Reach the Bidders You Didn’t Know You Were Missing
There’s a sneaking suspicion in many auction marketers—and definitely in their sellers. We wonder if there was a stone unturned, a motivated bidder that wasn’t reached by our advertising.
Did we cast a big enough or tight enough net?
What people weren’t in our mailing list broker’s database?
Who didn’t read the newspaper during the weeks prior to the auction?
Who didn’t drive past our sign out on the highway?
Did any emails go unopened or straight to junk folders?
Did we choose the right demographic selectors on Facebook?
The auction community prides itself in bringing the whole market to bear on an asset at once. We tell potential sellers that we’ll deliver true market value. We rightly trumpet our concentrated advertising campaigns.
Still, there’s that whisper, that gnawing question—especially when the auction price is low and even more so when it was an absolute auction. Did we find everybody?
One of the biggest developments in advertising over the past couple of years has been a partial solution to that mystery. This development has made mailing lists more powerful, web traffic more valuable, and Facebook just short of necessary for finding buyers.
Big Data for Small Businesses
In addition to the vast amount of data users give Facebook about themselves, Facebook also buys data from outside sources and matches that information to its user base. Bank and mortgage lender records. Vehicle ownership. Purchase histories. Web site visits. As a result, this data gets woven into an astounding web of connected dots. Using advanced algorithms, Facebook can then match people with common denominators.
So, after you find the people you think are likely buyers, Facebook can find people who look just like your intended audience. With Facebook’s Lookalike Audience tool, both purchased lists and in-house lists can be matched with people just like them for use in Facebook ads.
With the free Facebook Pixel code installed on your website, you can also now direct Facebook ads to people who recently visited your auction’s page or the page of a similar auction on your site. Then, with the Lookalike Audience tool, you can advertise to people who look just like the people who came to your website.
Over the course of your advertising campaign, as more and more people view your auction’s page on your site, Facebook can learn more and more about the people coming to your site and hone the audience of your Facebook ads.
So, whether you start with just a Facebook list of demographics [B] or if you upload lists to Facebook [A], you can create a set of ads that learn and improve their effectiveness over time. You can access an automated database that keeps getting more robust. Your advertising can reach people in the cracks between the groups of people you can find yourself.
An Impressive But Imperfect Solution
Is this Facebook solution circle a silver bullet? No. This is just one medium that reaches less than 80% of the population. Does this mean you’ll definitely find more and better bidders? No, but it’s a superlative start. It’s a more robust solution than what you’ve got now.
Could this concept confront our ignorance? Absolutely.
Recently, I’ve noticed that several of my clients’ Lookalike Audience ads have significantly outperformed not only their uploaded lists but also the Facebook audiences built with the demographic selectors we chose for prospective buyers. In other words, Facebook knew who would visit these websites better than I or my clients did. For the decades of auction marketing experience between all of us, that’s humbling.
It’s also exciting. Now, our lists of past bidders and email subscribers are more valuable. Now, our web traffic can be more meaningful. Now, purchased lists don’t have to be exhaustive. We just need to find a critical mass to get the ball rolling.
Now, we can find the people we weren’t finding—even with our best laid plans.
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