I sometimes get surprised reactions when I advise B2B companies to advertise on Facebook. Surely Facebook advertising is meant for consumer businesses, and not businesses selling to other businesses!
Here’s a little secret… Ultimately, ALL businesses sell to individuals.
You can advertise wherever you find your target audience. If you provide a software as a service (SaaS) platform for project managers, you can choose to target them and other corporate decision makers on Facebook.
What about other channels?
If B2B businesses can advertise wherever their target audience may be, why are they not on TV and other channels? It all boils down to economics. Unless your business has a broad appeal to a general audience, 90% of your TV advertising budget is wasted. This can make your entire TV ad campaign unprofitable.
But on Facebook, you can choose to spend your ad budget only on those most likely to be interested. That is the magic of targeting.
When clients tell me that Facebook advertising “doesn’t work” for them, it is often the case that they are spending their budget on the wrong people. That makes their entire ad spend unprofitable.
Target wisely, and your Facebook ads (even as a B2B or nice business) will provide you with a good return.
Your 3 point action plan
1. Target narrowly
Especially in the early days, be very specific with the people you want to target. It doesn’t matter if you end up missing some potential customers. Your objective is to ensure that the few people you decide to target are of the highest quality to you. This will ensure that you get a good return on ad spend (ROAS).
2. Retarget strongly
The best way to identify good leads are ultimately based on their interaction with you.
Have they watched your software tutorial videos on Facebook? Have they visited key pages (e.g. product features page) on your website? Have they downloaded a whitepaper? Have they requested a demo?
If so, serve them ads on Facebook. This, in addition to reaching your leads on other channels such as a phone call, email, or meeting, can help to convert them into customers.
3. Build a sales funnel
Make the most of every Facebook visit or lead that you pay for.
You should aim to convert visitors (whom you have no contact information about) into leads. Offer them a whitepaper in exchange for their email address. Ask them to sign up for a free demo by leaving contact details. Give them the opportunity to sign up to receive an ebook.
Leads should then be nurtured. You should have an omni-channel approach in place to nurture your leads. Over time, you should aim to reinforce brand awareness and affinity. Through a variety of content, demonstrate expertise and quality.
Finally, you should have a process in place to identify prospects which are both a good fit and who are ready to buy. Empower your sales team with contact notifications and lead scores so that they can quickly reach out to the most sales-ready prospects.