Brands need to be careful about how they position their products on Facebook ads because of intense competition.
Marketers should entice new customers by leveraging discounts to reduce entry barriers while advertising over Facebook. While deciding the discount rate, the highest possible margin should be calculated, keeping in mind the repeat purchase rate and lifetime customer value.
Service based businesses can also offer “free consultation” as an effective hook for customers. Free consultations work especially well with businesses which have a high average client value.
Brands should also prefer branded lifestyle product photos, which depict the product in a real-life situation, over plain white backgrounded ones. Throwing in short videos, ideally less than a minute, can also be effective.
[11 minute read]