10 Ways to Lower Your Facebook Ad Costs. Target a more specific audience. Use bid caps. Look for audience overlap. Set up your Facebook Pixel. Test different creative. Tap into retargeting segments..
There is a lot that goes into understanding the value of Everything from your audience; to your Facebook rate plan and rating directly affects how much you are going to pay.
Marketing expenses make up the bulk of each online store's monthly budget. You can not make money without spending it right? But, to paraphrase another popular cliché, you also cannot put all your eggs in one basket. To provide marketing on different platforms, you need to increase this budget without compromising sales, and where to start is better than the second largest traffic driver : Facebook
10 tips for lowering the CPC of your Facebook ads
Understand Your Relevance Score
The relevance score is measured on a scale from 1 to 10, with 10 being the best. This is very similar to the Google AdWords Quality Score.
Relevance score 1 is bad. This means that your ad hardly applies to your audience, and in order for Facebook to continue to show it, you have to pay more.
Conversely, a high relevancy score — somewhere in the range of 8, 9, or 10 — increases the likelihood of your ad showing. So a good relevancy score is a higher relevance score, with any number from 7 to 10 representing a good number for shooting. The components of the relevance score are completely based on the expected positive and negative feedback. The more positive interactions you expect from advertising, the higher the score will be.
A relevance score will be assigned only after your ad has been shown more than 500 times. If you have a low budget, it will take some time before you see the bill.
Here are a few things to consider if you want to improve your Relevance Score:
- Be very specific with your targeting; try to narrow down your target audience.
- Think about how your image and message will match the preferences of your audience.
- Always update your ads.
- Try to show different ads of the same audience, always check everything.
- Avoid using offensive and misleading content.
- As you already know, a relevancy score is related to the relationship between advertising and its target audience. And you need a high relevancy score if you want to save on advertising campaigns on Facebook and increase your ROI.
- Targeting a more specific audience
- The first thing you need to do to reduce advertising costs on Facebook is to make sure your campaigns are targeted at the right people.
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Targeting a More Specific Audience
The first thing you need to do to reduce advertising costs on Facebook is to make sure your campaigns are targeted at the right people.
You can use various targeting options, such as age, gender, location, interests, and even behavior, to create a clothed audience. For example, in the behavior, you can specify the target device owners, people who have an anniversary for the next two to three months, and users who have recently made business purchases.
Watch the Frequency
The frequency shows how many times the same people saw your ad. You want to keep this number as low as possible. What for? Think about it: when the same people view your ad again and again and do not participate in it, it means that they do not find your ad attractive.
This will hurt your ad relevance. When this happens, expect your expenses to increase. As a rule, keep the frequency below 3. Once it begins to rise to this level, it is probably better to change the announcement or completely remove it.
Include a Call to Action
A call to action means that you want your reader or visitor to do something after connecting to your brand. It can be a subscription to your mailing list, buying a product, investing in a service, or following you on social networks.
The most obvious use for a call to action in sales, such as “Buy Now!” However, the sales process is not the only place where a call to action can be useful. Especially if you have an expensive product or service that may take time to get someone to buy, a call to action that acts like a road map toward sales can be helpful. For example, "Call now for a free estimate."
Facebook allows you to select CTA text such as:
If you're not sure which option to select, go with "Learn More." That's the least "committal" of the choices and some people think it generates a higher CTR
Use bid caps.
Facebook introduced a new bidding strategy that offers a convenient environment between getting results and reducing costs. formally known as “automatic bidding” to get the lowest possible price for an optimized event, while spending the entire budget
Facebook recommends a daily budget that is at least five times the maximum bid you set. This is due to the fact that in order to properly optimize Facebook, at least 50 events (training phase) are required during the week. On the other hand, if you use the traffic objective, your bid cap will let Facebook know the maximum amount you’re willing to pay for a link click or a landing page view.
Split Test Ad Creative to Reduce CPC
Split testing (also known as A / B testing) is a method that collects data to increase the effectiveness of your campaigns. There are many ways to do this, including split testing on your site, on platforms such as Google Ads.
If you want to keep a low cost per click, you should do A / B testing of everything. It doesn’t matter if you offer the most ingenious proposal of all that you need - you still need to split-test it. Create different versions of the same ad campaign using different images, videos, and copies.
How does Facebook split testing work?
Your audience is divided into separate groups of people. Using Facebook's separate testing feature, these groups will not overlap.
Each group shows identical sets of ads, with the exception of the variable that you decided to check (see Below). Each set of ads is compared to a specific campaign goal. These goals include selling, installing apps, watching videos, traffic, and more.
When your A / B test is complete, Facebook will notify you of the winning set of ads.
Set up your Facebook Pixel.
Facebook Pixel is a snippet of code that you place on the backend of your site to track visitors to your site. Pixel allows you to run campaigns with specific targeting , so it’s important to install it before showing ads on Facebook.
Facebook Pixel provides important information that you can use to create better advertising on Facebook and more accurately target your ads. Facebook's pixel tracking data helps ensure that your ads are seen by the people who are most likely to take the desired action. This allows you to increase the conversion rate of advertising on Facebook and increase your return on investment.
Keep in mind that a pixel cannot work retrospectively, it can create audiences and track transitions in the future only after its installation. Therefore, even if you do not need pixel tracking yet, install it as soon as possible.
The site’s user audience is valid for 180 days, so if you set a pixel now, it can still help your Facebook advertising six months in advance.
Target fans separately.
In addition, consumers who connect to your Facebook page and save them as an independent fan audience create special campaigns for them. Meanwhile, also exclude existing Facebook fans in other audiences. The same can be done for site visitors and converters.
This is because Facebook fans are usually the most effective audience in terms of engagement level and conversion rate.
Recently, Facebook introduced a method to improve local targeting by advertising on a selected radius. In order to integrate this method into your advertising,it is required to create a separate campaign and includes address info on your Facebook business page.
Take advantage of video.
“Video averages 10% of the cost of a carousel or a single-image ad,” he said. “We pay an average of $ 0.15 to $ 0.50 per click for video campaigns with one graphic ad for a cost per click of $ 2.00 and more for the same audience.”
Facebook values video content in advertisements because it gives a higher share of impressions and, therefore, a lower CPC.
I usually like to use video ads at the beginning of a sales sequence, as Facebook showed, and then use one image ad later in the sequence to get cheaper clicks. But, as always, you need to check what works for you! And I would like to hear what works for you in the comments below!
Retargeting is an integral part of CPM marketing. You want your thoughts to remain in the memory of people who saw your ad when scrolling through Facebook, and those who follow your page.
Successful retargeting requires that you have more information about visitors that you can get from Pixel, as mentioned earlier.
Group visitors at different levels according to how you interact with them and use your own retargeting method.
Re-targeting ads that run differently will allow you to get more sales and pay very little to Facebook while you’re on it.
This article provides you with ten ways to lower your costs of results and maximize the effectiveness of your advertising budget. Use this tactic in conjunction with the overall strategy of advertising on Facebook, and you will definitely save money on your campaigns on Facebook.
Control your traffic and pay attention to these indicators. You should feel a significant reduction in the cost of advertising on Facebook and many new subscribers.