Average Cost To Advertise On Facebook – Any smart entrepreneur can use Facebook Ads to attract customers and grow their business. In fact, there are over 1.6 billion people worldwide connected to small businesses on Facebook Pages.
Ok That’s a tricky but popular question about Facebook Ads – there are a lot of variables at play. Depending on your situation, the cost of your Facebook ads can be as low as $10 or $0.70 per click.
Average Cost To Advertise On Facebook
In this article, certain industry standards; How Facebook Ads Work We’ll look at the key changes affecting fees and strategies to reduce your Facebook advertising costs.
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A review of existing studies indicates that the estimated cost of a Facebook ad for most industries is between $0.50 and $2.00 per click.
To get a better idea of how much Facebook advertising costs, Let’s look at two detailed case studies available from WordStream and AdEspresso.
For example, Finance and insurance industries have the highest average ad rates on Facebook at $3.77 per ad.
The chart below shows the cost per click for each country in US dollars, with the United States scoring an average Facebook ad cost per click of $1.10.
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Now that we have some rough numbers, let’s take a look at how you can estimate your own Facebook advertising costs.
If Facebook bombards users with ads, You’re less likely to use a social media site – which isn’t a bad thing.
In other words, There are many advertising spaces and many people want to use it to grow their business.
Instead, advertisers must compete with each other to guarantee an ad. To put it plainly, The highest bidder shows your ad.
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When you use Facebook advertising, you’re just competing for ad space with your business competitors. You are also competing with others who want to reach a similar target market.
Are you looking for chemical-free makeup brands? local gyms trying to sell subscriptions; Every other business has to compete with nutrition coaches who promote diet plans and the same target customers.
When creating your ad; You can see your audience size change every time you add new targeting criteria.
Although there are countless variables at play. There are two definitive ways to set your Facebook ad cost: your bid and your budget.
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Your budget is the total amount of money you want to spend on an ad set or campaign.
If you do not choose to bid, Facebook will automatically calculate one based on your chosen budget and campaign duration.
Before we end this section, there are two main things to consider when considering your Facebook advertising costs.
This means if you set your bid at $2 and your opponent’s highest bid is $1.22. You only pay $1.23 for your ad placement.
Facebook Ad Clickthrough Rates By Industry 2017
Your cost per click may be $1.23 per day, and after a week it may jump to $3.12. So “set it and forget it” monitor your Facebook ad costs.
As mentioned, There are many factors that affect your Facebook ad cost. Here’s a summary of some of the most important changes.
Certain demographics and demographics are more costly to reach than others. So if you’re targeting a very desirable audience, your Facebook ad costs will be higher.
As a result, You may be tempted to narrow your target audience to reduce the number of competitors.
Factors That Influence The Cost Of Your Facebook Ads
Generally speaking, just advertising your brand costs more than selling it. In other words, translations tend to cost more than clicks and video views tend to cost more.
If other companies don’t try to approach their target audience. Your Facebook advertising costs will drop because there will be no demand.
Your Facebook ad cost depends on how many competitors you have; A lot depends on what they want to spend and your affiliate rates.
As a result, you can expect your Facebook advertising costs to increase in the months leading up to Christmas or other holidays.
Facebook Ads Cost Australia
In addition, Even the day of the week and the time you advertise will affect your Facebook ad cost.
As you can see in the chart below, Instagram Stories and Instagram Feed posts are more expensive than Facebook ad placement.
When users interact with your ad, your relevance score increases. However, If too many users ignore your ad or click “This ad is not relevant to me”, your score will decrease.
If your ad has a high relevance score, It will be prioritized by Facebook’s algorithm and may cost less for the same placements.
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Now that you understand the key factors at play, let’s see how you can reduce your Facebook advertising costs.
Although there are many factors beyond your control. These eight strategies are sure to help you get a better return on investment (ROI).
Split testing is the process of running the same ad campaign twice with small changes to test performance.
In the example below, You may see Gymshark showing two ads with the same copy but different images.
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A/B testing helps you continuously improve your ads so that they perform better. This will reduce your Facebook advertising costs and improve your return on investment.
Some companies have reduced their Facebook advertising costs by 96% by switching copy. In other words, you won’t know what works best until you try it.
In the “Traffic” section; Just use the “Create A/B test” option. Facebook will then split your budget evenly between your two ads and allow you to measure their performance.
Ideally, you should test each element of your ad individually, but start by testing your images and text.
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When creating a Facebook ad, the first thing you need to do is choose an objective.
Trying to combine two objectives in one ad won’t get you more profit. In fact, it will almost certainly increase your Facebook advertising costs.
When you focus on one goal at a time; your image a copy You can ensure audience and call-to-action hits and converts.
A high relevance score means your ad is getting positive feedback and engagement; Earning clicks and talking points.
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Facebook scores all ads on “Frequency”. This metric tells you how many of the same users saw your ad.
The higher your frequency; engagement; The fewer clicks and conversions. As a result, your Facebook advertising costs will increase.
It’s true that some people need to see your ads a few times before they click on them. But interested buyers only need to look once or twice.
In addition to helping maintain low frequency scores. It’s just good practice. No matter how good your ad campaign is, It will probably lose its effect eventually.
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You can maintain the same audience, but your offer; Change the image and copy. In addition, Take the lessons you learned from A/B testing and apply them to your new ad campaign.
In other words, you shouldn’t include your entire audience in every campaign you run. This will increase your Facebook advertising costs.
Ok Users will be at different stages of digital marketing and will therefore require different advertising messages.
By segmenting your audience into segments and sub-segments; You can send highly targeted messages; offers; and will be able to create requests to perform.
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For example, Let’s say you want to run a campaign to connect with new potential customers. Showing these ads to people who like your business page on Facebook may also be ineffective.
Instead, You can exclude those users and suddenly your target audience is more likely to resonate with your message.
Retargeting and remarketing are strategies that allow you to advertise to people who have already been exposed to your business in some way.
In other words, if someone visited your website or signed up for your email list. You can show them ads on Facebook.
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These people are already familiar with your brand and products, so you already have the foundation for a strong customer relationship.
As a result, Retargeting typically leads to more clicks and leads – and lowers Facebook advertising costs.
People who like your Facebook page; Follow you on Instagram; You can run ads for subscriptions to your email list and more.
If you know you don’t want to spend more than $1.00 per ad. Just limit your bid to make sure that doesn’t happen.
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But if you have a marketing budget plan and need to keep your Facebook ad costs under control. Limiting your bids is the way to go.
Facebook advertising costs can vary widely, but for most businesses, Facebook advertising costs around $0.50 to $2.00 per click.
This means that the only way to know how much your Facebook ads will cost you is to test them yourself. So run a few campaigns and go from there.
How much do your Facebook ads cost on average? Are the average costs reported by the cited studies similar? Share your thoughts in the comments below.
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