Advertising on Facebook is one of the most cost effective ways to reach potential customers.
The main challenge in decreasing the costs associated with Facebook ads is creating ads that have a high click-through rate (CTR) and achieve a high click to Like ratio. The higher the click-through rate of your ad, the lower the price Facebook charges you for advertising.
To decrease your Facebook advertising costs, you will needs to dedicate time and resources towards developing effective ads. It is important to build a variety of ads and test them to find the images and messages that resonate with your target demographic on Facebook. If you don’t take the time to develop and test your ads beforehand, expect your Facebook advertising costs to be higher.
Keys to Cost Effective Facebook Advertising
Facebook Ads Are Time Consuming
Building efficient ad campaigns is more or less a trial and error process. Until you have done a few test you won’t be sure how your target demographic will respond to different ads. Even when you find an ad that works well, it will have a limited time period before performance starts to decrease and advertising rates rise.
Involve Your Team
Since Facebook ads require a lot of time and resources, it makes it easier when it is a team effort. Just make sure to invite your team to your Facebook ads account.
There are many variables that determine whether or not an ad is going to be successful. Test different variables and remember that the more targeted your demographic the better your click-through rate but the faster your ad will run out of steam.
When running your ad campaign it is important to monitor your analytics every single day. Click-through rates for an ad can change from day to day, altering the cost of your ads. If your not careful a Facebook ad that was originally cheap to run can become expensive.
Target Friend of People Who Like You
Facebook allows you to target the friends of people who Like your Facebook page. By targeting peoples friends you can improve your click-through rate. This will help decrease your Facebook advertising costs but it also narrows the size of the demographic you are targeting. Make sure to monitor performance to avoid paying a higher price once your click-through rate for an ad starts to fall.
In your Facebook advertising account, an action refers to someone clicking the Like button on your ad without clicking through to your page. Since the whole point of advertising on Facebook is to gain Likes, keeping track of actions makes it easier for you to determine the cost per Like.
Monitor Click-Through Rate
As previously discussed, your ads click-through rate is one of the most important factors for decreasing your Facebook advertising costs. Make sure to monitor your click-thru rate to find the most cost effective ads and to catch when an ads performance starts to fall. By monitoring click-through rate you can achieve greater visibility and a lower cost per like.
Facebook ads are a great way to target specific demographics and add potential customers to your Facebook page. By applying these tips, you should be able to decrease your Facebook advertising costs and lower your cost per Like.