There are a great deal of Facebook Ads marketers who are reporting conversion costs of a few cents. Others aren’t so blessed. In fact, most unskilled marketers are reporting just the opposite and are getting burned due to an astronomical Facebook advertising cost.
Right now there are plenty of factors which come into play when referring to Facebook advertising cost. But obviously, before you even get started out you should have some sort of budget in mind (unless you have an unlimited supply of money).
Here are 3 ways you can lower your Facebook advertising cost:
1. Know your target audience
Ideally, you should already have a good idea of who’s going to be enthusiastic about your products or services. If you are a new entrepreneur or a battle-hardened businessman, you must know who your target audience is. Is your product intended for women or men? Will you be focusing on young professionals or travelers?
Knowing your target audience can help lower your advertising budget because there’s a higher probability these individuals are already considering what you have to offer. Targeting an audience who doesn’t fit your ideal user will lead to raised ad costs because they will not be paying your ad any attention.
2. Set a bid cap
You can set a daily or lifetime budget your FB ads, but did you know you can also set a bid cap? If you didn’t know before, well you do now. A bid cap is much like what the name implies – Facebook will put a cap on your bid. So, for example, if you can only afford to pay 50 cents per click, then you can put that quantity as your bid cap. Otherwise, Facebook may charge you $1 every click, or more, depending on the competition. A bid cap helps ensure your budget is not exceeded.
3. Don’t advertise around the holidays
During holiday seasons, people tend to buy a lot of things online. This buying craze drives marketers and businesses to create Facebook advertising to get buyers’ attention which in turn pushes up the Facebook advertising cost for everyone. So if you don’t want to compete with a number of other businesses, it’s best to not advertise during peak periods like Black Friday, Cyber Monday, Christmas, Thanksgiving, and other important holidays. With there being 365 days in a year – you can always advertise before or right after the buying season to help lower your ad spend.
Lee is Owner of WebLeeDev (WebLee Development). He is passionate about Digital and Social Media Marketing. The aim of WebLeeDev is to provide companies with a complete internet solution, from company branding to website design and development to online advertising and lead generation.