I want to give you some tips to reduce your cost of Facebook ads. Ads on Facebook can sometimes get very expensive, but I want to go into some things that can lower those costs for you.
A question I hear all the time is “How much does it cost to advertise on Facebook?”. It’s very hard to quantify, because of the many factors involved, so let’s get into ways you can lower your current costs.
Believe it or not, I have found that it is possible to reduce the amount you’re currently spending on Facebook. As if that’s not enough, it’s even possible to do it without sacrificing the quality or success of your ad campaigns.
Split Testing Is Important To The Cost Of Facebook Ads
Split Testing is so important, because it helps you determine what’s working in your ad and what isn’t. It can increase your ROI and conversion rates which can reduce the cost of Facebook ads.
Too many advertisers make the mistake of crafting what they feel is the perfect Facebook ad and leaving it at that. If they were to split test, they would probably be surprised to find that in many cases the perfect ad they think they have crafted is outdone by the other ad they are split testing it with.
Sometimes we will not know what works best until we go ahead and test out the different ads.
Facebook, around the middle of last year, changed their priorities so that now you can truly get a split test on your ad.
Let me suggest that when you split test you try testing everything that you can, however I would start with my image and my text. At a minimum I would try 4 tests, using 2 different texts and 2 different images and changing them around.
Other tests that you can do are on your landing page and your particular offer.
As you monitor your campaigns, you’ll quickly see which ones perform the best. Spend a little money to test, then maximize the ads that work, pause or minimize those that don’t. Typically, when maximizing I increase my budget by 15 to 50% every 3 days.
Keep A Close Eye On Your Frequency Of Ads On Facebook
Frequency is the measurement of how often one person sees the ad. If the same people keep seeing your ad over and over, then it means you are not reaching a new audience and the audience you are reaching keep seeing the ad and are probably not converting.
While sometimes a user will see an ad once or twice before they click and convert, in general, if they are interested they will click the first time.
I believe you will find the higher your frequency gets the less interactions, CTR’s and conversions you’ll see on your ads.
Ideally keep your interactions under 3. If they start to get higher, then pause your campaign and either adjust or terminate it.
By making sure that your target audience sees the same ad only a few times, it should keep the engagement and interactions of your ads higher in number and lower the cost of Facebook ads.
Make Sure Your Ads On Facebook Are New And Fresh
You always want to make sure that you are constantly updating your ads on Facebook, partly to combat frequency, but mostly because you should. Even if you run a very successful campaign for six months in a row, it will eventually run out of steam.
While you can recycle parts of an ad, you’ll want to keep your ads new and fresh. When a campaign ends, create a new one. I would target the same audience, but I would add a new image to the same offer or switch up the way I phrase the offer.
Choosing Your Audience For Each Campaign
You will want to choose an audience for each campaign or create a campaign for a specific audience. You shouldn’t include your entire target audience in every campaign as this can drive up your cost of Facebook ads substantially.
Instead, you should be focusing on sections and sub-sections within your targeted audience and then send them highly targeted messages, which you will find to be more effective.
You will find that different audiences will cost less than others. Oftentimes an audience will cost less not because of who you’re targeting, but because of your relationship with the particular audience.
Re-marketing to an audience that is familiar with you, either because they are from your email list or a custom audience from your website, is likely to get you more clicks, especially when you combine this with a highly targeted message designed specifically for them.
The more clicks, the more conversions, and the more interaction you get, the less you’ll pay and the greater ROI you will likely see.
Choosing your audience is extremely important and sectioning off different niches within your target audience will ultimately lower your cost and increase your success.
The other thing that you can do is use a lookalike audience created off your current high value customers to increase the likelihood of profitability.
You can find a ton of different audience targeting options on Facebook and feel free to use them in any way that you see fit.
By focusing on one particular segment in your audience at a time and then hitting them with highly targeted, relevant ads, you will see your cost of Facebook ads and ad spend go down very quickly.
Final Thoughts On The Ways To Reduce The Cost Of Facebook Ads
There are a lot of factors that affect the cost of Facebook ads, including your audience, your relevance scores and your bidding strategies, but knowing what affects the cost of Facebook ads and how to lower them, hopefully will keep your costs down and create greater profitability for you.
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