How Much Does It Cost To Advertise On Cable Tv – Any aspiring entrepreneur can use Facebook ads to attract customers and grow their business. In fact, there are over 1.6 billion people connected to small businesses on Facebook pages worldwide.
This is a tough but popular Facebook advertising question—there are so many variables involved. Depending on your situation, your Facebook ad can cost as little as $10 or as little as 70 cents per click.
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In this article, we’ll look at some industry benchmarks, how Facebook ads work, key variables that affect payouts, and strategies for reducing your Facebook ad spend.
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Looking at existing research, Facebook ads cost between $0.50 and $2.00 per click for most industries.
To get a better idea of how much Facebook ads cost, let’s take a closer look at two detailed studies available from WordStream and AdEspresso.
For example, the finance and insurance industry has the highest Facebook ad cost per click at $3.77.
The chart below shows the cost per click in US dollars for each country, with the United States averaging $1.10 per click for Facebook ads.
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However, now that we have some ballpark numbers, let’s take a closer look at how to estimate your Facebook ad spend.
If Facebook bombards users with ads, they will use the social media site less often – not a good thing.
In other words, there is advertising space available and there are many people who want to use it to grow their business.
Instead, advertisers must compete against each other to secure ad placement. Simply put, the highest bidder gets to show their ad.
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When you use Facebook ads, you’re not just competing for ad space against your business competitors. You are also competing with everyone else who wants to reach a similar target market.
You’ll also be competing with chemical-free makeup brands, local gyms trying to sell memberships, nutrition coaches promoting diet plans, and any other business with the same target customers.
As you add new targeting criteria as you create your ad, you can see your audience size change.
While there are countless variables at play, there are two definite ways to determine the cost of a Facebook ad: your bid and your budget.
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Your budget is the total amount of money you’d like to spend on one ad set or campaign.
If you don’t choose an offer, Facebook will automatically calculate one based on your chosen budget and the length of your campaign.
Before we wrap up this section, there are two key points to keep in mind when thinking about Facebook ad spend.
This means that if you set your bid at $2 and your competitor’s highest bid is $1.22, you will only pay $1.23 to run your ad.
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One day your cost per click could be $1.23 and a week later it could be $3.12. So “set it and forget it.” Track your Facebook ad costs.
As mentioned above, there are a number of factors that affect your Facebook advertising costs, here is a summary of the most important variables.
People with certain demographic and psychographic profiles are more expensive to reach than others. So if you’re targeting a high-demand audience, your Facebook ad will cost more.
Because of this, you may be tempted to narrow your target audience to narrow the pool of competition.
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In general, sales cost more than promoting your brand. In other words, conversions are usually more expensive than clicks, which are more expensive than video views.
If there weren’t other companies trying to reach your target audience, there wouldn’t be demand, so your Facebook ad spend would drop.
Your Facebook ad spend will largely depend on how many competitors you have, what they’re willing to spend, and their match rates.
As a result, you can expect your Facebook ad spend to increase in the months leading up to Christmas or other holidays.
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Additionally, the day of the week and even the exact hours you advertise will affect the cost of your Facebook ads.
As you can see from the chart below, Instagram Stories and Instagram feed posts are more expensive than running Facebook ads.
When users engage with your ad, it becomes more relevant. However, if many users ignore your ad or click “this ad is not relevant to me”, your score will drop.
If your ad has a high relevance score, it will be favored by Facebook’s algorithm and may even cost less for the same posts.
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Now that you understand the key factors, let’s see how you can reduce the cost of Facebook advertising.
Although there are many factors beyond your control, these eight strategies are sure to help you get a higher return on investment (ROI).
Split testing is the process of running the same ad campaign twice by slightly changing the performance of the test.
In the example below, you can see that Gymshark is displaying two ads with the same copywriting but different images.
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Section tests help you to continuously improve your ads to show them better. This will reduce your Facebook advertising costs by increasing your return on investment.
Some companies have been able to reduce their Facebook ad spend by 96 percent by changing their copy! In other words, there’s no way to tell what works best until you test it.
In the Traffic section, simply use the “Create Split Test” switch. Facebook then splits your budget equally between your two ads and lets you measure their performance.
Ideally, you’ll want to check each part of the ad individually, but start by checking the image and text.
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When you’re going to create a Facebook ad, the first thing you need to do is choose a target.
Combining two targets in one ad won’t give you much bang for your buck. In fact, it will increase your Facebook ad spend.
When you focus on one goal at a time, you can make sure your image, copy, audience, and call to action are on point and converting.
A high relevance score means your ad is getting positive views and healthy levels of engagement, clicks and conversions.
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Facebook rates each ad by “Frequency”. This metric shows how often one user saw your ad.
The higher your frequency, the lower the engagement, clicks and conversions. As a result, your Facebook advertising costs will increase.
It’s true that some people will need to see your ads more than once before they click and convert. However, interested buyers usually only need to see it once or twice.
Besides helping you save low frequency scores, it’s just good practice. No matter how big your advertising campaign is, it can lose its impact.
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You can keep the same audience but change your offer, image and copy. Additionally, take the lessons you learned from split testing and apply them to your new ad campaigns.
In other words, you shouldn’t include your entire target audience in every campaign you run. This will increase your Facebook ad spend.
And users are at different stages in the digital marketing funnel, so different advertising messages are needed.
By segmenting your target audience into segments and sections, you can create highly targeted messages, offers and calls to action.
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For example, say you want to run a campaign to reach new potential customers. Showing these ads to people who like your Facebook business page will be ineffective.
Instead, you can remove those users and suddenly your target audience can resonate with your messages.
Retargeting and remarketing are strategies that allow you to advertise in some way to people who are already familiar with your business.
In other words, if someone visits your website or subscribes to your mailing list, you can show them ads on Facebook.
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These people are already familiar with your brand and products, so the foundation for strong customer relationships is already in place.
As a result, retargeting usually results in higher clicks and conversions and lower Facebook ad spend.
You get people liking your Facebook page, following you on Instagram, subscribing to your mailing list, and more. you can advertise to people.
If you know you don’t want to spend more than $1.00 per ad, you can limit your bids to make sure you don’t.
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However, if you have a limited marketing budget and need to keep your Facebook ad spend under control, this is the best way to limit your bids.
Facebook advertising costs can vary, but for most industries it is reasonable to expect a Facebook advertising cost of around $0.50 to $2.00 per click.
That said, the only way to know your Facebook ad cost is to test it yourself. So run a few campaigns and go from there.
How much do Facebook ads cost on average? Are your costs similar to averages shown in cited studies? Share your thoughts in the comments below!
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