6 Hot Tips to Lower Your Facebook Ad Costs (CPM)
Social media has become all the rage for today’s generation. The use of social media cuts across all ages and areas around the world, making it a powerful tool for businesses. Facebook is one of these popular social media sites that provide an opportunity for advertisers to market their products. Facebook does allow marketers to put up adverts there, for a fee, and this is where the cost per mille ( Facebook Ad Costs) comes from.
Cost per Mille Facebook refers to the cost per thousand impressions on an advert on Facebook. As an online marketer, the amount you pay per every one thousand impressions depends on several factors.
These include your target audience, optimization settings, objectives and the industry you are in.
Tips To Minimize Facebook Ad Costs
You do not want to spend excessively on your Facebook marketing campaign. The good news is you do not have to spend as much. We have compiled a few tips that will assist you in minimizing the costs per mille for you.
Facebook Ad Costs Tip #1: The Targeted Audience
The trick here is to have a specific audience that you are targeting. Narrow down your target audience.
As you place your bids, keep in mind that there are many other brands within your industry also placing their bids. This makes for very stiff competition.
Bid for the audience you mean to reach, and avoid having a large audience that might not help your campaign.
Having a narrower audience allows you to have ads that relate to the specific audience. You can tailor your ads according to the demographics given, having content that will appeal to the age group, geographic location, gender and interests of the audience that you have in mind.
Furthermore, it allows you to reduce the number of brands that you are competing with, and consequently the bidding cost is expected to be lower.
Targeting areas where there are less advertisers competing for ad space will also have your cost per mille reduce.
Research has shown that targeting a large audience leads to good metrics but low rates of clicking through by the viewers.
Narrowing down the target audience and refining it to a more relevant group leads to higher click through and conversion rates. This may be attributed to the content which the audience is more likely to relate with.
Also of importance is that Facebook may charge less if your ads are relevant to the target audience.
It decreases your costs when the content in your ad is valuable to the Facebook users that land on it. So it would be a good idea to have a refined audience and score well on Facebook’s quality score.
Facebook Ad Costs #2: Have a Facebook Pixel
This is a code which you put onto your website so that it can track the conversions on your site and get data on your clients.
It tells you who your clients are and can go as far as to give information on their Facebook page, their interests, place where they live, where they work and more information about them that you would have a hard time finding out manually on your own.
With these details, you can be able to have a better understanding of your target group. You can then also refine your target group to those that are most likely to click through to your ad and convert to clients for your business.
The Facebook pixel enables you to retarget previous visitors on your website, and can allow you retarget the people based on actions taken.
For instance, one who started to purchase things on your ecommerce website but never completed the process can be targeted with the adverts so that they appear as they scroll through Facebook to remind them and have them buy the products.
Facebook Ad Costs #3: Try out Different Designs
It is possible to have several ads running at the same time and with the same budget. The reason why you might need to have multiple ads running is because there is always the possibility of having errors in the ad, or other things that hinder access to it.
This may lead to a change in results, where they are not as good as expected.
Trying out different creations on your ad is to help you see how different ads do, which ones perform better and why.
Are the ads with images more successful? Are video ads doing better, or a combination of image and written content?
This information allows you to pick and choose the best performing elements in creating your ads, leaving out those with poor performance. You get to reduce amount wasted on non-performing ads this way.
If you do not know where to start from, you can try having the image appear on different levels, such as before the title and then after the title.
Change the call to action button, trying different techniques to see which works best for your campaign.
Facebook Ad Costs #4: Different Ads for Different Audience
You have the audience that have most likely never seen your product or shown interest in it, and then there is the audience that knows your product.
These are the fans, the ones that follow your Facebook page. The two groups are different, and may need different attention.
The fans tend to be better in terms of communication and conversion rate. You should therefore have dedicated campaigns for them; ensure you reach each and every one of them.
By creating a separate audience for the fans, you will be able to have better conversions from them as compared to having all the audience as one.
Do not add fans to the other set of audience. Treat the two as independent, for better conversion rates. Remember they are at different levels in your campaign strategy, so you will need to have ads targeting tem differently for best results.
Facebook Ad Costs #5: Retargeting Options
Retargeting is an essential part of CPM marketing. You want to remain on the minds of the people who have seen your ad while scrolling through their Facebook, and the ones that follow your page as well.
Successful retargeting requires that you have more details of the visitors, which you can get from Pixel as mentioned previously.
Group your visitors in different levels according to how you engage with them and have a custom retargeting method.
Retargeting advertisements run differently would allow you to get more sales and pay very little to Facebook while you are at it.
Facebook Ad Costs #6: Use of Video
Did you know that video ads actually cost less than single image ads? Facebook usually gives bigger impression share for videos which leads to cheaper costs. This should be your go to action to reduce the cost of advertising.
In the case where you have a small budget, you can take advantage of Facebook’s tools to create slideshows of your product or service. These are downloadable as a video for the visitors.
Cost per mille Facebook is a really great way to carry out your advertising. As with any other form of online marketing, you will need to try out different methods for your campaigns, finding out which work best for you.
Take your time to improve your skills and watch conversion rates for your page rising.