One of the most effective media to reach a target audience is Facebook, among all the other social media platforms. This is why you can see a lot of Facebook ads in your newsfeed, promoting anything from food to dog sitting services. This means that many marketers acknowledge the power of the social media giant to increase an organization’s or business’ audience or customer base.
Running Facebook Ads campaigns can be costly though. This is probably the reason why many people think that running ads on Facebook may only be a waste of time since these ads pop up in your newsfeed so unexpectedly. What new businesses may not know that Facebook ads actually work wonders and promise massive returns.
Saving money on Facebook Ads costs
Learn the ways to lower Facebook ad costs and make the most of your budget with these helpful tips.
- Choose your audience carefully
When you target your ads to the right people, you can be sure to have high conversion rates. When choosing your audience for your Facebook Ads campaign, it’s important that you keep in mind the size, location, and previous connections to your page can influence the cost of your ads. As a general rule, the larger the size of your target audience, the cheaper it will usually cost per the desired result. So for highly targeted ad campaigns, expect to pay more.
- Select placements well
By default, all your ads will be displayed on all of Facebook’s available placements. Once your ad campaign has been running for a while, check the placement breakdown to see which ones are performing well. By excluding placements that don’t work well for you, you’ll be able to save money. However, this technique can limit your reach and possibly your result. To be able to maximize your advertising campaign budget, you should customize the ads for each placement type first, as well as set different ad creatives (as done on other similar paid marketing platforms such as Ads-Supply, Google AdWords, LinkedIn Ads, etc.).
- Test your advertising bid strategy
There are four bid strategies to choose from when running Facebook Ads campaigns. Because the campaign goal and ad delivery optimization can limit your choices, it’s best to set your campaign goal to Conversions. This will give you more options and the best results. Once your campaign goal has been set to conversions, it’s now time to optimize your ad delivery and bidding strategy. Under the Budget & Schedule section, click on the Optimization for Ad Delivery drop down menu and then select Conversions. For the Bid Strategy, choose target cost to have more wiggle room for high-quality placements without going over-budget.
- Run your ad campaigns during scheduled hours and days
To make the most of your ads’ cost per click (CPC), use Facebook ad dayparting to run ads on certain times and days. By scheduling ads only on high-performing times of the day, you’ll be able to get the best results without going overboard with your budget. Before you can do that though, you need to set your campaigns to Lifetime Budget. Check your Facebook Ads report to know the best days and times to run your ads.