How to Lower Your Facebook Advertising Prices

Facebook is the top platform for advertising for a number of reasons. Apart from the fact that they boast a huge user base, they also make it really easy and effective for advertisers to use thanks to both their powerful targeting options as well as their affordable costs. In fact, they let users choose one of two budgets that they get to set on their own that way that won’t go over the amount that they’ve allotted for Facebook advertising. Those two budgets include a daily and lifetime budget. The difference between the two lies in how much a company is willing to pay per day versus per lifetime of a specific ad. In the end, though, it’s not how big your budget is, but how well you maximize what you’ve set out. That being said, there is a baseline to the CPC, short for cost-per-click, that’ll help you get an idea of the type of budget you should be looking at if you want to win in the Facebook auction. The bid, however, is only one of three factors that are taken into consideration. The other ones include estimated action rates as well as ad quality and relevance. Also, keep in mind that regardless of how high you set your bid, should you win the advertising spot, you’ll end up paying the minimum bid that they would’ve needed to set your bid at in order to win it. Regardless, to give you an idea of what you’re looking at, the average Facebook ad CPC in 2017 across all of the industries was $1.72. This price bounces depending on the industry that you’re in, your audience, goals, as well as your optimization settings, but this way, at least you aren’t grabbing an estimate out of thin air.

Now that you have an idea what CPC you’re potentially looking at, we have a number of tricks up our sleeves that can help you lower your CPC. For starters, we’ve found a common theme amongst those advertising on Facebook. They are given great targeting tools and yet they still aren’t targeting a narrow enough audience. Keep in mind that the larger your audience, the more you pay for an audience with a smaller percentage of converting versus paying only for those who have a much greater chance of converting. Therefore, target based on certain demographic, geographical area, or set of interests and behaviors. However, when creating a custom audience, it’s best to do so by first defining the base profile and then adding layers of interests and behaviors, should that be necessary. With that custom audience, you are able to take advantage of their lookalike feature. Facebook takes the users that match your custom audience in order to create an audience that is very similar to the one that you know converts. Keep in mind, though, that you can only create one lookalike audience per country. By properly defining your audience, you’ll be impacting your ad relevance score which in turn, impacts your CPC. Other factors that impact that score include the campaign objective, expected feedback, as well as the ad relevance and freshness.

Another thing that you want to make sure that you’re doing is testing out your ads. Failing to do so puts your budget for the ad straight into the trash. Don’t throw away your budget on something that you aren’t certain will work. You also need to remember that you can’t stay stagnant should your ad be successful initially. Therefore, quickly create an ad that’s like an old one that you’ve run on their Ads Manager in order to either refresh it or test it out. It’s a great way to figure out what resonates with your audience the best. Additionally, when it comes to ads, since they can be very hot the moment they come out, but decline in response over time, it’s important to continuously update your creative. Other ways that you can test out your ad are via efficiency tests. Here, you set up several ad sets that have similar and yet variable target audiences. The ads and ad sets that end up beating out the others will show you which ones you should optimize and move your entire budget onto since they have been proven to work. The relevance score, which we mentioned earlier, is actually one of the primary factors in achieving the lowest possible CPC, which is why it’s crucial to test ads out and then place your focus on the ones that give you the best result.

Other things that you should keep in mind include paying attention to detail when it comes to the visual presentation of your ad. Really take advantage of all of the templates that Facebook offers including canvas, slideshow, carousel, and video, to name a few. After all, you’re competing for attention and engagement. Therefore, really analyze your audience and figure out what kind of ad template would be the most captivating for them.

All of these tips look pretty on paper, but putting them into practice may be a completely different story. However, it doesn’t have to be that way if you invest in an agency such as our own. Lower your Facebook advertising prices while get the biggest ROI by investing in a solution that has already seen it all while has the tools to help you see it all, too.

TEA

Threat and engagement analytics focuses on providing you with the best social media campaign management by focusing on detecting and eliminating threats while also making a constant analysis on user engagement in order to uncover any trends or obstacles within your audience. Track site traffic and visitor engagement, get insight into actual visitor activity, target actual potential customers with the right ads, and make sure that all of the data collected is related to real visitors versus bots. In addition, we provide users with a dashboard that gives them a 360-degree overview of every single one of their marketing campaigns along with both their activity and performance. However, this is only scratching the surface. If you want to see all that we are capable of, head over to our site where you will find a free webinar.