Key Steps for Reducing Cost Per Like In Your Facebook Advertising
Facebook advertising is one of the best marketing platforms on the market right now. It costs some money to run your ads on Facebook. The money that a brand spends to advertise will depend on a number of factors that we will discuss in length.
Budgeting for Facebook Advertising
Most of you are currently asking yourselves, “How do I create a Facebook advertising budget that will meet my goals?” the budget that you need on social media advertising depends entirely on the platform you choose and the goals you set for your campaign.
When calculating the budget for your Facebook ads you will require the following key elements:
• The ultimate goal for your Facebook like count
• The starting Facebook like count for your page
• The time span to achieve the set goal
Step 1: How Many Likes Do You Require Each Month?
You can determine the total number of new users you would like per month by subtracting the starting totally from the goal total and then dividing the results by the total number of months. The following is the formula to use:
(Goal like count-starting like count)/number of months to reach goal=new likes to acquire each month
Step 2: How Much Organic Growth Can You Expect?
Once you get the monthly goal for your campaign you can establish your budget. You can check Facebook insights so as to establish the historical organic growth rate of your page.
Step 3: How Much Does A Facebook Like Cost?
You will need to test some ads so as to know how much it will cost to attract a new line from the target audience for your campaign.
Each target audience will give you different results as they will have different levels of engagement with your advert.
The quality of your Ad will have a very significant impact on the frequency of people seeing the ad becoming fans.
The most common cost of attracting new fans on Facebook ranges between 0.20 and $1 for each fun.
You need to have a plan to grow your Facebook and advertising. You should also come up with a plan to engage the new users that you get with quality content.
This will go a long in helping you transform them from passive followers to active customers and even brand advocates.
Let us get an example to show us how to calculate the cost per like on Facebook:
Let us assume that our goal is to reach 10000 likes in six months. Our starting count is assumedly 1000 thus we would need an additional 1500 new Facebook fans each month so as to attain our goal of 10,000 likes.
This is calculated as:
(10000-1000) /6=1500 likes per month
Step 4: what do you need to budget so as to reach your goal?
In the example we shared above we need to have an advertising budget that from $280 to $1400 each month so as to attain our goal of 10000 fans in six months. The following is a chart of our budget assuming that we get 100 fans organically each month and thus we require 1400 fans per month:
Cash per fan- total cash per month
$0.20 = $280
$0.40 = $560
$0.60 = $840
$0.80 = $1120
$1 = $1400
Growing your Facebook likes is only the beginning of this marketing process. If you are an advertiser who wants to grow your Facebook business page, does not worry too much as there is a clear set of expectations and rules to guide you through this process.
Steps for Reducing Cost Per Like In Facebook
It is always great to have a huge number of Facebook fans but the real question is how to reduce the cost per new fan while increasing the quality of the fans.
You may have probably come across a number of people who brag about acquiring numerous Facebook followers for pennies. This is actually very misleading as you can have many fans that are not valuable to you.
Facebook Advertising: You Should Target Multiple Interests
This could be between 5-10 interests at a time instead of targeting just one interest. Often the quality of the fan, as well as the cost, will vary for each targeted option.
You should make sure that you only have one ad set for each interest group. The criteria for choosing the target group include education, job title, gender, behaviors etc.
Facebook Advertising: Give Users Incentives
You should come up with at least three reasons as to why a user should like your Facebook page.
Your ad usually has a very small window to catch the attention of your target users and thus you should make an effort to ensure that your ad offers an immediate and relevant benefit to your targeted audience.
Facebook Advertising: Test Different Ad Placements
You should compare the performance of different ad placements including desktop, right-hand-side and mobile placements. These different ad placements will usually have different costs per fan.
Facebook Advertising: Test Different Demographics
You can break down your target audience into different demographics such as gender, age, region etc. Not all demographics will convert at the same cost.
There are those which will convert at lower costs than others depending on the market you are in and thus you should test different demographics until you get the one that best suits your CPF.
The most important thing to keep in mind is that you should aim to acquire quality fans. If the many fans that you acquire don’t consume your content they will probably not convert later.
When it comes to Facebook ads quality will always come before quantity. Always ask yourself whether the fans that you acquire are consuming and engaging with your content.
If you want to measure the quality of the fans that your page gets you should do the following:
• Count the number of comments and likes that your most recent post has received
• Divide this figure with the number of fans that they have
If the result is less than 1 for every 200 it means that your engagement level is low. You can ask your fans to engage with your content if you are worried about confounding variables when it comes to their engagement.
Quality fans will never have an issue with leaving a positive review or sharing a post or any other simple task that you may give them.
Optimizing your ads for a lower cost per like can lead you to gain lower quality fans. When it comes down to it, always choose quality over quantity.
You can choose to picture your social fan base as a party so as to understand this concept.
If you have very many people at your party but no one is interested in the things you are offering or even talking to other guests then you will be having a very boring party.
You should opt to find people who would be interested in what you are selling and who love the content that your company has o offer instead.
It doesn’t matter how few they are as long as they are willing to engage and share your content.
Social platforms are usually optimized from engagement and thus you should always remember not to get caught up in the number of followers or likes that you get but you should instead look for ways to incentive your fans to share your content.
In conclusion, it is great to have people following your brand page on Facebook but you should always focus on the quality of the fans that you have.
Always aim to get fans that will end up converting and raising the value of your business. You may end up spending a little more to acquire some quality fans but they will always pay their worth with how often they engage and share the content that you have to offer.
As an online marketer, you should always aim to achieve quality as compared to quantity.
You should follow the tips we have given you to calculate the budget that you will need for your Facebook advertising and try to get as much value as possible even on a tight budget.
Setting a goal for your campaign will always ensure that plan and strategize appropriately to achieve the best with your ad campaign.
You can never hope to gain much when you get into something without a clear picture of where you would like to be at the end of it all.
This applies to Facebook ad campaigns and campaigns on all other platforms. Do not make decisions that will cost you unnecessary spending like running ads that do not give you quality fans.