What is a landing page A landing page is like the airport of your business. It is where a user lands immediately upon entry to your website from 3rd party sources.i.e. Facebook, Google or other websites. Like it or not, a visitor derives an impression of your entire business from the airport. Based on this […]

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21 Digital Marketing Hacks to jumpstart your online success today

According to Statista, 2015 brought about $59.82 billion spent on digital marketing in the US, and the number is expected to grow to a whopping $113.18 billion by 2020. A field growing in popularity day by day, Digital Marketing has been the talk of the town over the last decade. To some, it remains a cloud […]

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Technical SEO 101 for getting your website ranked on Google [infographic]

Technical SEO is often an overlooked aspect of SEO. However, it’s as important as getting your content right. It’s the supporting structure behind your SEO strategy, and its immense importance is evident, as you will find out below. In this infographic, we have listed out what you should and should not do, as well as […]

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Ranking My Company’s Brand Name on Google : SEO for branding

Don’t be mistaken, it’s not the same as ranking for commercial keywords such as ‘Digital marketing agency singapore’ , ‘accounting software singapore’ etc.

Why is it so important to rank for your own brand name and/or terms on Google?

Picture the following scenarios:

– Someone stumbles across your ads somewhere, either on Facebook, Google, Linkedin or even offline. They weren’t ready to make purchase at that point, but their situation changed and they are ready to whip out their wallet now.  So they google for your company name to give you sales.

– They heard about you from friends but aren’t sure of your exact company url, hence they just google for your company name.

– They google you just to see if there are people saying bad things about you that would prevent them from buying

Traffic from organic brand searches has been found to overtake direct site visits. This means that chances of people visiting your site from branded keyword searches are much higher than those typing in a brand name in the browser.  I’m guessing you google for brand names as well, isn’t it ?

Imagine if someone makes a branded search, and your website fails to appear on the first page at the top few positions on Search engine results page (SERPs). Where do they go to? Your competitors, of course.Therefore, not ranking high for your brand keywords can potentially lead to the loss of potential hot leads to your competitors.

Take the case of Michael Snyder, the owner of Snyder Online Marketing

Michael told the story about how he was contacted by a customer who was recommended to a SEO specialist named Mitch Snyder. The client who was referred to Mitch, googled Mitch’s name and kept on being directed to Michael Snyder’s website. Thus, Mitch Snyder ended up losing a customer to Michael Snyder!

Don’t let that happen to you! Don’t let someone hog the top positions in Google when people search for you. (Note: It is also not uncommon for competitors to use search engine marketing to get on top of your website in the SERP, but thats another story)

Now that you know its importance, it’s time to act. Read on to find out how you can effectively rank your brand below!

Social Media

What do YouTube, Facebook, Twitter and LinkedIn have in common? Answer: each of them provides incredible help for ranking your brand name. For example, Facebook’s amazing web authority providesthe opportunity for anyone to rank on the first page of Google’s results page.

Similarly, LinkedIn has massive authority as well. Staying active and well-maintained on the platform gives a high chance of ranking high. This goes for Twitter and YouTube as well. Web authority is extremely important in getting ranked high for your brand name and terms. This is because Google identifies user behaviour and supports authoritative websites. A brand that is often clicked will eventually find its way in the top rankings.

Additionally, include your brand name and terms in your social media usernames and page names too! Be explicit with your company’s name. Your page descriptions can also include them.

Of course, you would want your website to be no.1 on the results page when people google for you, but isn’t it even better to populate all the 10 results in Google with your social media profiles?

Are you indexed ?

If your website is not found on Google for your brand name, it could be that it is not even indexed yet.

How can you tell if your website has been indexed by Google ? Simple, just do a site search by googling the following term, replacing example.com with your website url.

site:example.com

If your website is not yet indexed, you can use this link to submit your website and wait for the Google spiders to come and crawl it.

 

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Blog Comments and Discussions

You probably know that building back links from other websites on the internet is key to being found on Google. It is a cue to Google that your website deserves endorsements from other people and a sign of quality.

Commenting on other blogs and discussion platforms allows you to add a link back to your website. Make sure you reference your own brand name when commenting. It is not the best form of backlink, but nonetheless, a quick & easy way to get some love from other websites. It is usually enough if you are doing brand-related SEO, unless your brand name is as popular as Nike’s.

Citations and Reviews

Citations are as important as building quality links. This is especially so for local businesses. Google recognises a website containing many citations as active, current and ongoing – enough reason to include it in search results.

You can amass citations by listing your business in local directories, mentions in local blogs, and getting listed in the Yellow Pages, Yahoo Local and Yelp. Build solid citations in these local directories, and you will benefit from it.

Reviews are equally important. Get your reviews from websites such as Yelp, Google+, Yahoo and TripAdvisor. These reviews are essential in driving traffic to your website.

Press Releases

This is a simple yet highly effective way to rank for your brand name. Official press releases can give Google brand indicators with a link back to your website. When you reference your brand name in the title and content, it will also lead to the ranking of the press release for searches relating to your brand.

 

Branding Keywords

Explore your site. Where can you add in branded keywords? Use your website, business and copyrighted product names in your title tags, header tags, meta descriptions, URLs and alt image tags. In your website and blog content, reference your brand name.

Choose a brandable domain name for your website. Never underestimate its importance – a domain name paves the way for users to identify, find, share and remember you online.

Some things you can consider are being relevant to your company’s purpose, easily remembered, easy to spell, and being short. Also, having a .com extension is best because 75 percent of all websites have it. Consider how you want people to find your website and put yourself in their shoes.

 

Search appearance

Suppose you are now appearing on Google for your brand name. Do you know what do users see ?

Your website’s meta description directly affects what people see when they google your brand name. You want to be very delibrate in creating an impression in the users’ minds.

In the example below, which one are you more likely to click on ?

Tip: To find inspiration of compelling copies for driving click through, look no further than the paid results in the SERPs for your industry. Those websites doing pay per click advertising should have done lots of split-testing of their ads to find the best copy that resonates. You just need to reference(read: copy).

The next step- blogging

If you still don’t know the importance of blogs, get started now. Blogs are key to driving organic branded keyword rankings. When you add relevant, helpful and interesting content that attracts your audience, you’re giving your brand ranking a big hand up.

In your content, make sure to include mentions of your brand name and branded keywords. Semantic search results in Google’s association of branded keywords with the products and services you provide even without making that connection in your content bluntly.

 Conclusion

As you can see, SEO(search engine optimization)  is not just another marketing strategy where you can do without. With vast majority of people googling for brand names these days, your efforts in building your business may be sabotaged as a result of the failure to do proper branded SEO. At a minimum, you should google yourself from time to time to see what your customers are seeing about you.

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