One of the greatest misconceptions about the Facebook ad platform is that people only see it as an ad platform. Yes, it’s an ad platform. But, it’s also one of the most powerful research tools available today. I talk about it frequently for this reason.
If you’re not leveraging it for market research, I highly recommend that you read what I share below.
Most people know that major brands spend millions of dollars on focus groups and market data. These resources are rarely affordable or accessible for anyone but these companies, or those who have large budgets.
However, Facebook’s ad platform can be used by anyone for this purpose, at far less cost.
It’s not just a valuable asset for testing content or follower growth. You can use it for a variety of different market research.
I break it down in my book, One Million Followers. I encourage you to pick up a copy for free.
Once you’re familiar with how to run Facebook ads, use this formula to leverage the platform for research:
- HYPOTHESIZE. Identify a hypothesis of a format, story, or theme that you believe will engage the audience you want to reach.
- TEST. Create a low-cost proof of it to use for testing. Learn what does and doesn’t work from the results.
- PIVOT. If the hypothesis proves correct, invest in it further. If not, repeat the process again with a new hypothesis.
It’s a key part of my own business strategy. I suggest giving it a try for yours.