Believe it or not, but it’s a bitter truth that Facebook ads cost is on a hike. Moreover, from the marketers’ perspective, I assume that it won’t be controllable any sooner. In such a case, what can marketers do? Keep spending more and more or to come up with a plan to control their ads cost.
Initially, many of the marketers have started their Facebook campaign with a thought that it’s a very cheap media of advertising. However, with the growing competition on Facebook, the cost of reaching people went higher.
Don’t you also think that Facebook ads are becoming more expensive? After eating lots of free chocolates, you don’t want to pay anymore. Right! C-mon, let’s face the truth!
The real purpose of Facebook was to enhance the social experience between people. And so far, it really did a great job of achieving that. In the meantime, they started noticing that brands are ruining the social significance of Facebook.
Obviously, Facebook did take some strict action to punish those who want to promote their brand using organic posts. In fact, Facebook believes that nobody wants to see promotional content unless it’s really beneficial for them.
“So what you gonna do now?”
To sort out this issue, here I have come up with some solutions:
But first, you need to understand, “what are the things which are costing you more in Facebook ads?”
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Determine Your Facebook Ads Cost:
There are two ways to get charged for a Facebook ad campaign. Either it will be through impression (CPM) or clicks (CPC). Most of the advertisers go with CPC bidding. In this, you would get charged only when someone clicks on your ads.
But in case you would like to go with impressions (CPM), you need to pay every time someone views your ads. With this, you can’t be sure that your ads are getting any clicks or not. And for every 1000 impressions, Facebook is going to charge you for ads.
It’s quite simple. Isn’t it?
But here the real game starts, to opt for CPC or CPM. In CPC, you would get the security that you are only paying for clicks, which can give you conversion. However, CPC bidding can be more costly.
Source: Word Stream
And in another case, with CPM, even after paying, you aren’t sure of getting any conversion for real. However, if your brand is having a huge fan following on Facebook, going with CPM will get you more engagement. And eventually, you will also gain conversion. But if you have just started campaigning on Facebook without having many followers, then you should go with CPC. There you can be sure to pay only for what you gain.
It’s just a simple theory, which may or may not work for you. But if you are really serious about lowering your Facebook ads cost, then here are the tips which you should follow.
Facebook Ad Relevance Score:
On every Facebook ad campaign, you will get a relevance score. Facebook measures the relevance score based on the expected positive and negative feedback from the audience. Recently Facebook has also updated its relevance score feature with ad relevance diagnostics. With this new update, it would be easier for advertisers to estimate their ad relevance on Facebook. Having a good relevance score can help you to control the bidding cost of CPC/CPM. And it will also help you to gain better reach for your ad campaign.
Facebook Ad Placements:
With over 1.62 billion daily active users, covering from small and medium-sized enterprises to C-level executives. In such a case, it becomes important to target the right audience. And for that, you can’t overlook ad placements. If you have a better ad placement, your ads can get a better reach with the audience. That way, you can improve your click-through rates and gain better revenue with less investment in CPM/CPC.
Also Read:Facebook Ad Guidelines and Policies: Everything You Need To Know
Improve Click-Through Rates:
In simple words, I would define CTR as the number of people who clicked on your ads. Or you can also say that it is the average rate of people who engaged in your Facebook ads. The more will be the CTR value, the better will be your ads’ reach. Although having a good CTR won’t give you the surety of ad success unless you get more and more conversions. What you need is to focus more on target. Even with fewer clicks, if you have better targeting, you can achieve fair results from your campaign.
For sure, you need a highly targeted campaign with low frequency (So that same-users don’t see your ad over and over again). With the high frequency of the campaign, CTR will go down. And it will also increase your Facebook ad expense.
Avoid Audience Overlap:
Facebook has options to customize your target audience. So, you can target the right audience to gain more conversions. That way, you can also improve your ad relevance score. However, while targeting your audience, make sure to avoid the audience overlap. Targeting the same audience means that your ads are competing against each other. And it will put more burden on your Facebook ads cost budget. So when you are targetting an ad campaign, it’s better to be cognizant of your potential audience reach and avoid audience overlap.
Retargeting Potential Audience:
Now, you have accumulated a few leads through your ad campaign. People were clicking on your ads, and you are getting better CTRs with lower CPC/CPM. There you also have higher chances of conversion. With such warm leads, you can create a separate custom audience who might have interacted with you earlier (In your ad campaign).
You can retarget such users by sending follow-up ads. That way, you could also enhance your relationship with the audience and grow your Facebook fanbase.
In the end, I would like to say that Facebook marketing is still very effective. Although you might think that Facebook advertising is eating up your social budget. But, still, focusing on engagement, targetting, and relevance factors, you can reduce the cost of your Facebook ad campaigns.
The better you’ll perform on Facebook, the lower will be the ads’ cost.
Do you have anything more to say about Facebook ads cost? If yes, then please share them on the comments below.