CIMMFest (Chicago International Movies & Music Festival) celebrated its 6th annual fest in May. As a non-profit with 75 bands and 75 films in a variety of Chicago venues, had big ticket sales goals but a relatively small budget to drive ticket sales.
In the months leading up to CIMMfest 6, we leveraged Facebook Power Editor to help drive record ticket sales (ticket sales increased 28 percent in 2014). Just as the festival grows year to year, the tools available to us via Power Editor this year are a full cycle better than what was available last year. For example, this year we utilized custom audiences based around ticket buyers from last year’s fest, similar audiences to find people like them, targeting around Band and Film Interests as well as 3rd party information like targeting online buyers.
None of these options even existed in Facebook ads one year ago. We optimized campaigns to drive ticket sale conversions, song downloads and website clicks. All campaigns and ad sets promoting over were created and housed through Power Editor, and we were able to run lean campaigns focused only on selling tickets and adding new people to the top of the CIMMfest funnel.
Small businesses that are looking to begin advertising on Facebook usually go to one of two routes: they use the simpler Facebook Ads Manager tool or use a PMD tool through an agency. The problem for small businesses is neither address the need for small businesses to execute ‘bang for the buck’ campaigns. Ads Manager is focused on simplicity and mass market usability, and the cost for a PMD to build a custom ads tool is often best recouped by big brand ad spends. If you are concerned with ROI and ad spend effectiveness, learning Facebook Power Editor is worth the time to master the tool for 5 primary factors:
1) Cutting Edge Speed
Facebook launches and tests its newest targeting capabilities through Power Editor. Small businesses can’t wait for Ads Manager or PMD tools to catch up — they are always months behind. There is a real competitive advantage to being among the first to use a new targeting option, for example. The facebook ads platform gets more robust by the day, and if you aren’t using Power Editor, you will always be competing with advertisers who have master tactics that you’re just starting to use.
The targeting in Power Editor is superior for 2 main reasons. One, the placement tool is far more granular and small businesses can’t afford to waste clicks. Far more importantly, the 3rd Party Data Provider targeting provides more options while also cross filtering with Facebook’s own data to ensure a smaller, and more accurate audience.
Many small businesses make the mistake of not having a clear goal (or goals) when they begin social advertising (‘more likes’ is generally not the best goal). Power Editor allows a business to optimize ads for multiple campaign goals, i.e. optimizing for clicks and sales, or email submits and sales. Ads manager in its simplicity currently only allows to optimize for one action at a time.
4) Organization and time management
Power Editor’s ability to handle bulk changes in importing, editing, and copying ad campaigns allow the business to quickly launch and perfect ads. The new tags feature allows for great organization.
5) Save Money
Ultimately, maximizing profit via eliminating waste in spend allows marketers to prove ROI – all vital to a resource-sensitive small business. The ability to test more targeting options or decreasing costs can mean the difference between a campaign that exceeds expectations and one that is unsuccessful or hides behind unclear goals.
As Facebook’s ad products continue to multiply it only makes taking the time to learn Power Editor now, all the more imperative.
Co-authors Brian Davidson and Chris Madden are the co-founders of Matchnode Digital Marketing.
Article courtesy of Inside Facebook
With its $930 million acquisition of business-to-business travel software provider TravelClick, private equity firm Thoma Bravo is showing that it’s more than just venture capital firms that are interested in the travel business. The private equity firm, with offices in San Francisco and Chicago, is buying TravelClick from Genstar Capital and Bain Capital Ventures, which had put the company… Read More
Article courtesy of TechCrunch
Looking to develop a technology that gives batteries more capacity for energy storage and boosts the rate at which they charge, early stage company SiNode has raised new seed financing from the Chicago-based investor, Energy Foundry. Using a technology developed at Chicago’s Northwestern University, SiNode is trying to update the anode material used inside the lithium ion batteries that… Read More
Article courtesy of TechCrunch
I haven’t online dated in a while*, but everyone I know who does it laments the current state of matchmaking technology. When being able to swipe right to express interest in a person is a major technological achievement, you know something is broken.
Y Combinator alum The Dating Ring thinks it has a better way of getting people to meet one another and hopefully start dating, by matching up users in groups of six. After several months of operating in New York City, the startup has brought its group match making service to San Francisco.
The service works like this: Users do an initial consultation with one of the Dating Ring’s matchmakers, and then the company sets them up on a series of dates with five other single people. (For now, it’s three men and three women on each date.)
Initial matchmaking consultations are $25, and each date costs $20. After the specify dates and times available, The Dating Ring sends users invites to group dates. Those dates usually last about two hours at informal meeting places — like casual bars and restaurants — where people can get to know each other better.
The hope is that by having a larger group all meet each other, there’s a higher likelihood of two people hitting it off than there would have been with just two people. (Grouper, also a YC alum, does the same thing, but without the matchmaking.)
Once the dates are done, they give feedback on the other folks who were on the date, and let the company know if there were any attendees they were interested in.
According to co-founder Lauren Kay, the company chooses matchmakers based on their emotional intelligence and receptiveness. The belief is that they are better qualified to accurately determine what users are like than those users would be in some sort of self-reporting manner.
On the back end, The Dating Ring has algorithms that use information from its matchmakers to decide who to place on dates with each other. That data only gets better as it also receives feedback from other members of the dates.
Now that The Dating Ring is in San Francisco, it’s trying to determine where to go next. Kay said it’s looking at cities like Chicago, Los Angeles, Boston, and Washington, D.C. The hope is that by connecting more people with each other, it might make dating a little more bearable everywhere.
* See here for context
Article courtesy of TechCrunch