Considering Facebook advertising for the first time? Then, the first question that strikes your mind is – How Much Does It Cost to Advertise on Facebook. Do you know planning your budget for Facebook marketing is not an easy task? It’s the same question that countless business owners are searching for the answer. Read this guide to find out the average cost of advertising your business on Facebook and what factors affect Facebook advertising costs.
Introduction to Facebook Advertising
Understanding how to take advantage of Facebook ads is becoming the important part of almost every social media marketing strategy. Facebook Advertising is just similar to Google AdWords which allows you to be more targeted with advertising and taking aim at your targeted audience and making it as the more effective method when compared to other online advertising campaigns.
Read More: Facebook Ads vs Boosted Posts – Difference
One of the important reasons you should be using Facebook Advertising is – The Ever-changing Facebook Algorithm. Just like the rollout of frequent Google Algorithm, Facebook too now announcing algorithms frequently to make Facebook as the better platform to connect with your customers.
Gone are the days, where the Facebook business page credibility is weighed by the digits of “Likes”, but now things were changed. After the rollout of the Facebook Algorithm, Engagement Baiting has been stopped and it’s becoming tougher for your audience to see your business posts. It doesn’t matter whether you have thousands of likes or interaction on your Facebook business page, now Facebook is favoring “personal connections” over business content. This means, now the only available for your business to reach out targeted audience and make your post seen on the social network by a large number of people is by Facebook ads.
Why Should Your Business Use Facebook Advertising?
You might have a mindset that Facebook isn’t worth a single penny spending on to reach your large customer base. But now it’s the time to change your mindset. Yes! With an active base of 400 million active users, Facebook has now become the best social media platform to reach out to all your targeted audience, even globally.
Recently it has been said that nearly 80% of all online users have some kind of presence on Facebook and through spending as little as a single penny a day, you will be able to much better target those responsible for making purchasing decisions in a business, without needing to go for the hard sell.
Similar to Google AdWords, Facebook Advertising is easily measurable. With the use of Facebook Pixels, you can see exactly what is happening in your Facebook Advertising Campaign. And also you will get a clear report on what traffic you’re driving more to the website and the visitor’s behavior when they hit your site. Your report also contains – Did they buy anything? Which pages did they visit? Did they add anything to their cart? Send a query to your customer service department?
With all these clear insights, you can strategize your Facebook marketing campaign and make it more likely to convert Facebook users into visitors and visitors into buyers.
How to Get Started With Facebook Advertising
1. Set some goals for your Facebook Ads
Before you bounce in and make any adverts, it’s essential to initially consider for what reason you’re advertising and what you’re intending to achieve. By defining yourself a couple of objectives in front of running live with ads, you likewise have something to measure your success against.
For instance, in case you’re hoping to build downloads of your mobile application through Facebook Ads, you could set an objective of 100 downloads in the first month. This will likewise help you with regards to picking the right target for your Facebook Ads campaign in Step 3 beneath. Some more examples could be:
- Increase traffic to my website from Facebook
- Increase attendance at my event
- Generate new leads
- Increase the reach of our content on Facebook
- Boost engagement for our Facebook Page
2: Choose Facebook Ads Manager
The majority of Facebook’s Campaigns go through the Facebook Ads Manager tool, which you can get to by means of a direct link at facebook.com/promotions, or by clicking “Manage Ads” in the drop-down menu on your Facebook account, or by clicking any of the CTAs on your Facebook page.
Once you’re into the Ads manager, you can navigate with the menu on the left-hand side of the page. To get started with your first ad, click the green button in the top-right corner of the page.
Once you’re into the Ads Manager, you can explore with the menu on the left-hand side of the page. To begin with, your first ad, tap the green button in the upper right corner of the page.
3: Choose Your Goal Objective
Once you click to create a Facebook Ad, you’ll be redirected to the page where you choose the objective for your campaign. There are different ways of approaching an ad campaign and these fall into three main categories including:-
- Boost your posts
- Promote your page
- Reach people near your business
- Increase Brand Awareness
- Increase your reach
- Send people to a destination on or off Facebook
- Get installs of your app
- Raise attendance at your event
- Get video views
- Collect leads for your business
- Increase conversions on your website
- Increase engagement in your app
- Get people to claim your offer
- Promote a product or catalog
- Get people to visit your shops
Once you’ve selected your objective for adwords campaign, you’ll then be asked to name your campaign.
4: Define Your Targeted Audience
This step is really important for the success of your Facebook Ads campaigns. The targeted group of people for your ad can be based on all the following demographics:
- Location, starting with a country, state, city, zip code, or address, and refining even further with a mile radius
- Interests – Facebook looks at a person’s interests, activity, the Pages they like, and closely related topics
- Behaviors – Things like purchase behavior and intent, as well as device usage
- Connections – Choose to show the ad to all people, just those connected to Buffer, or those not connected to Buffer
What’s more, with the Connections setting, you can pick advanced targeting on, which gives you the access to include or exclude people who are connected to certain pages, apps, or events. You can also further customize your targeting using custom audiences to retarget people who have already interacted with your business.
5: Create Your Ad
If you’d like to create your advert from a blank canvas, the first task is to select the format you’d like to use for your advert. Facebook Adverts look slightly different depending on the results you want. Facebook currently offers 5 various formats for adverts:
- Carousel: Create an advert with 2 or more scrollable images or videos
- Single image: Create up to 6 variations of your advert using 1 image
- Single video: Create an advert with one video
- Slideshow: Create a looping video advert with up to 10 images
- Canvas: Tell a more immersive story by combining images and videos
6: Choose your Ad Placements
Advert placement characterizes where your advert appears and with Facebook Ads, you’re ready to pick which locations your advert will show up in. Adverts may show up in Facebook’s mobile News Feed, desktop News Feed, and right column. You may also create ads to show up on Instagram.
Facebook recommend utilizing the default placements for the target you picked, which empowers Facebook to streamline placements for you with a specific order to get the most ideal outcomes at the cheapest overall average cost.
7: Place Your Order
Now, your advert is ready to go. To submit your ad click the ‘Place Order’ button at the bottom right-hand corner of the page. Once your ad is submitted, it’ll be reviewed by Facebook before its put live (you’ll receive a confirmation email from Facebook once the ad is live).
Factors That Influence the Cost of Facebook Ads
- Ad objective
- Bidding type and amount
- Ad quality
- Your industry
How to Set Your Budget & Bid for the Best Results
Facebook advertising has flexible pricing. You can spend as little as $1 a day, or thousands per day
There are two different ways to set the price of a Facebook ad:
Daily Maximum Budget – Your ad keeps running until the point when your budget plan is met every day. You can set a pre-specified number of days or leave your campaign open until the point when you stop it.
Lifetime Budget – Your advertisement runs consistently until a maximum total amount is reached, or the advertising end date that you specify arrives.
When you make a Facebook ad, you can choose whether you need to apply a daily or lifetime budget plan. Facebook marketing specialists have put forth an intriguing case for why you ought to pick a lifetime budget plan: You enable Facebook’s algorithms to choose the optimal times to convey your ad, as opposed to “force” them to demonstrate to it a sure of times every day (as you would with a daily budget plan.)
All things considered, the daily budget plan gives you the most control, since you know precisely the amount you’re spending every day. With a lifetime budget plan, the money you spend will differ from each and every day. All things considered, the two models can be balanced or ended whenever. Likewise, you can switch whenever amid a campaign from daily budget plan to a lifetime budget plan, and vice versa. So insofar as you’re keeping a nearby eye, you don’t need to stress over unexpected charges.
How To Calculate The Cost Of Advertising On Facebook
Using USD, AUD, CAD, SGD, JPY, NZD, TWD, EUR, CHF, SEK, HKD, GBP, ILS, NOK, KRW, DKK will require your minimums to be as follows:
- At least $1 a day for ad sets charged for impressions.
- Ads charged for clicks, likes, video views or post-engagement need a daily minimum budget of at least $5 a day.
- A daily minimum budget for low-frequency events such as offer claims or app installs need to be at least $40 a day.
Using any other currency besides the ones listed above will lower the cost slightly.
- At least 50 cents a day for impressions.
- If you’re being charged for clicks, likes, video views or post-engagement your daily minimum needs to be at least $2.50 a day.
- Low-frequency events such as offer claims or app install need to be charged at a daily minimum of $20 a day.
The Best Way to Lower Your Facebook Ad Cost – Contact Digital Marketing Experts!
If you’re new at Facebook advertising campaign and aren’t the most tech-savvy, you will want to get a marketing partner. You’re going to waste a lot of time just trying to figure out all the nuances of Facebook advertising, and the costs that go with it. So stay tuned with BulkQ to learn more on digital marketing strategies!