1. Assess your performance.
Since the previous year’s results can be predictive measure of next year’s performance it’s important to consider some key performance indicators (KPIs) such as spend, budget, volume, conversion metrics (market size, seasonality, day of the week, time of day, conversion rates, demographics psychographics, geo-targeting) and value (CPA, ROI, Predictive Lifetime Value) as you assess your 2013 Facebook advertising performance.
While this provides a high level view of your performance at 50,000 feet, you will of course want to revisit more granular KPIs specific to your business and examine your creative and targeting parameters to dig much deeper and ensure your 2014 campaigns are set up for success.
2. Determine your marketing budget.
It’s crucial to understand your marketing budget as you enter into a new year. Your marketing budget not only creates an awareness of how much you can spend on your Facebook marketing but it also helps you stay within a budget and help to identify your overall marketing plan and strategy.
3. Develop your marketing strategy and plan.
An effective Facebook marketing strategy identifies the goals you need to achieve with your marketing efforts. Your marketing strategy is shaped by your business goals. And your business goals and your Facebook marketing strategy should go hand-in-hand. Your marketing plan will describe how you are going to achieve those marketing goals.
4. Build your marketing calendar.
Your marketing calendar will allow you to coordinate your marketing efforts and ensure you are spending your marketing budget wisely. It can also help to keep you on track, making sure you are maximizing the investment and value of your Facebook marketing campaigns.
5. Reinvigorate your ad creative and targeting strategies.
When your ads have great creative and are well targeted they produce better results. Make sure your ads are designed to be successful with engaging imagery and enticing copy. Your targeting options will ensure that your ads are shown to the most relevant people. Facebook offers an infinite number of targeting combinations including demographics, psychographics, affinities and behaviors.
Planning and preparation is a critical step towards achieving your Facebook marketing goals in 2014. Taking an overarching approach to reviewing the previous year’s performance, mapping out your marketing strategies and plans, developing specific programs/campaigns and supplementing your efforts by optimizing your ad creative and targeting can together positively influence your results.