How Much Does It Cost To Advertise On Yelp – We’ve previously covered how much $5 a day will buy you in Facebook ads, but how much does Facebook advertising cost
That’s a tricky question! And the short answer is that it will never cost you more than you have to spend. If you have a budget of $5 a day, Facebook ads will never cost you more than $5 a day. However, there are several factors that affect how far your budget will stretch and how successful you will be with your money.
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Perhaps a better approach with Facebook ads might be to think about how you can get the best results for your business with your budget. And that’s where I’d like to help you today.
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To help you understand exactly how to optimize your Facebook ad spend for best results, I scoured several Facebook resources and studies to find Facebook advertising benchmarks, and along the way I also discovered seven key factors that determine Facebook costs. Adverts
In this post, we’ll give you everything you need to know about the cost of Facebook ads and how to make your budget work.
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You may be curious about the exact cost per impression, click or result of Facebook ads. However, since many factors affect the cost of Facebook advertising, there is no absolute answer to this question.
The Complete Guide To The Cost Of Facebook Ads
Fortunately, Facebook marketing partners like AdEspresso, SalesForce and Nanigans regularly analyze social media advertising spend. While benchmarks don’t tell you exactly how much your Facebook ad campaign will cost, they can be good benchmarks for you.
The AdEspresso team seems to have the most up-to-date benchmarks at the moment. They examined more than $100 million in ad spend in the third quarter of 2016 and came up with a set of benchmarks for the current cost of Facebook advertising. Here are some of their findings
Editor’s note: We chose to highlight AdEspresso’s data here because it was the most recent study we could find (data from Q3 2016). Feel free to check and compare full reports from AdEspresso, SalesForce and Nanigans.
Now that we’ve established some benchmarks for the cost of Facebook advertising, it might be helpful to understand how Facebook’s advertising system works—that is, how Facebook decides which ads to show to each of its users.
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The best way to do this is to hold an auction where both interests are represented. In this way, advertisers reach people who are receptive to their ads and users see something they are interested in. This differs from a traditional auction in that the winner is not the ad with the highest monetary bid, but the ad that generates the most total value.
So when an ad space is available, Facebook collects all the ads competing for that space and auctions off the space, with the winner of the auction serving the ad to the end user. Billions of these auctions take place every day.
Unlike a traditional auction, Facebook ad space is not won by the highest bidder. This is because Facebook wants to provide a positive and most importantly relevant experience to all its users. As such, the winner of the auction is determined by the total value the ad creates for the target user.
Whenever real estate is advertised on Facebook for auction, Facebook combines the three factors into a total value and displays the most valuable ad. This means you don’t have to bid the highest price every time to get your ad seen if your ad is of higher quality and more relevant than your competitors.
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Once an auction is won, Facebook takes into account all the ads competing for that ad slot and charges the winning ad the lowest amount necessary to win the auction (meaning you won’t always be charged your maximum price for Facebook ads) .
7 Factors That Determine the Cost of Your Facebook Ads1. Your bid: how interested you are in showing your ad
When you create a Facebook ad, you’re essentially participating in a huge global auction, competing with other advertisers for ad space on Facebook.
The amount of your bid indicates how interested you are in showing your ad, and the higher your bid, the more likely your ad will be shown. When you create Facebook, you can set the bid automatically or manually.
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Automatic bid: If you choose automatic, Facebook determines the bid amount for you. The price is set in such a way that Facebook would use your entire advertising budget with the goal of maximizing the desired result. If you are not sure about the size of the offer, Facebook recommends choosing this option.
Manual bidding: If you choose manual bidding, you tell Facebook the highest amount you’re willing to pay to achieve the result you want (eg $5 per click).
When considering your bid amount, keep these AdEspresso tips in mind:
Facebook evaluates the quality and relevance of your ad based on how it performs. Facebook takes into account both positive (such as the number of clicks, video views or app installs) and negative feedback (such as the number of people who clicked “I don’t want to see this” on your ad) to determine the quality and relevance of each ad. .
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To help you understand how relevant your ad is to your target audience, Facebook provides a Relevance Score metric for each of your ads. When your ad has a high relevance score, Facebook will show your ad more than ads with a lower relevance score, and you’ll also pay less to reach a larger audience.
You can find the relevance score for your ad and the level of positive and negative feedback in your Facebook Ads Manager.
When you decide whether to show your ad to someone in your audience, Facebook estimates how likely that person is to take the action you’re optimizing for with your ad (this is called estimated action rate).
Which is optimized for website conversions, Facebook shows your ad to people it thinks are likely to buy a product like yours. Facebook determines this based on the past actions of a person in your target audience (“how many times has he signed up for a product via a Facebook ad?”) and the past performance of your ad (“how many website conversions has your ad had so far?”).
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If your estimated conversion rate is low, I’m guessing your Facebook ad costs are high. To ensure your ad wins certain ad auctions and is seen by your target audience, Facebook may need to compensate for your ad’s low estimated engagement by increasing your price (if you’ve selected automatic bidding).
To make our estimates as accurate as possible, we recommend that you set your budget and bid high enough to get at least a few of the results you want per day (especially for off-site results like website conversions and mobile app transactions). 4. Target group targeting: Who and how many people are you trying to reach
Who you target and how many people you target affects your Facebook advertising costs. This depends on the level of competition to reach a certain audience. As more marketers target a specific audience, it becomes more expensive to reach them.
To test this, I did a quick experiment by creating two ad sets that are identical except for the location of the audience – one in Chiang Mai, Thailand and one in San Francisco, USA.
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When I selected manual bidding, the suggested bid was $0.29/click in Chiang Mai and $4.18/click in San Francisco, meaning it’s more than 14x more expensive to target an audience in San Francisco than to target a target audience in Chiang Mai:
I recommend experimenting with different audiences to find the best fit for your Facebook ad campaigns.
As the number of advertisers targeting audiences increases, so do the costs of advertising, as Ana Gotter explained at AdEspresso,
There are peak times of the year when advertisers flock to Facebook ads – even more than normal. During these peak times, competition for ads increases, resulting in you paying more.
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SocialCode also studied CPMs for Facebook ads during the 2014 holiday season and found that costs increased for bid types and ad placements.
Facebook Marketing Partners, Ambush and Salesforce both found similar trends when examining data from different years (2013, 2014 and 2015).
If you plan to advertise on Facebook during the holiday season, here are the key events to look out for:
If you’re planning campaigns around these or other major events, it’s important to consider how competition might affect your advertising costs.
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Placement describes where your ads appear in the Facebook ecosystem. Ads can appear in different places:
In its advice on how to maximize the performance of Facebook ads, Facebook recommends that marketers allow Facebook to place their ads on Instagram and the Audience Network, as well as on Facebook. Facebook says it may decrease
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