Well, that’s a tricky question – there are so many variables at play. Depending on your situation, the cost of your Facebook ads could be as much as $10 per click, or as little as 40 cents.
The most important factor is efficiency and performance. Your ads might be super cheap, but if they do not bring any results, it's a waste of money. Define the purpose (the goal) of the ad and what is your cost limit to label the ad as efficient. Many businesses measure success by the number of sold products, leads generated, or potential customers engaged.
There is no rule or benchmark for this, each business is different with different needs and circumstances. Someone might be satisfied with a new lead for $45 and another might not go over $10. One person might consider a $3 cost per click as successful and another would not want to pay more than $2. Calculate the revenue you can get from the lead and think about how much you want to spend per action, this way you can always check whether your ads perform well or not.
Before you spend a lot of money, try to set up your daily budget for $5 a day. (We will talk about how to set your budget later). Monitor your results. If the ad performance meets your ideas and you have money to raise the daily budget, do it. And do it again, if the ad is bringing you results.
Remember: If your ad is comical, visually appealing, engaging, or all of these combined, people will like, comment or share it more often than they would with some boring copy with a blurry image. If you really want the most from your paid ads, they have to be great to make the people share them and so the ads will be also spread organically. Deciding how much to spend is a good place to start, but always make sure each dollar goes as far as it possibly can. The key is the visual, the text, as well as targeting. Regarding your content creation, read my article about buyer personas, because you should tailor-make it for your ideal customers and you can also find more helpful info in this article about tools for creating visual content.
So, how can you get an idea of how much Facebook advertising costs before diving in?
In this article, we’ll run through some industry benchmarks, how boosting Facebook posts work, the key variables that affect charges, and strategies to reduce your Facebook ads costs.
It doesn’t matter how much money you spend on Facebook advertising if your campaigns are low quality. If you want to boost your posts, don’t waste money on poorly designed and executed campaigns. People go to Facebook daily to catch up with what matters to them, discover new things that could matter to them, and basically, to escape boredom. Invest in quality.
Remember: Consistency is essential.
Facebook is a visual platform. People don’t go there to be active and shop. Because it’s a “see” platform, boring ad copy won't drive your results, and will only waste your time and money. Your ads need to be valuable, visually appealing, and they undoubtedly must fit one of these criteria: be interesting, provoke to action or invoke an emotion.
There are plenty of factors that influence the cost of each of your boosted Facebook ads.
Your industry can also shape your Facebook advertising costs. Markets with the highest advertising costs include finance, insurance, and consumer services. If you’re in a competitive sector, focus on creating top-notch ads and setting competitive bids. We will talk about bids later on.
Facebook allows you to choose between various types of objectives. Each of them is about helping you with something else. Getting likes is most likely easier and cheaper than getting real orders from people. The cost of the ad might be high and also low, it always depends on what your goal is and what is the value from each action for your business.
Brand Awareness gives you the estimated ad recall lift metric, which shows how many people would remember your ad if you asked them within two days.
Reach is for those ads you want to show to as many people as possible.
Traffic objective is made for those who run a website and need more visitors. Call to action is necessary here.
App installs speaks for itself. You want the people to install your app? Use this one! And get as many reviews as you can.
Video views optimizes to get the most plays for your video ad. Show your ads to the audience who are most likely to watch your ad for at least 2 continuous seconds, 15 seconds or longer. While other objectives don't optimize for video views, they are available to support your video. The video is supposed to be entertaining, if not, the objective won't help you.
Lead generation objective helps you collect email addresses from potential clients. It is one of the most expensive objectives and it doesn't work without a reasonable persuading ad.
Post engagement means you will get more likes, comments, or followings on your ad or regarding your ad. It's crucial to have a good quality ad, so make sure that it's visually appealing and engaging.
Page like gets you more page likes!
Event responses are for event organisers who need to invite more people.
Messages drive conversation to your business.
Store traffic advertising objective allows you to create Facebook ad campaigns to increase foot traffic and boost sales at your physical stores. You can choose the store traffic objective for your campaign if you have a business with multiple stores and you've added your store locations to Facebook.
Cost-per-Click (CPC) is a way for Facebook to charge you according to the number of user clicks on your ad. It is used in ads which encourage users to click away from Facebook to your website or landing page. You just set the call to action (CTA) that a user clicks on, which includes many options from “Learn More” to “Shop Now” and “Sign Up.” The amount of clicks depends on your ad quality as well as on your target audience.
The average CPC on Facebook ads across all industries is $1.86, with CPCs by industry ranging from as little as 45 cents for apparel to $2.72 for employment and job training.
This makes Facebook one of the more affordable pay-per-click advertising platforms. For comparison, the average CPC on Google Ads is $2.69, with many CPCs over $5. To get a better idea of how much Facebook advertising costs, let’s take a closer look at two of the more detailed studies available from WordStream and AdEspresso.
However, there are some fluctuations. For example, the finance and insurance industries have the highest average Facebook advertising cost at $3.77 per click. Thankfully, not all industries have such a high average. Apparel ($0.45 per click), travel and hospitality ($0.63), and retail ($0.70) have the cheapest Facebook advertising costs.
Cost-per-Mille (CPM) pricing charges advertisers based on every 1,000 impressions, or times the ad was shown to a person. CPM is often a lower-cost alternative to CPC ads. Since the impressions do not necessarily equate to user interactions, they are best used for advertisers using Facebook ads with the goal of reach or growing brand awareness. The average CPM on Facebook ads across all industries is $11.20. This equates to just 1 cent per impression.
Cost-per-View (CPV) The cost-per-view pricing model is designed for video ads and charges advertisers every time their video ad is watched by a Facebook user. It is a good option for advertisers with a powerful message best presented in a video. Keep in mind that a video only has to run for three seconds for Facebook to consider it a view; this may not be enough time to convey your message.
If you need more time, consider a different pricing structure to help you achieve your ad goals. The average industry CPVs on Facebook ads are between 1 cent and 15 cents. As with all types of Facebook advertising costs, this may vary greatly from business to business. Since it’s difficult to gauge the effectiveness of a CPV cost structure, consider using your click-through rate. (CTR) as an indicator of your ad’s effectiveness.
Cost-per-Action (CPA) Cost-per-action is similar to CPC with a key difference: Rather than being charged when a user clicks your ad’s CTA, advertisers are charged when users take a certain action on their website. Advertisers set the action they want to be charged for, and actions can include anything from newsletter sign-ups to app downloads and online purchases tracked via the Facebook pixel.
The average CPA for Facebook ads is $18.68. The CPA cost structure has a very wide range of averages, from the education industry at just $7.85 to technology at $55.21 per action. To be cost-effective, make sure the value of your audience’s action is at least (or more than) than the CPA; otherwise, your campaign will yield a negative return.
Cost-per-Like (CPL) Cost-per-like pricing is similar to CPC with the difference of the attribute you are charged for. CTA set to “like” your business’ Facebook page. It is typically low cost, and is best for businesses that are new to Facebook and looking to build brand awareness. It’s also worth noting that those using a CPL (Cost Per Like) should plan to be very active on their business page. Otherwise, paying for likes won’t increase engagement; Facebook business pages are only effective if they are used consistently.
The average CPL for Facebook ads is between 12 cents and 16 cents. While these are considered very low, keep in mind that CPL does not yield the direct revenue of, say, a CPA, so the low price correlates to the lower value result.
Everything varies depending on your chosen audience, ad quality and the competition level for that audience. This means your CPM, CPC or CPA may be very low if there is little competition for your target audience, or expensive if there is a lot of competition for your target audience.
Example: Imagine that you, a real estate agent for example, are starting a Facebook campaign. You have set your targeting to include people who are families with young kids and are interested in huge houses. Now imagine that Facebook needs to choose between two people to show your ads to, both of which match your targeting. The first person is very engaging, gives likes to everything, but never completes a lead form.
The second person doesn’t click on a lot of ads at all, but tends to fill out lead forms when they do click on one. If your objective is to get traffic to your website, Facebook will choose the second person to show your ad to. If your objective is to get leads, Facebook will choose the person most likely to convert. If your objective is to get more likes or comments, the first person would be the better choice. There are fewer people who are likely to convert, fill out a form, or buy, than people who are likely to click to a website, give you a comment or watch your video.
Remember: Facebook also gives you Estimated Daily Reach that is based on your audience, timeframe and budget and it’s different for each ad objective.
Note: Target the right audience!
There are more than 350 audience attributes you can select and combine, and it takes years of perfecting your technique to manipulate them into killer audiences. Do you know who to show your ads to so your money and effort won't be wasted? Read this article and find your target audience. Also, knowing your audience will determine not only what you share, but how you share it. If they’re into reading, give them long texts, if they like videos? Go for videos!
Have I said enough? Want more? Okay. It's your bid and your budget.
We are talking about the budget you set for each campaign in Facebook Ads Manager. It is the overall amount of money you’re happy to spend on a single ad set or campaign.
What’s more, Facebook provides two budget types:
Bear in mind that the cost can fluctuate a lot. If you check your ads every day, you might see that Monday's CPC is $1.93 and Tuesday’s is $2.76, don't worry. It's always good to look at the averages for at least a week.
Remember: Facebook also gives you an Estimated Daily Reach that is based on your audience, timeframe and budget and it’s different for each ad objective.
Your bid is how much you’re willing to spend to land an ad placement.
If you don’t choose a bid, Facebook will automatically calculate one based on your chosen budget and the duration of your campaign.
Don't worry, you’ll only ever pay a cent more than the nearest competitor’s bid. This means that if you set your bid to $3 and the highest bid from a competitor is $2.24, you’ll only pay $2.25 for the ad placement.
Always try to widen your organic, engaged audience. This can help you save a lot of money to acquire new customers. For example, an ecommerce business with just a few hundreds of followers on Facebook may invest more in Facebook advertising because their campaigns drive traffic to their website and it leads to product orders. In comparison, a well-known business may spend less due to their already remarkable brand awareness.
When it comes to your business's annual advertising costs, it’s essential to find out which channels offer the most value. If social media, specifically Facebook, provides a tremendous return on investment (ROI), then it is obvious that raising the budget for your Facebook campaign would be effective.
If you have no experience in advertising on social media, you should think about your audience and your goals first. If there is nobody who can help you with running your facebook ads, you can always try this easy app. It will help you lower your Facebook boost post cost and run them effectively.
Every small business needs a well prepared marketing plan that helps reach its goals and aspirations. Every marketing plan should also come with a marketing budget. Creating the optimal marketing budget will ensure you spend the right amount of money in the right places to achieve your marketing goals. The creation of marketing budget involves, of course, the decision of how much money you will spend on marketing, but it is also about choosing when to spend it and most importantly on what platforms.
Be aware that you need to do deep research on where to put your money and who to target. Decide how much you are willing to pay to acquire new customers and grow your business.
Remember: To make money, you need to invest money.
There are a few main factors that influence the cost of your ads: Ad objective, Bidding type and the amount of the bid, Audience, Ad quality, Your industry and your Budget. Think about all of them and run your campaigns effectively!
Facebook Groups are one of the basic components of Facebook. You are probably even a member of some of them.
It's a place where people with the same interests can connect online. The basic principle is that it is an online place for people to discuss, share experiences and express their opinions and attitudes. It also allows people to organize events, share photos, videos, or broadcast live videos.
Any Facebook user can create a group and its operation is completely free. Each user can be a member of up to 6,000 groups at the same time.
Unlike FB Pages, groups can be closed, and while the Page serves primarily for brand presentation, groups are focused on users and their activity in the community.
Public groups are the ones anyone can find and join. On the other hand, Closed Groups can be found, but their content is hidden and the membership must be approved by its moderator or administrator. This is a great tool to control who wants to join the community and thus control the membership. The highest level of privacy is offered by the Secret group. You cannot view or search those on Facebook. Members of these groups are directly invited by administrators or other members.
If you are reading this then you have probably heard of Instagram. It is one of the most popular social media platforms in the world. With over 1 billion monthly active users and more than 500 million daily users.Nowadays more and more businesses are using Instagram as a key marketing tool when it comes to online marketing.
But it is important to do your research and learn the ins and outs about marketing on Instagram. So you can enjoy all the benefits it has to offer and create the best possible marketing strategy to ensure great results.
Your main objective is to find your target audience and engage with them in the best way possible. This is achievable by using a number of key tactics and data which are all available to you via Instagram. Studying this information will help you come up with the best marketing strategy for your business. Which will help you reach your targeted audience to ensure you are offering your product or services to the right people.
Sound interesting. Here are the key methods to finding and engaging with your targeted audience on Instagram.
A strong community becomes a place where customers interact not only with the brand, but also with each other. This is a great source of positive and authentic reviews and it is also an opportunity to build a relationship with your audience. The best brands have killer community management strategies and this article explains the top 5 tips to help you better manage your community across all channels.
People plan their meetings, their gym sessions, their tasks in general, why not just plan the content, then? Planning weeks or even months in advance gives you the ability to readjust your posts if needed. Set up your content calendar and approval flows. If you are doing the content alone, make sure there are no errors. Stay consistent and relevant. Planning your content ahead will help you to see the overall impression. Try it! It’s satisfying.
2. Represent your brand identity
Are you a real estate agent, owner of a flower shop or a barber? Representing your brand or business does not mean you should be boring. Be entertaining, so your audience feels good as part of your e-company. Give them valuable information, call them to action so they engage with you. Be consistent and you will become memorable. If it is not in your brand identity to behave cheeky, as for example, Netflix does, find another way to communicate in a friendly and engaging way. :)
3. Track important metrics
As mentioned above, the realtor, the barber and the flower shop owner have something in common — they should not be boring. But they can have different social media goals. The realtor might be looking for new leads, because they don’t want to be dependent on one channel like e. g. Zillow. The barber needs more customers and the florist needs to be in the minds of all the guys who live near the shop, so once their special lady has a birthday, they know where to buy the best flowers! It can be difficult to determine how your efforts have contributed to sales and leads directly. Instead, it’s better to determine how you define your own success, depending on your goals.
Think about these points below:
Traffic: Is your community on your website? Do you see growth over time? Where is the traffic coming from?
Engagement: How many people are coming to your page versus those actually engaging? Which topics are they engaging in most often? This may determine your future questions, content and discussion starters.
Members or customers: How many new members do you get every week and how many do you lose? Is this consistent? If there was a drop or growth, find what caused it!
4. Use the data you collected
Analyse your posts, interactions and the feedback you get from your audience. Then OPTIMISE! You are the one who knows the data and your customers best. The value of data cannot be understated — you’ll end up with happier, more loyal customers, as well as more easily converted leads. Use the advantage!
People trust other users experience more than the companies themselves. Did you know that reviewed a product’s chances to be sold are 80% higher than one without any review? Positively reviewed, obviously. Social media is all about interaction, sometimes the best content will come from your audience.
This is User-Generated Content, or UGC. It is amazing because it is authentic, and reflects what your customers think about your brand and… it’s free. It will show your customers’ experiences, and it drives the conversation forward in ways that you won’t be able to do by yourself. It is the gate to engage with people and get closer to them, making your brand feel more personal and approachable. UGC can be anything e.g. posts or tweets mentioning your brand or reviews.
Two examples of UGC campaigns:
Remember: Everybody wants the response. And everybody wants the answers quickly or even instantly. Do care about your response rate and response time. It might seem that people take it for granted, but it really makes the user experience unique and enjoyable.
There are more than 7 billion people on earth. And 1 billion of those people are on Instagram. That means every 7th person uses this visual-based social media network. Launched in 2010, and eventually bought in 2012 by Facebook (with more than 30 million users back then), Instagram offers a huge opportunity to connect with your current and potential customers, as well as, your followers and fans. The growth has been tremendous, which makes Instagram one of the most well-known and most widely-used social media platforms of all.
You already know that you can leverage any platform if you have a clear understanding of the audience you can reach there – and whether or not it aligns with your target audience… To find this out, let's jump into the key stats about Instagram and its users!
Is all your revenue coming from one source? That's a huge risk! Using a single sales and/ or marketing channel to market your business might be a fatal mistake for you. Single-source dependency means over-reliance on one thing and that could ruin your business. It's like having no backup. As much as you diversify your effort into various marketing channels and revenue sources, it’s unavoidable that you find a disparity in results. But that’s not to say you should stop doing it. You never know when a small revenue driver can become your main income and vice versa.
Some businesses are dependent on one revenue source so they make themselves unduly exposed to forces outside their control. What if that source is over?
For lots of businesses this source is Google, when sales are primarily driven through Google Ads. And they take huge hits when a new competitor outbids them.
There are over 7,000 marketing tools you can use today. And I'm going to name them all. No, just kidding, Scott Brinker already did. Actually, he updates the database every single year, so I don't have to. ;)
If you are new to marketing and want to learn about the 10 most useful tools for small businesses, keep reading!