Social media can be an excellent tool for businesses. While it’s important to consistently post content over all social media platforms, social media ads are essential, and can take your digital marketing strategy to the next level by enabling your reach beyond your followers. Most importantly, they can be cost effective and deliver instant results. In this blog post, we will discuss the best ways to maximize your Facebook Ad Campaigns and get the best return for your investment.
Are Facebook Ads Worth the Price?
According to a recent Statista report, Facebook currently ranks as the largest and most active social media platform, with 2.8 billion users compared to YouTube (2.3 billion), Instagram (1.3 billion) and TikTok (7.3 million). It also has the most even distribution of users compared to other social media platforms allowing you to target a larger range of age groups with your ads.
Facebook also allows precise targeting which means reduced ad costs overall. For example, you can target a group within a 10-mile radius of a particular zip code or reach parents with school-aged children easily, giving you an edge over your competition and the best chance to gain clicks and generate traction.
Flexibility with budgeting and affordability is also a plus to accommodate different types of advertising strategies. Facebook offers a few different options…lifetime budgets, which are good for a fixed budget and then more specific campaigns that can be narrowed down by dates, or daily budgets, which cater more towards a fluctuating budget and ongoing campaigns. Whether you spend $10 a day or thousands, Facebook has the tools to make the most out of every dollar you invest. In 2021, the average CPCs (cost per click) for the four biggest social media platforms were:
- Twitter: $0.38
- Facebook: $0.97
- Instagram: $3.56
- LinkedIn: $5.26
In summary, exposure, targeting, flexibility in your budget, and affordability all make Facebook ads worth the price.
What Factors Influence the Cost of Facebook Ads
There are a few variables to consider when it comes to the cost of Facebook ads. One is your audience size. Ads targeting larger and broader audiences will generally cost less than ads targeting smaller audiences, which are more specific and more competitive. Your daily budget can also affect your overall cost, so be prepared to spend a little extra up front until the system understands how your audience behaves with your ads and can therefore optimize for the highest engagement. Lastly, seasonality can impact cost, with the latter part of Q3 and Q4 increasing ad costs as competition ramps up for the holiday ecommerce season.
How You Can Lower Facebook Ad Costs
One way to lower the cost of ads on Facebook is using the Automatic Placement setting. While it’s certainly tempting to pick and choose where you want your ads to appear within the network, the best way to save money is to use this default setting. When you appear on all placements, Facebook is able to get a better idea on where to best place your ads, which will therefore lower your costs. Another way to lower your costs is by A/B testing variables in your ads, one at a time, to better understand what works and what doesn’t. Spend time testing the headline, text, images, videos, landing pages, and more, so you can continue to aim for better results, improve your engagement rate, and get the most out of your budget.
We hope these tips will help you navigate the best way to advertise on the Facebook platform while also allowing you to stay within your budget. Are you ready to start improving your Facebook advertising strategy? Our team at JSK Marketing can help you develop a strong social media advertising campaign that will build your brand, result in higher conversion rates, and enhance customer satisfaction. Contact us today to learn more!
