Are Facebook ads still worth it in 2023 and 2024?

Facebook has long been one of the most major advertising platforms and an essential part of any business's Ads strategy. But with new and innovative social networks, like Snapchat and TikTok, changes in iOS 14, privacy regulations, and higher CPMs, Facebook ads may not be as effective as they used to be. So the question is whether Facebook ads are still worth it in 2023 and 2024.

The reasons for the difficulties of Facebook ads

‍It's no secret that Facebook is losing the younger generation. The number of teen users is decreasing dramatically as they migrate to other platforms, including TikTok and Snapchat. To a lesser extent, the number of young adults between the ages of 20 and 30 is also decreasing. Young users consider Facebook to be boring, “old-school,” and they're worried about protecting their privacy on the platform.

An aging user base is a problem that Facebook has yet to solve. While their problem with attracting younger users is not new, it has worsened recently. And while the popularity of Instagram remains strong among teens, statistics show that teens spend more time on TikTok and Snapchat than on Instagram.
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The benefits of Facebook ads

‍Despite the decline in users among teens and young adults, Facebook ads remain one of the most powerful tools for many businesses. Facebook is currently the third most visited website in the world, just behind Google and YouTube. And it's still the biggest social network, with a size nearly three times that of TikTok. Facebook may no longer be the power it used to be, but it's not quite dead either. The benefits of a platform with 2.7 billion active users and the opportunity to reach a huge number of potential customers are unparalleled.

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To know everything about this media, you can follow our Facebook Ads training 100% online.

In the meantime, here are some of the other benefits of Facebook ads:

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• Detailed targeting

Facebook gives you the ability to target your audience, allowing you to spend your advertising budget more effectively. You can divide your audience based on age, location, ads they've clicked on, pages they visit, etc. You can decide who sees your ad and who doesn't, so you can target the right people and get higher conversions.

In fact, we still wrote you a short guide to create an effective Facebook campaign, using targeting.

• Custom audiences

Facebook allows you to create a personalized audience and target people who already know your business. You can target users such as those who bought once but didn't do it again or customers with a high average order value.

• Similar audiences

Facebook also has a “Lookalike Audiences” tool that allows you to find a new audience similar to the one you already have. This tool is very useful for finding a new audience that is likely to become customers.

• Solid analyses

Analytics are essential to your advertising campaign. You need to be able to measure it to know what works and what doesn't before you can improve it. Facebook Ads metrics give you everything you need to monitor the performance of your campaign. You can see ad engagement, conversion rates, sales, and more. This allows you to optimize your ads by focusing on what works to increase your ROI.

In addition, if you want to go further, we have written an article to help you to analyze your Facebook Ads campaigns and the indicators to follow closely.

Disadvantages of Facebook ads

‍While Facebook has a number of advantages, it also has some disadvantages. We've already mentioned the decline in younger users, a troubling trend as young people are more likely to buy online. Other disadvantages of Facebook include:

• iOS 14 updates

The iOS14 updates, which prohibit the collection and sharing of certain data unless the user chooses to share it, have limited the ability of marketers to personalize ads and target specific audiences.

• Increase in costs

If you've placed ads on Facebook in the past, you already know that it's becoming more and more expensive to advertise on Facebook. With increased competition, more and more advertisers are bidding for space, and the cost is rising continuously. Despite this, advertising on Facebook is still relatively cheap compared to other advertising methods.

• Steep learning curve

It takes time to learn how to market successfully on Facebook. Numerous businesses use a Growth Marketing agency to avoid the headaches and hours of frustration they experience trying to figure it out on their own.

• Skeptical users

Online users are more aware of how they are being targeted nowadays, making it more difficult to reach them. The more savvy users are, the less likely they are to trust advertisers.

How to use Facebook ads in 2023

‍While Facebook ads have become more complex and should continue to evolve, Facebook as a platform is far too powerful to not be taken into account when planning your paid social strategy. The key is to continue to adapt and find solutions to optimize performance and achieve results, using new and different advertising tactics and strategies.

If you want Facebook ads to work for you in 2023 and beyond, we recommend following this set of guidelines:

• Put creativity first

Creativity is what will support and enhance the message you're trying to spread on Facebook. The creative one speaks to your target audience, engages them and attracts them, making it much more likely that they will interact with advertising.

• Use broad targeting

The broad targeting of Facebook ads allows your message to be delivered to as many Facebook users as possible. This can go a long way in creating a buzz and generating awareness for your product or service. Because data collection is limited, broad targeting is more important than in the past.

• Maintain a “test and learn” mindset

In any advertising campaign, it's important to adopt a test and learn mindset to help you improve your advertising strategy over time. Testing allows you to better understand your audience, their behavior, wants, and needs.

Are you still having problems? Growth Room can help you

If you're wondering if Facebook ads are worth it in 2023 and 2024, the answer is yes. Although Facebook is no longer what it used to be and probably never will be again, it still has a huge number of users, many of whom are your potential customers. Once you've found your target audience, your success with Facebook ads is limitless. However, Facebook ads have become increasingly difficult in recent years. That's why we can create a strategy that will help you continue to convert on Facebook successfully. If you encounter difficulties, do not hesitate to contact us !

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