Everything that you need to know about Facebook advertising cost
For a long time, Facebook users thought that they could advertise their pages without any payment and get an immediate result. However, we must point out that there is an opportunity to pay for your advertising campaign to increase leads, visibility, sales and other indicators that could be important for you at the moment. However, how much should we pay and what do we know about Facebook advertising cost?
In this article we will focus on main points that affect on Facebook advertising cost. You will understand how can you use them for your current situation. So, let`s go.
Specific Facebook definitions
To make our process easier and give the perfect explanation, we should mention some key definitions, which are used in conversations about Facebook advertising cost.
Cost per Click. If your main target is to make users click on your advertisements, CPC campaign is the most optimal variant for you. The average is $ 1.72 CPC.
Cost per Like. Such advertising cost could be used in Like campaigns. The main task of such campaign is to make user like your advertisement.
Cost per Mille. Cost per 1000 impressions. People often use this cost for brand awareness.
Cost per Action. Such cost is used when people need to grab customer`s attention with the current action (install an application, watch the video etc.). Only when user do the task you need, CPA will work.
The score of Relevance. Such mark is often counting from 1 point to 10. However, it will be shown only when you reach more than 500 impressions. The algorithm is based on people`s reaction to your advertisement.
Frequency. An assessment of how often users see you add. Such number is calculated by the total impressions divided by reach. High numbers could be indicating advertisement fatigue.
Factors that could change advertising cost
There are some factors that should be mentioned while talking about Facebook advertising cost. There are only three of such factors, and we will quickly describe them.
It`s a very important factor for every person who is going to set a new budget for the advertisements. If we are talking about commercial agricultural tools, the cost will be bigger than a craft business. you should remember that on the planning stage.
Time of the year
When you`ve started your campaign, Facebook will make a huge impact on your costs. Of course, the time of the years also plays a huge role. When you have an advertising campaign during the winter holidays, you will probably face competitors (other developers with their businesses). This factor will immediately increase your costs. If you are working with an annual budget, you should take this increase into consideration.
This point matters a lot for your campaign. There are three basic types of objectives for advertising:
- Including Brand Awareness and Reach, the main task of this objective is to grab people`s attention and interest them in your product. The payment will be in CPM.
- This type of objectives includes Traffic, Engagement, App Installs, Video Views, Lead Generation and Messages. Such objective will be is directed to customers who are already interested in your product and what to know more about it. This objective could be used for new customers, but you should remember that you ask them to perform some actions before getting the needed information.
- This part implies store visiting, application downloading and other actions that appear on the final part of the advertising.
Set a certain Facebook advertising budget
Every developer who is working with business or any big project knows that budget is the key part of all work.
In our situation budget gives us an opportunity to prioritize everything and set goals for the first working period. Why we need that? Well, it`s a good question. First, we will understand what to do and how to achieve every next point in our list.
If you are a beginner in the sphere of advertising, set yourself a lower advertising budget to be sure that everything in your plan is right. You can also set a daily budget or make it for the whole campaign. Each of these two variants will give you the same result, just keep in mind that with everyday budget you don`t need to control the expenses.
The next step will be choosing a bid strategy. Keep in mind that your advertisement will be posted near thousands of such advertisements in the timeline. Facebook will determine you to a lower bid strategy, and it`s a good variant in long term perspective. However, the short term strategy could cost less and if you want to save your money, you`d better use it.
Synchronize your budget with your posting schedule
If you want to be sure that your campaign works well, you must include this point to your plan. It will make the process easier and give you the full control of your spending.
When you set the posting schedule, you know when exactly you will pay for new ad and how much could be spent during the specific period of time (one week/one month).
Here are some advices for you to optimize your posting schedule:
- Don`t post anything after midnight, because in the morning your advertisement will be at the bottom of the news feed. People could gust skip or ignore it.
- Post more on Thursday and Friday – last two days before the weekend. At this time, people are often thinking about their shopping plans.
- Add your posts in the gap form 7 to 9 a.m. when people are going to work and from 6 to 8 p.m. when they coming back home. It`s a very high possibility that they are scrolling down the news feed and could see your advertisement on the top of the line.
Analyze your audience
You can`t post advertisements if you don`t know anything about your audience. Use Facebook analysis to check the social media activity of all your subscribers. Make sure that you don`t waste money on advertising because the audience is not interested in your posts.
As you see, Facebook advertising cost isn`t the easiest chapter for social media businesspersons. However, if you will follow the points that we`ve talked about, the working process will become much easier.