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Facebook Commits to Helping Small Businesses During COVID-19 Pandemic

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Facebook is making efforts to help small businesses get through the COVID-19 pandemic with several initiatives launched this week.

In addition to creating a dedicated hub for businesses affected by the coronavirus outbreak, Facebook is planning to roll out a $100 million grant program.

Here’s more information about each of these initiatives.

Small Business Grant Program

Facebook is investing $100 million to help 30,000 eligible small businesses in the over 30 countries where Facebook operates.

Details are limited at this point, and applications are not yet open, but this is how Facebook’s grant program is expected to help:

  • Keeping the business’s workforce going strong
  • Assistance with rent costs
  • Connecting businesses with more customers
  • Covering operational costs

Applications will be available in the coming weeks. If you want to be notified as soon as applications open you can sign up here.

Resources for Small Businesses

Facebook launched a business resource hub in direct response to disruptions caused by COVID-19.

Facebook Commits to Helping Small Businesses During COVID-19 Pandemic

The business resource hub includes advice for immediate actions to take, a 30-page business resilience toolkit, and a brief quick action guide.

There’s also guides for utilizing Facebook’s products during this time – such as selling products on Facebook and Instagram, and hosting virtual sessions through Messenger and WhatsApp.

Facebook points to some free courses businesses can take to make sure they’re getting the most from its suite of products.

Ultimately, Facebook recommends continuing to build your brand by posting consistently and encouraging customer interaction.

Expect more resources like these on the horizon, as Facebook COO Sheryl Sandberg says the company has teams dedicated to finding more ways to help people.

“We want to do more. Teams across our company are working every day to help businesses. We’re looking at additional ways to host virtual trainings – and will have more to share in the coming weeks…”

Source: Facebook for Business

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5 Effective Ways to Run Facebook Ads A/B Tests

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Facebook Ads A/B Tests or split tests help them try different versions of ads with various campaign elements. This process helps them arrive at the best version for the organization’s target. 

A/B Tests offer a vast pool of resources to try out various versions. You may get caught up and lose your way to arriving at the best version in a limited time. To better understand this topic you can read the Facebook ad testing guide. Here are five effective ways to run Facebook Ads A/B Tests-

1) Start with the minimal number of variables

This approach will help you analyze the impact of a variable much better. The lesser the variables, the better will be the relevant results and more conclusive. Once you have various versions, you will need to run them through the A/B Significance Test to determine if the test results are valid.

2) The second way is to select the correct structure. 

There are two structures in A/B tests. One is a single ad test, and the other is multiple single variation ad sets. All the variations will go under one ad set in the first structure. Each variation will be under a separate ad set in the second one. Out of the two, the second one works out to be better and gives better results.

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3) Use of spreadsheets is important to stay organized. 

These spreadsheets help collect and analyze data to get meaningful insights and arrive at data-backed decisions.

4) Do target advertising and set realistic time goals. 

One approach is to choose an entirely new set of audiences. Also, the data pool should be vast and not the same as some existing campaigns. The reason for choosing a different audience is that Facebook may mix up your ads and give contaminated output. 

Another approach to choosing the right audience is to pick geography. It works better, especially when you have business in a particular region.   

It’s also essential to set a realistic timeline for your testing. Facebook suggests one should run a test for at least four days, but you can choose to run the test for up to 30 days.   

5) Set an ideal budget. 

The concept of a perfect budget is subjective. But, you can fix it yourself, or Facebook can do that for you based on your testing data. A large part of the test budget is spent on avoiding audience duplication. If the same audience sees variations, it could affect the test results.

Besides these top five effective ideas, you will need to take a few more action points to make the testing process efficient. Make sure you put the website’s domain link and not the landing page link in the ad, as that doesn’t look good. Put appropriate Call To Action Button, such as ‘Learn More,’ ‘Buy Now,’ etc. It’s also important to see how your ad is coming across on various electronic gadgets- mobile, tablets, etc.

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Another strategy that works is trying to engage the customer. You may add social engagement buttons such as ‘Like’ or ‘Comment.’ Use high-resolution images as they work better with the customers. Low-quality, highly edited images are often not liked and trusted by the consumers.

You can learn more about the audience behavior patterns with A/B test results. Conducting these tests on Facebook streamlines the entire process and makes it smooth for you. With the test results, advertisers and marketers can work on the creatives they need to utilize.

To sum it up, you can run an effective A/B test campaign within the specified budget. You don’t need to spend massive amounts to get your advertisement right. You’ll make the correct assumptions about the performance of variations with a good understanding of business and consumers.

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