Facebook has the biggest user base, with over 2.7 billion monthly active users, at the same time they also make plenty of money by advertising. Mostly $10 in advertising is spent on Facebook ad Costs, so it will be super profitable. According to emarketer study, every social media marketer, nearly 96percentage of them consider Facebook advertising is the most effective paid option comparatively with all other social networks. Everyday billions of people in this world spend their entertainment time on Facebook may be 38 minutes or more, so it will be a huge platform for Facebook advertisers, when eminent platform to promote advertisements it will double by budgets up to $31 billion and counting. Sometimes Facebook ads to surpass their Kick starter product launch goal of $15,000 by $735,000! Here, single click costs anywhere from $50 to $100.
First set your advertising budget, maybe a total amount spent per day or over the course of the campaign. Here, the maximum amount you are willing to pay when someone sees your ad will be a desired action.
The cost of Facebook advertising depends on various factor:
- Target audience who are interested in your product
- Seasonality plays a vital role in advertising
- Want to make a suitable marketing objective
- Be aware of quality which definitely made a competition
- Placements of your ad is more important
- Creativity of your ad going to attract audience towards you
- Target of your audience is more vital because if you focus on everyone around the world it creates a high chance to spend less on selling your products, rapidly increasing your investment cost. So focus on the product to whom you are going to sell, it costs less to reach people aged between 18-24 than those aged between 55 – 64.
- Seasonality depends on product what they need at a certain period, it is easy to reach people and low by ad cost.
- Making marketing objectives like campaigns about a product with quality check and all other official certificate made products to be as a certain brand it has lower cost per 1,000 impressions. Conversion –optimized ads are more expensive than others, but at the same time they deliver more results with perfect sense. Single clicking, higher your product value, so traffic camping objectives are better to use. And, also engagement objectives used by promoting articles and blogs in Facebook.
- Quality plays an important role in product selling in social marketing, buyers are aware about quality of product and review of certain products by stars is the most important check by buyers to buy your products in social marketing.
- What is the placement of the ad?
Facebook ads cost per click so better you can make an image at relevance score, the most important factor is that your product is relevant to people, want to know about likes and dislikes of people. Relevance score between 5-10points is good relevance, if relevance between 8-10 usually lower your costs.
Creativity plays a major role in advertising, how creative your ad is the higher your product selling. Advertiser bid, usage of automatic bidding sets face book’s algorithms used to determine best costs to bid at any given auction. Estimation of action rate is a face book’s calculated measure that shows how people are interested in the action you are optimized for. Facebook at least needs twice a week to estimate campaign’s action. Unless you aren’t focused on the target audience, definitely a high bid is not going to give good results.