Most businesses are blown away by how easy it is to go through budgets for social media advertising. This could be a nightmare to deal with. Well at least in your case, that shouldn’t be the case.
Social Media Marketing Costs
We can’t change the facts:
- Facebook is a compelling platform for advertisers for many reasons, including powerful targeting options and affordable costs, among other things.
- Your Facebook ad costs, of course, will vary based on several factors, including your audience, industry, goals and optimisation settings.
In this article we share four of the best ways to keep your social media advertising costs low. Where better to start than with the second-biggest traffic driver – Facebook?
Facebook Charges per Ad
Ads are charged in two ways: Link Clicks or Impressions. Let’s explore the two below.
Being charged by impressions means you are charged per ad view, and this is isn’t affected by the number of clicks you receive. Facebook calculates the cost per 1 000 impressions (CPM).
Somehow, being charged by Link clicks is the more commonly preferred method. It’s often referred to as cost per click (CPC) bidding. With this bid type, you’re only charged when someone clicks on your ad. In this instance the view doesn’t count.
To manage your ad spend and to change how Facebook charges you, click on the Budget & Schedule section of your Facebook ad. Gain your control at a click of a button.
Which Factors Have The Greatest Impact On Ad Spend?
Well, there are several factors which directly impact your Facebook ad cost and having a solid understanding of those factors is a big game changer. You could spend less on your Facebook ads, and still get the best results. How?
Put your bid strategy to the test. You see the Facebook ad platform is like an auction, with two scenarios at play:
- An automatic bidding process, where Facebook sets a bid on your behalf for the most actions at the best price, or
- The manual bidding process, where you decide what a result is worth to you. This function allows you to prevent unnecessary and expensive clicks by setting a bid cap or target cost. This is so that you know what your campaign goals to avoid limiting your bidding choices. Bidding on conversions gives you more options and helps you get the best results from your Facebook ad campaigns. The beauty of this beast is that its bidding strategy comes with the transparency about its unique advantages and disadvantages.