How Much Does It Cost To Advertise On Indeed – Any small business owner can use Facebook ads to attract customers and grow their business. In fact, there are more than 1.6 billion people worldwide connected to small businesses on Facebook pages.
Well, this is a tough but popular question about Facebook advertising – there are too many variables in play. Depending on your situation, the cost of your Facebook ad could be as low as $10 or 70 cents per click.
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In this article, we’ll look at some industry metrics, how Facebook ads work, key variables that affect fees, and strategies to reduce your Facebook ad spend.
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A look at existing research reveals that the standard price for 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 take a closer look at two more detailed studies available from WordStream and AdEspresso.
For example, the financial and insurance industries have the highest average cost per Facebook ad at $3.77 per click.
The chart below shows the cost per click for each country in US dollars, with the United States posting an average Facebook ad cost per click of $1.10.
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Still, now that we have some numbers, let’s take a closer look at how you can evaluate your Facebook advertising spend.
If Facebook bombards users with ads, they’re likely to use the social media site less—not a good thing.
In other words, there is only so much ad space available, and there are only so many people who want to use it to grow a business.
Instead, advertisers must bid against each other to secure ad placement. In simple terms, whoever offers the highest bid will show their ad.
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When you use Facebook advertising, you are not competing for ad space against your business competitors. You’re also competing with everyone who wants to reach the same target market.
You’ll also be competing against chemical-free makeup brands, local gyms trying to sell memberships, nutrition coaches promoting diet plans, and any other business with the same target customers.
When you create your ad, you can see how your audience size changes each time you add new targeting criteria.
While there are countless variables at play, there are two definitive ways to determine your Facebook ad spend: your bid and your budget.
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Your budget is the amount you’re willing to spend on one ad set or campaign.
If you don’t select a bid, Facebook will automatically calculate one based on the budget you select and the length of your campaign.
Before we wrap up this section, there are two key points to keep in mind when thinking about your Facebook advertising spend.
This means that if you set your bid at $2 and the highest bid from a competitor is $1.22, you will only pay $1.23 for an ad placement.
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One day your cost per click might be $1.23 and a week later it might have jumped to $3.12. So “set it and forget it”. Track your Facebook ad spend.
As mentioned, there are many factors that affect your Facebook ad spend, here’s a rundown of some of the most important variables.
People with certain demographic and psychographic profiles spend more to reach than others. So, if you target a high demand audience, your Facebook ad spend will be high.
As a result, you may be tempted to narrow your target audience to narrow down your competition.
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In general, landing sales will cost you more than promoting your brand. In other words, conversions will typically cost more than clicks, which will typically cost more than video views.
If there are no other businesses trying to reach your target audience, there will be no demand and therefore your Facebook advertising costs will decrease.
Your Facebook advertising costs will largely depend on how many competitors you have, what they’re willing to spend, and what their respective prices are.
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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What’s more, the day of the week and the specific hours you advertise will also affect your Facebook ad costs.
As you can see from the graph below, both Instagram Stories and Instagram feed posts are more expensive than Facebook ad placements.
When users engage with your ad, its relevance score increases. However, if too many users ignore your ad or click “This ad isn’t right for me,” your score will drop.
If your ad receives a high relevance score, it will be approved by Facebook’s algorithm and may cost less for the same placement.
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Now that you understand the key factors, let’s see how you can reduce your Facebook advertising spend.
Although there are many factors beyond your control, these eight strategies are sure to help you achieve a higher return on investment (ROI).
Split testing is the process of running the same ad campaign twice with minor changes to test performance.
In the example below, you can see GymShark running two ads with the same text but different images.
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Split testing helps you constantly improve your ads to perform better. This will reduce your Facebook advertising costs, improving your ROI.
Some businesses have been able to reduce their Facebook advertising spend by 96 percent just by changing their copy! In other words, there’s no way to tell what works best until you try it.
In the Traffic section, just use the Create Split Test toggle. Facebook will then split your budget equally between your two ads and let you measure their effectiveness.
Ideally, you’ll want to test each part of your ad individually, but start by testing your images and text.
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When you start creating a Facebook ad, the first thing you need to do is choose an objective.
Trying to combine two objectives into one ad won’t give you more bang for your buck. In fact, it will almost certainly increase your Facebook advertising costs.
When you focus on one goal at a time, you can ensure that your image, copy, audience and call to action will reach and convert on the spot.
A high relevance score means your ad is getting positive responses and steady levels of engagement, clicks and conversions.
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Facebook rates each ad by “frequency”. This metric tells you how many times the same user saw your ad.
The higher your frequency, the less engagement, clicks and conversions you will get. As a result, your Facebook advertising costs will increase.
It’s true that some people may need to see your ads multiple times before they click and convert. However, interested buyers only need to see it once or twice.
As well as helping to maintain low frequency results, this is good practice. No matter how good your advertising campaign is, it will eventually lose its effectiveness.
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You can keep the same audience but change your offer, image and copy. What’s more, take the lessons you learned from split testing and apply them to your new ad campaigns.
In other words, you don’t have to include your entire target audience in every campaign you run. This increases your Facebook ad spend.
Well, consumers will be at different stages in the digital marketing funnel and will therefore require different advertising messages.
By dividing your target audience into segments and subsections, you’ll be able to create highly targeted messages, offers, and calls to action.
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For example, say you want to run a campaign to connect with brand new leads. It will be ineffective to show these ads to people who already like your Facebook business page.
Instead, you can turn those users off and suddenly your target audience is much more likely to resonate with your message.
Retargeting and remarketing are strategies that allow you to advertise to people who have already been to your business in one way or another.
In other words, if someone has visited your website or signed up to your mailing list, you can show ads on Facebook.
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These people are already familiar with your brand and products, so there is already a foundation for a strong relationship with the customer.
As a result, retargeting typically results in higher clicks and conversions – and lower Facebook advertising costs.
You can show ads to people who like your Facebook page, follow you on Instagram, subscribe to your mailing list, and more.
If you know you don’t want to spend more than $1.00 on an ad, you can’t bid as much.
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However, if you have a marketing budget plan and need to keep your Facebook ad spend under control, limiting your bids is the way to go.
Facebook advertising costs can vary widely, but for most industries it is reasonable to expect a Facebook ad cost of $0.50 to $2.00 per click.
However, the only way to know what your Facebook ad costs will be is to test them yourself. So start a few campaigns and go from there.
How much does your Facebook ad cost on average? Are your costs similar to the averages indicated by the studies cited? Share your thoughts in the comments below!
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