Best 5 Ways to Lower Your Facebook Ad Costs
The cost per lead for your Facebook campaigns is determined by a number of factors, such as your target audience, your industry, and your optimization settings. Unfortunately, with many different factors in the game, there is no easy formula for running low-cost leads with your Facebook ads.
Facebook charges you based on either your ad campaign budget or your ad set budget. Facebook will use the budget and spend it on schedule for its campaign.
In this post, we will give you 5 very useful tips on reducing the cost per click for advertising on Facebook so you can get the most out of your advertising budget.
Target a more specific audience
By narrowing your target audience, you can significantly reduce the competition that other brands run for similar audiences. “Remember you’re in a bidding war with hundreds of other brands — just bid on who you really want to reach.”
You can use different targeting options to target audiences, such as age, gender, location, interests, and even behaviors. For example, you can target specific device owners, anniversary users within the next two to three months, and recent business customers.
After setting your target too wide, your clicks and your interactions will not be relevant to your reach. In addition, your competition, and therefore your bids, will be much higher if you segment and market to a more specific audience.
Split Test for reducing your ad cost
You can further complicate the test by running multiple variations at once, though this may indicate which of the two variations is better. Try to test just one variable at a time. For example, you can easily play up to six different images of the same ad. However, you should never run an ad that has multiple variables.
A / B will automatically test your ads based on creative, delivery optimization, audience, and placement. When you are setting it up, you will have the ability to set your budget, distribution (even weight or weight), schedule and duration. If you are not sure which audience or location to use with your new ad, A / B distribution will help you decide that and reduce your future costs.
Gain a higher relevance score with your ads
A sync score is based on feedback, both positive and negative, that Facebook expects from the target audience. Ads with a relevance score of 1–3 are rated as unrelated to the audience of your Facebook campaign. Ads with grades 8–10 are rated as very relevant to your audience.
The higher the positive interaction expected, the higher the score on a scale of 1–10. When the scores are low, 1–3, Facebook receives more for your feedback.
Low-sync score ads are priced higher, and ads with higher sync scores are lower. The difference in price between low- and high-sync score ads can be significant, which encourages advertisers to stop showing ads with low-score scores. If your ad gets a high score, it will be liked by Facebook’s algorithms and it may cost less at these places.
Setup Facebook Pixel
Facebook Pixel is a tool that helps in two specific things. First, it is tracking conversions that not only tell you how effective your ads are, but also let Facebook optimize your ads for maximum results.
Setting up a Facebook pixel also means that brands are offering better advertising and getting more sales, which means they can really start putting money where it counts.
With Facebook Pixel you are able to:
* Run effective retargeting campaigns
* Use data to optimize your ads
* Track your sales
Marketing and remarketing are strategies that allow you to advertise to people who are already exposed to your business in some way. The more people who interact with your Facebook posts, the more relevant the algorithm gets to the content, the more it is served by more people, and for the warmth of those hot customized audiences. Increases.
Retargeting is the practice of displaying your ads to users who are aware of you and your products. Since it is a “passionate” audience, they are more likely to interact with your ad or click on it, increase CTR and reduce CPC.
As a result, remarketing usually results in a higher number of clicks and conversions — and lower Facebook advertising costs.
Facebook also offers many marketing options.
Also, make sure to run specific campaigns that retrieve your existing leads and other goods and services you offer to buyers (sometimes called cross targets).
Hopefully, these key tips and tricks have given you some ideas on new ways to improve your Facebook campaigns and lead to higher quality at lower prices.
If you need some more inspiration to improve your social media lead generation efforts, find our free Ultimate Guide here.