With over a billion users, advertising on Facebook can be a powerful way to reach potential customers. However, compared to other click based advertising options, Facebook can be expensive. Here are 7 tricks to help you lower Facebook advertising cost to be more effective for your business.
1. Cast a wide net
Target a large audience when defining the audience for your Facebook Ad. There are many target options including demographic and interests options (ever wonder why Facebook always asks you to update your interests?). Spend a lot of time on reaserching inetrest and commen threads of your potential customers – that’s the single most important way to get the audience right. So unless you are offering something specific and only available to a certain region, choose the broadest demographic targets but narrow the interest options. This combination will allow you to effectively reach the largest number of interested people.
2. Create something eye catching
A large part of creating your Facebook ad should involve the photo you will use. It must be eye catching. It must be clickable. This is one of the most important parts of creating your campaign since any advertising cost, high or low, will be irrelevant if no one clicks on your ad. You can create several ads with different pictures to find which one is the most clickable. Keep it tasteful though so as not to damage your reputation.
3. Get a high CTR
You can show Facebook that you have quality advertising and that your ads are improving Facebook users experience by having a high CTR (click-through-rate). This means that not only is your ad visible to your target audience but that they are actually clicking on it. If you can demonstrate this, you will be rewarded by being able to pay less for your advertising.
4. Bid high for a good position
When you create your Facebook ad, you will have a suggested bid to use. What you enter will then be compared with other advertisers and whoever “wins” will get the best position for their ad on the page, meaning higher chances people will click their ad. Bid high (at first) to position yourself well which will lead people to click on your ad which will, in turn, give you a higher CTR at which time you will be rewarded by Facebook with lower ad costs.
5. Understanding the market
Like any other advertising platform, Facebook ads may cost you more during peak times, like holidays or back-to-school. If your ad campaign can wait, hold of on running it during these peak seasons to avoid high costs.
6. Analyze and strategize
Review and proceed based on the statistics that are generated by your Facebook ads. Find out which images resulted in the most clicks, what times of year people are clicking on your product and which demographic seems to be responding to your ad. All of this information is available to you and will help you create Facebook advertising campaigns that are more effective and therefore, lower cost.
7. Don’t underuse cost per impression adverts
A lot of marketeurs tend to concentrate on cost per click (CPC) based adverts and in many cases that’s what makes sense for them. But there are a lot of situations where the impression based adverts can work better. If your market is very small you can add impression adverts to the cost per click ones so just everybody who is even mildly inetersted can see your ad. They are also great as a general brand building exersize when you just need people to get used to your branding and create a positive image instead of action based adverts.
What do you think about Facebook advertising? Do you use it for your business? Give it a try using these 7 tricks to lower Facebook advertising costs.