How Much Does It Cost To Advertise A Business – Any unscrupulous entrepreneur can use Facebook ads to attract customers and grow their business. In fact, more than 1.6 billion people around the world are connected to small businesses on Facebook pages.
Well, it’s a complex but common question when it comes to Facebook ads – there are a lot of variables at play. Depending on your situation, your Facebook ad cost can be as high as $10 or as low as 70 cents per click.
How Much Does It Cost To Advertise A Business
In this article, we’ll look at some industry benchmarks, how Facebook ads work, key variables that affect costs, and strategies for reducing Facebook ad costs.
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An existing study shows that the base cost of Facebook ads for most industries is between $0.50 and $2.00 per click.
To get a better idea of how much Facebook ads cost, let’s take a look at two in-depth studies available from WordStream and AdEspresso.
For example, the finance and insurance industry has the highest average Facebook ad spend at $3.77 per click.
The chart below shows the cost per click for each country in US dollars, with the United States achieving an average Facebook ad spend of $1.10 per click.
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However, now that we have some basic numbers, let’s take a closer look at how you can estimate your Facebook ad spend.
If Facebook engages users with ads, they’ll probably use the social media site less often—not good.
In other words, there is only so much ad space available and only so many people who want to use it to grow their business.
Instead, advertisers must bid against each other to secure ad space. Simply put, the highest bidder gets to show their ad.
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When you use Facebook advertising, you’re not just competing with your business competitors for ad space. You are competing with everyone else who is trying to reach the same target market.
You’ll also be competing against chemical-free makeup brands, local gyms, those trying to sell memberships, nutrition coaches promoting diet plans, and all other businesses with similar target customers.
When you create an ad, you’ll see the audience size change each time you add new targeting criteria.
While there are many variables at play, there are two definitive ways to define your Facebook ad spend: your bid and your budget.
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Your budget is the total amount you’re willing to spend on an ad set or campaign.
If you don’t select a bid, Facebook will automatically calculate it based on the budget you select and the length of your campaign.
Before we end this section, there are two main things to consider when evaluating the cost of a Facebook ad.
This means if you set your bid at $2 and your competitor’s highest bid is $1.22, you will only pay $1.23 to place your ad.
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One day your cost per click may be $1.23 and a week later it may go up to $3.12. So “set it and forget it” keep track of Facebook ad spend.
As mentioned, there are many factors that affect your Facebook ad spend, here is a summary of some of the most important variables.
People with certain demographic and psychological profiles tend to cost more than others. So, if you are targeting a demanding audience, your Facebook ad will cost more.
As a result, you may be tempted to narrow your target audience to undercut your competition.
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In general, landing sales will cost you more than promoting your brand. In other words, conversions will usually cost more than clicks, which will usually cost more than video views.
If no other companies want to reach your target audience, there will be no demand and your Facebook advertising costs will decrease.
The cost of your Facebook ads will depend a lot on how many competitors you have, how much they’re willing to spend, and what their casual rates are.
As a result, you can expect your Facebook ad spend to increase in the months leading up to Christmas or other holidays.
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Additionally, the day of the week and the specific hours you advertise will affect your Facebook ad costs.
As you can see from the chart below, Instagram stories and Instagram feed posts are more expensive than Facebook ads.
When users interact with your ad, its relevance score increases. However, if many users ignore your ad or click “This ad is not relevant to me”, your score will drop.
If your ad gets a high relevance score, Facebook’s algorithm will favor it and cost you less for the same placement.
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Now that you understand the major factors involved, let’s see how you can reduce your Facebook advertising costs.
Although many factors are out of your control, these eight strategies will help you achieve a higher return on investment (ROI).
Split testing is the process of running the same ad campaign twice with slight differences in performance testing.
In the example below, you can see Gymshark running two ads with the same text but different images.
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Split testing helps you continuously improve your ads so they perform better. This will reduce your Facebook advertising costs and improve your return on investment.
Some companies have reduced their Facebook ad spend by 96 percent by changing their copy! In other words, there’s no way to tell what’s best until you try it.
In the “Traffic” section, use the “Create Split Test” switch. Facebook will then split your budget equally between your two ads and let you measure their performance.
Ideally, you should test each part of your ad separately, but start by testing your images and text.
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When you want to create a Facebook ad, you first need to choose an objective.
If you try to combine two objectives in one ad, you won’t get the most bang for your buck. In fact, it will definitely increase your Facebook ad spend.
When you focus on one goal at a time, you can ensure that your images, copy, audience, and CTAs reach and convert.
A high relevance score means your ad is getting positive feedback and engagement, clicks and conversions.
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Facebook scores each ad on “frequency.” This metric tells you how many times the same user saw your ad.
The higher your frequency, the less engagement, clicks and conversions you will get. As a result, your Facebook ad spend will increase.
It’s true that some people may need to view your ads a few times before they click and convert. However, interested buyers usually only need to see it once or twice.
Besides helping to keep the low frequency effect, it’s just good practice. No matter how great your ad campaign is, it might lose its impact.
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By changing your offer, image and copy you can keep the same audience. Additionally, take the lessons you learn from split testing and apply them to your new ad campaigns.
In other words, you shouldn’t include your entire target audience in every campaign you run. This will increase your Facebook ad spend.
Well, users will be at different stages of the digital marketing pipeline and therefore require different advertising messages.
By dividing your target audience into segments and sub-segments, you will be able to create highly targeted messages, offers and calls to action.
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For example, say you want to launch a campaign to connect with new potential customers. Showing these ads to people who like your business page on Facebook will also be ineffective.
Instead, you can tune out these users and suddenly your target audience is more likely to engage with your messages.
Retargeting and remarketing are strategies that allow you to advertise to people who are already in contact with your business in some way.
In other words, if someone has visited your website or subscribed to your mailing list, you can show them Facebook ads.
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These people are already familiar with your brand and products, so the foundation for a strong customer relationship is already in place.
As a result, retargeting typically leads to more clicks and conversions—and lower Facebook ad spend.
You can advertise to people who like your Facebook page, follow you on Instagram, subscribe to your mailing list, and more.
If you know you don’t want to spend more than $1.00 per ad, you can limit your bids to make sure that doesn’t happen.
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However, if you have a marketing budget plan and need to keep your Facebook ad spend under control, bid limiting is the way to go.
Facebook advertising costs can vary widely, but for most businesses it is reasonable to expect Facebook advertising costs to be $0.50 to $2.00 per click.
That said, the only way to know how much your Facebook ads will cost you is to test them yourself. So start some missions and go from there.
What is the average cost of your Facebook ads? Is your price the same as the average reported in the cited studies? Share your thoughts in the comments below!
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