Advertising on Facebook Cost
Facebook is well on its way to being profitable, posting 1.86 billion in Ad revenue last year alone. With that type of growth, Facebook is demanding more on it’s cost per clicks. Earlier this year, there was a 54% quarter over quarter increase on cost per clicks via the platform, and a projected 30-40% increase in the next year.
So how much does it cost? Im going to have to pull out the “It depends” card. Based on our portfolio over the last year, we are currently are experiencing an average 1-$2 per click on a typical campaign, but have gone as low as 13 cents a click on a campaign we did featuring Lady Gaga. We also run CPM campaigns as well, which in all cases are well under a $1.00 per thousand. Although these costs are a lot lower than Google, click thru rates are much lower, and is also a metric that affects your costs per clicks on Facebook. Managing your ads can lead to long term savings.
There are a number of ways you can impact and manage your facebook ad costs, below are a few.
Break up your likes and interests into micro targeted groups. The more targeted you are, the more relevant. The more relevant, the less you are spending on broader interests that may not perform as well. Breaking it out gives you this insight as to who is converting into a like, engagement, visit, etc. Even if this may lead to a higher per click cost, your desired actions will be more favorable.
Concentrate on images, and have multiple variations of them. Facebook ads are highly dependent on images, and they can make or break your campaign. Images on FB can lead to “ad fatigue” or “ad blindness”, a reaction, or lack of reaction in this case, to seeing the same ad with the same image popping up multiple times. Invest time in the selection of your images and have multiple ads with different images. Keep an eye on the frequency of times uniques saw the ad as well as the length of time it has been running. Switching it up with another image can improve your click thru rate which assists in managing the costs per click.