Facebook and Instagram are two of the most popular advertising channels for businesses, and for good reason! We've picked our top 20 benefits (yes, there are more!) to advertising on this platform and discuss each one in detail on our blog. Check it out! https://lnkd.in/en6h759 #facebookads #instagramads #paidads #socialmediaadvertising #digitalagency

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Marketing Psychology Series: Principle #5 - ANCHORING BIAS This references the principle that our purchasing decisions are significantly influenced by the first piece of information we get that is related to our decision i.e. consumers evaluate prices and products based on the first piece of information they receive. If you’re running a paid ad campaign on social media promoting a discount, show the original price along with the discounted price or the discount percentage. The original price or discount percentage will act as the anchor to which the consumer will compare the new discounted price which will make the offer seem like a better deal than if the lower price was showed on its own. #socialmediaadvertising #facebookads #digitalmarketing #marketingpsychology #linkedinads #marketing

If you have ever run a Facebook ad campaign before, then you'll know the long list of ad metrics available to you. Facebook tracks every minute of every day that your campaign is active. Understanding these metrics is crucial to the success of your paid advertising efforts as they give you the most in-depth look into how your ads have performed, who engaged with your brand/products and how they reacted (to name a few). Here are 3 key metrics that you should look at to give you a good idea of how your campaign is performing: Conversion and conversion rates: how many times your ad has recorded the conversion you have optimised it for and what is the rate at which your ads are converting your audience. Cost per conversion: how much is it costing you per conversion. This will tell you whether you're spending too much on converting an audience member or whether you're breaking even or making a profit on ad spend. Reach: this is important to watch to ensure that your ads are actually being shown to people. Sometimes Facebook slows down reach because of issues with the account or with the ads themselves so if you see a low daily reach relative to your budget, then you know something is wrong. #digitalmarketing #facebookads #paidadagency #instagramads #socialmediamarketing

Marketing Psychology Series: Principle #6 - THE DECOY EFFECT This marketing principle involves offering three products with the third product being the least attractive option i.e. the decoy offer. The decoy item makes the most expensive product out of the range seem like a better deal. It is easy to compare the price and quality of two products. Adding a third product positively changes the consumers perception of the other two products, increasing the likelihood that they will choose the more expensive option. Businesses can implement the decoy effect by offering three products to the consumer at the same time instead of two. The decoy product i.e. the less attractive offer should reflect the lowest price out of the three products available. Bundle offers are a great example of this principle in use. Advertise two individual products as well as a bundle offer. #marketing #socialmediamarketing #facebookads #linkedinads #marketingpsychology