How Much Would It Cost To Advertise On The Radio – Every waste-free business owner can use Facebook ads to reach their customers and grow their business. In fact, more than 1.6 billion people worldwide connect with small businesses through Facebook.
It’s a tricky but common question about Facebook ads — there are so many variables at play. Depending on the situation, Facebook ads can cost up to $10 or 70 cents per click.
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In this article, we’ll take a look at some industry benchmarks, how Facebook ads work, key variables that affect costs, and strategies for reducing Facebook ad costs.
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Current research shows that Facebook ads cost between $0.50 and $2.0 per click in most industries.
To better understand how much Facebook advertising costs, let’s take a closer look at two more detailed studies available from WordStream and AdEspresso.
For example, the finance and insurance industry has the highest average Facebook ad spend at $3.77 per click.
The chart below shows the cost per click in USD for each country, with the average Facebook ad cost per click in the US being $1.10.
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However, now that we have some numbers, let’s take a closer look at how you can calculate your Facebook ad spend.
If Facebook bombarded users with ads, they would use the social media site less — and not for good.
In other words, there is a lot of advertising space and many people want to use it to grow their business.
Instead, advertisers must bid against each other to secure ad space. In the simplest terms, the highest bidder gets to show their ad.
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When you use Facebook advertising, you’re not just competing with your company’s competitors for ad space. You’re also competing with everyone else who wants to reach a similar target market.
You’re also competing with chemical-free makeup brands, local gyms selling memberships, nutrition coaches promoting diet plans, and other businesses with the same target customers.
As you create your ads, you can see your audience size change each time you add new targeting criteria.
Although there are countless variables, there are two reliable ways to determine the cost of Facebook ads: your bid and your budget.
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Your budget is the total amount you’re willing to spend on a single ad package or campaign.
If you don’t choose a bid, Facebook will calculate it automatically based on your chosen budget and campaign duration.
Before concluding this section, there are two important things to consider when thinking about the cost of Facebook advertising.
This means that if you bid $2 and your competitor’s highest bid is $1.22, you’ll only pay $1.23 to place your ad.
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One day your CPC may be $1.23 and a week later it may be $3.12. So don’t “set it and forget it”. Consider your Facebook ad spend.
As mentioned above, there are many factors that affect your Facebook ad spend, and here’s an overview of the most important variables.
Reaching people with certain demographics and psychographics is more expensive than others. So if you’re targeting a high-demand audience, the cost of Facebook ads will be high.
As a result, you may be tempted to narrow your target audience to reduce competition.
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In general, landing sales will cost more than promoting your brand. In other words, conversions cost more than clicks, which cost more than video views.
If other companies weren’t trying to reach your target audience, the demand wouldn’t exist and Facebook advertising costs would drop.
Your Facebook ad spend will depend heavily on how many competitors you have, what they’re willing to pay, and how relevant they are.
As a result, you can expect 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 specific times you advertise can affect your Facebook ad price.
As the graph below shows, Instagram Stories and Instagram Feed posts cost more than Facebook ads.
When users respond to your ad, its relevance score increases. However, if 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, Facebook’s algorithm will favor it and may even pay you 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 ad spend.
Although many factors are out of your control, these 8 strategies can help you maximize your return on investment (ROI).
Split testing is the process of running the same ad campaign twice with slightly varying test results.
In the example below, you can see that Gymshark is showing two ads with the same text but different images.
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Split testing helps you continuously improve your ads to make them even better. This will improve your ROI and reduce your Facebook advertising costs.
Some businesses have been able to reduce their Facebook ad spend by 96% just by changing their copy! In other words, you can’t tell what’s best until you try it.
In the Traffic section, use the Create Split Test switch. Facebook then splits your budget equally between the two ads, allowing you to measure their effectiveness.
Ideally, you want to test each part of your ad individually, but also test your images and text.
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When you create a Facebook ad, you first need to choose an objective.
Combining two goals in one ad won’t make you more profitable. In fact, it will almost certainly increase your Facebook advertising costs.
By focusing on one goal at a time, you can reach and convert your images, copy, audience, and call-to-action.
A high relevance score means your ad is getting positive feedback, healthy engagement, clicks and conversions.
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Facebook gives points to each “Frequency” ad. This metric tells you how many times a user viewed your ad.
The higher the density, the lower the engagement, clicks, and conversions. As a result, your Facebook advertising costs will increase.
It’s true that some people need to see your ad a few times before they click and convert. However, interested buyers only need to see it once or twice.
Aside from helping you maintain low frequency scores, it’s just 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, images and copy. Plus, learn from shared tests and use them in your new ad campaigns.
In other words, you shouldn’t include the entire target audience in every campaign. This will increase your Facebook ad spend.
Consumers are at different stages of digital marketing and need different advertising messages.
By dividing your target audience into segments and sub-segments, you can create specific targeted messages, offers, and calls to action.
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For example, let’s say you want to launch a campaign to connect with a brand new set of potential customers. Showing these ads to people who have already liked your Facebook business page won’t work.
Instead, you can exclude these 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 already know your business in some way.
In other words, if someone visits your website or joins your mailing list, you can show them an ad on Facebook.
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These people already know your brand and products, so the foundation for a strong customer relationship is already in place.
As a result, retargeting leads to more clicks and conversions and lowers 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 per ad, you can limit your bids to prevent that from happening.
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However, if you have a marketing budget plan and want to keep your Facebook ad spend under control, it’s a good idea to set a price cap.
Facebook advertising costs can vary greatly, but it’s reasonable to assume that Facebook ads cost around $0.50 to $2.00 per click for most industries.
However, the only way to know your Facebook ad spend is to try it yourself. So launch a campaign and go from there.
How much does your average Facebook ad cost? Are the costs the same as the average reported in the survey? Share your thoughts in the comments below!
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