All You Need to Know About Facebook Advertising Cost
Don’t know where to start in your computation for your Facebook advertising cost? No worries, Easy Media got you!
Nowadays, everything that we do is either upgrading or improving for users to have a convenience like no other. That also includes advertisements! Digital marketing is becoming the new norm platform for both small and large businesses in advertising their products and services. Since most people are surfing the web or on social media, this is the place to be to put your advertisements and for it to get noticed.
And for some entrepreneurs, Facebook advertisements is their go-to.
With over 1.32 billion users daily, and 400 new users sign up every minute. Facebook is one of the ideal platforms to place your ads and to attract your target audience.
Aside from organic reach, you should also opt-in for Facebook advertising. According to a study, an average of 26% of users on Facebook is clicking daily on ads and also making a purchase from it. With over 2 million monthly advertisers, 60% of users say that they discover new products or services on Facebook. While 70% of frequent shoppers go to this social media platform to discover new products or services to try.
With that being said, your potential customers are already on Facebook and are possibly making purchases from Facebook advertisements that they see on this social media platform.
Still not convinced? Here are 5 more reasons why you need to use Facebook ads.
- You can easily launch ads, manage, and budget everything through your Facebook ads manager.
- You can make your ads look like it just pop up naturally from your target audience’s news feed with subtle “sponsored ads” on top.
- You have the option to use either videos or images or both when launching your Facebook ads.
- Ads are hard to ignore because they occupy the full mobile screen of social media users.
- For better chances of return on investment for your ads, you can also do A/B split tests on your Facebook ads too.
The cost of Facebook Advertising
Facebook ads cost varies on what kind of business you have, and it also depends on the goal that you want to get out of your ads.
Factors to consider are:
- Your advertising budget
- Your target audience
- Your products or services
The good news is that one of the benefits of Facebook advertisement is that there are no service or membership fees to launch your ads. All you need to set aside is your allotted budget to run your ads and it depends on you.
If you already have a Facebook page for your business then you automatically have an ad account that you can use. It is located in the drop-down arrow on the upper right toolbar and you will see Manage Ads or Create Ads.
Facebook Advertising budget
Your allotted Facebook ads budget goes directly to your launched ads to deliver it to your target audience. The cost that you will incur from your Facebook ads depends on the type of ads you’re going to launch and run. When we say about different types of Facebook ads, it’s not just your sales caption and graphics. We’re also pertaining to different types of Facebook advertisement campaigns.
The different types of Facebook advertising campaigns depend on your marketing objective.
- Awareness – you can target this if your objective is either brand awareness or to reach audiences that are not yet following your Facebook Page.
- Consideration – you can have this as an objective if your goal is to increase traffic to your website, increase and enhance engagement, app installs, increase video views, lead generation, and encourage your target audience to direct message you.
- Conversion – you can target this if you want more conversions coming from your Facebook ads, catalog sales, and increase store visits.
Always remember that your Facebook ads campaign is driven by your budget and your object.
The ideal Facebook ad budget
In order for you to know your ideal Facebook ad budget, you need to practice an A/B split testing. This can allow you to identify which type of ads is the best fit for your objective and also in attracting your target audience.
An A/B split testing means that you need to test different types of graphics and videos that showcase your product or service with various ad sets and show them to your target audiences to check which graphics or videos + caption copy + type of audience is going to give you the best result based on what your objective is at the lowest cost or at least within your ad budget.
If you’re a startup or small business, the ideal Facebook ad budget to start per day is at $3-$5 on any type of campaign. If you are willing to spend more, then $300-500 per month on each Facebook ad campaign is also ideal to have a fair running start.
Again, your ad budget depends on your objective but of course what type of target audience you’re planning to attract and how big of an audience they are.
Relevance in your ad copy is also a must!
Your Facebook ads’ quality and relevance can also be the determining factor whether Facebook can show your ad over to other similar ads posted. Relevance Scores are on a scale of 1-10 as 1 being the worst and 10 being the best). If audiences see your ad and block, hide, or skip it then your Relevance Score would be lower. So make sure to also create fun and click-worthy ad copies to your Facebook ads, because it will have a lot of difference.
Other factors that affect the cost of Facebook Ads:
- Performance of your Facebook Ads – if your ads aren’t performing well, then technically you spend more, and just adjusting them can also cost you. That’s why it’s advisable to check the performance and stats of your Facebook ads regularly in order for you to know if you’re spending too much or too little.
- Click-Through Rate (CTR) – The number of clicks your Facebook ads receive will also affect the cost of your Facebook ads.
Running Facebook ads is a trial and error. There is no such thing as an overnight success. If you’re still unsure about how to launch your Facebook ads, Easy Media Team can help you out!