How Much Does Facebook Advertising Cost?
Facebook ads are a great PPC option and it works great. If you are thinking of using Facebook ads to increase brand awareness, we are sure you have a ton of questions. Most of us do, especially when it comes to setting up the budget.
Truth to be told, there’s no predefined sum you need to pay for Facebook ads. You can spend anywhere from USD 10 a day to USD 100K a week. The choice completely depends on your needs and purpose.
Since there’s no predefined amount, the budget you have to prepare will depend on several factors. In this blog, we will you through each step needed to figure out the budget you will need for a Facebook advertising campaign.
Keep an eye on your bids: When you are trying to reach your prospects through Facebook ads, you are generally joining a greater, global auction, competing with other marketers to obtain ad space on Facebook.
Since the competition is intense, Facebook runs a bidding/ auction system, where marketers, set bids to win the right to run their digital marketing campaign, so there’s no predefined amount to spend on Facebook ads. The expenses totally depend on how fierce the competition is.
If you want to run a Facebook campaign, there’s a high possibility that you are not selling or targeting your services or products to the entire population!
The audience you’re targeting: Your cost of Facebook ads will largely depend on your target demography. For instance, if your goal is to reach people aged between 20-26, you will spend less compared to those aged 50 to 65.
Further, gender type will also change your budget. If your targeted audience is mostly women, then make sure you are ready to spend more, because generally women are bombarded with e-commerce ads all the time and to go get their attention, you must pay more.
Ad Objective: When you are using Facebook to promote your brand, you must be well aware of your campaign objectives and goals. Your Facebook ad campaign budget can change drastically depending upon your goal and objectives. Don’t waste money on poorly designed and executed campaigns. Instead, get professional Facebook ad management from an expert digital marketing company to save cash and to increase return.
This part is crucial, not only to properly estimate campaign cost, but it can also help to determine campaign success as well.
Time of the year: There’s no need to be surprised about this! When the number of marketers targeting an audience rises, so does the value of the ads. There are times during the year when the advertising is in higher volume, for instance, it’s more costly to advertise during the holidays when everyone is using Facebook advertising to grow their sales. When estimating your Facebook ads cost, do not forget to take into account the time of year.
Optimize your ads: Be certain to optimize your ads to get your desired result. This enables Facebook to put your ads in front of users that will respond to it.
Your choice for optimization here can determine who to Facebook displays your ads. For instance, if you select to optimize for clicks, Facebook will display your ad to a user who is most likely to click the ad.
This can influence the price of your ad as steps taken on your ad will change your ad’s relevance score. If your ad is not optimized for the result you desire, Facebook might not display your campaign ad to a user who is prone to act positively on your ad and you might even end up spending more for the results.
Over to You
Facebook Ad cost is an enormous topic, and I think we have hardly scratched the surface here. Using Facebook ads for promotion can become a bit complex, particularly when you are trying to gain the best result at the lowest cost. Several businesses choose to partner with digital marketing company specialists or companies to help to reduce the price to advertise Facebook ads.
Getting guidance from a digital marketing agency provides a number of advantages for businesses in every shape and size. Specialists know all the tricks and tips that can assist businesses to boost their relevancy and conversion rates.