How Much Should Your Facebook Advertising Cost
This makes it a valuable platform for companies to advertise on, as the audience is huge. Big brands have already realized the value of Facebook and have implemented it into their marketing strategy.
In fact, if you can get your marketing strategy right on Facebook the benefits are enormous. You will have a positive ROI and increase your brand awareness dramatically.
But how much does Facebook advertising cost and how much could you expect to spend?
In this article, we’re going to break down some of the basic costs of advertising on Facebook, so you can better understand it. We hope that after reading this, you’ll be determined to take advantage of what Facebook has to offer.
Read on for more information.
What Are You Trying To Achieve?
One of the biggest factors of cost is determined by what the ad is actually trying to achieve.
Ads usually have one of three objectives which are to increase traffic, increase brand awareness, and drive leads. Which one you focus on can either increase or decrease your cost-per-click (CPC).
For example, traffic is usually the lowest in terms of cost-per-click. This is because many people may click on your ad out of interest, but only a small percentage will ever convert.
In 2016, the average CPC was around $0.27 making it one of the cheapest forms of online advertising. But before you jump straight into it, you need to be sure about whether driving traffic is best for you.
Instead, you may want to focus more on conversions which will likely cost you a bit more.
This is because Facebook will know which people are likely to convert after clicking and will want more money to reach them.
Valuable Ads Can Be Cheaper
You could have six different ads that all advertise the same product or service, but only one converts.
When bidding on Facebook, you actually win the bid by offering the most value and not by the highest figure. This is because Facebook doesn’t want to place ads in front of users that have no value to them.
You should test out different ads first and see which ones have the highest engagement rate. You can then determine your best ads and bid using those.
Choose A Specific Audience
You’ll be able to narrow down your specific audience before an ad goes live but you need to take your time in getting it right.
Some businesses assume that ensuring the ad is shown to as many people as possible is the best way forward, but it isn’t. Instead, focus on really specific interests and demographics. You should also test out a few first to see which ones convert.
Once you have established your best ads and target audience, you can spend more money. This should give you a better ROI.
Things To Know About Facebook Advertising Cost
We hope you have enjoyed our article on factors of Facebook advertising cost and have a better understanding of how it works.
As you can see there are multiple factors that can affect costs. But it’s worth being aware that Facebook appreciates user value so throwing loads of cash at ads doesn’t guarantee success.
If you need help with your digital marketing strategy, get in touch, and see how we can help you.