SaaStock Asia, the Orion Workshop and What we Learned
I had the unique pleasure of going to SaaStock Asia 2019 and present a workshop to some of the top minds in the SaaS space. The workshop I decided to go with revolved around leveraging Facebook Ads in a SaaS company’s marketing strategy. To my surprise, there was a certain feeling of ignorance towards the power of Facebook ads for these attendees who were primarily selling their B2B product.
I was so surprised at how oblivious the crowd was to the benefits of leveraging Facebook, I decided to write about the top reasons why SaaS companies stay away from Facebook and why this is a mistake.
Pro Tip: Even if you are not planning on running ads on Facebook, and this is relevant for any business, please do install the Facebook pixel on site. Facebook is one of the most powerful tools in advertising and if I had to attribute the power to one single thing, it would be the Facebook pixel. This is how Facebook tracks and learns about your audience and having a seasoned pixel before you start your ads is a huge benefit and can save you tons of money when you decide to explore Facebook Ads.
Top 3 Misconceptions about
Facebook Ads for SaaS Companies
My Audience is B2B and Therefore Not on Facebook
Many of the workshop attendees had the idea that Facebook is not a great tool for B2B marketing because their audience doesn’t exist on Facebook. This could not be further from the truth. Facebook has over 2 billion people around the world and growing. Do you have a Facebook account? Chances are, many of the people you are trying to reach, the decision makes at companies that need your product, have a presence on Facebook.
But how do you reach this audience?
Facebook offers advanced targeting features such as searching for an audience by using attributes such as job position, interests in similar products, education levels and industries they are part of. This kind of targeting can get you people that fit your persona very accurately. Facebook also has the option to create audiences that resemble your current customers. If you have a FB pixel installed, or if you have an email list of your current buyers, you can upload this data and let the Facebook algorithm find prospects that Look like your current audience.
Check out an example of a company doing it right and what they are targeting:
Facebook is too Expensive
Indeed, without the right mindset, strategy and planning, Facebook ads can cost a fortune. This, along with many of the workshop attendees first and only experience with Facebook ads and the $1000 spent with no leads, many had given up on Facebook as a strategy for new customers.
Facebook, like any other form of advertising, has to be approached with a plan and the idea to move users along the funnel. By implementing the right types of ads, ad the right stages of the funnel, you can minimize costs. For example, video ads at the top of the funnel to guage audience interest is a great way to keep costs limited and still build an audience of people that have a higher likelihood to convert in the future. Followed by smart remarketing campaigns can really keep your costs low and conversion rate high. If you are interested in learning more about how to implement such strategies, get in touch with us and we would be happy to provide a free consultation on your current Facebook ads setup.
Facebook has no Organic Reach
It is true that after some algorithmic changes, the likelihood of most Facebook pages having any organic reach has reduced drastically. But if you take the example of large SaaS companies such as ActiveCampaign or Manychat, they are still using Facebook as a great tool for organic engagement with their community.
The answer lies in Facebook Groups. Groups on Facebook are still very engaging, with lots of organic reach and great for community building. This can be leveraged to create a community of your customers and increase retention rates, reduce churn rate and a great place for feedback about your product. Create a group and invite all of your customers to that group, and use it as an official channel for support, community engagement and learn how your customers are actually using your product. This will be very insightful.
I could go on and on about how Facebook could help your SaaS startup but decided to keep this article short. This is partly because I want to highlight the most important issues, and partly because there is so much depth into the content that can be generated, I plan on creating a series for SaaS Startups looking to leverage Facebook, with a step by step guide on how they can implement it.