How Much Do You Really Need to Spend on Facebook to See Profits?Take a closer look at the numbers while advertising on the social platform.
Opinions expressed by Entrepreneur contributors are their own.
In this video, Entrepreneur Network partner Scott Oldford talks about how you can make Facebook ads work for your business, depending on your goals and budget. Managing the finances of your business is part and parcel to running ad campaigns. Olford estimates that, to achieve any profit, you should try to get one person out of 100 potentials. This means you should aim to get one person to buy a product online out of 100 people. To see results from your marketing, you should aim to spend 10-15 percent of your budget.
If you're wondering why you're not seeing profitibility, consider that you may be operating in an area that is not overly competitive. If the focus of your business or the geographic area of your business is too niche, this may be time to reevaluate your marketing strategy. When you do opt to change direction, make sure you're not playing around with your luck. Oldford recommends always thinking with reason and avoiding falling into the trap of "hope marketing."
Click play on the video to hear more about advertising with Facebook.
Related:Focusing as an Entrepreneur Is All About Choosing Opportunities Wisely
Entrepreneur Networkis a premium video network providing entertainment, education and inspiration from successful entrepreneurs and thought leaders. We provide expertise and opportunities to accelerate brand growth and effectively monetize video and audio content distributed across all digital platforms for the business genre.
EN is partnered with hundreds of topYouTube channelsin the business vertical. Watch video from our network partners on demand onRoku,Apple TVand the Entrepreneur App available oniOSandAndroiddevices.
Click hereto become a part of this growing video network.
