Facebook has come a long way as a social media platform. It’s no longer just a place to reconnect with friends, it’s a place where businesses can interact with clients and potential clients and advertise their services and products to expand their brand.
Advertising on Facebook is a great way to increase your reach and expand the visibility of your business. But, how much do Facebook ads cost? In short, it depends.
As a baseline, if you measure cost per click (CPC) on Facebook advertising, it costs, on average, about 27 cents per click. If you measure cost per thousand impressions (CPM), Facebook advertising costs about $7.19 CPM on average.
Now, there are several things that will influence the cost of your Facebook ads: objective, bidding type, bidding amount, audience, ad quality, and your industry. Here’s a bit more details about a few of these ad specs.
Ad objectives – In Facebook ads, you have different objectives (goals) to choose from, which all have different KPIs, and are shown to different people based on the outcome you want. So, the objective you choose can affect your cost.
Ad audience – The more relevant your audience, the lower your ad cost. You want to narrow down your audience, so you are targeting people who truly care about your services or product. Through Facebook ads, there are more than 350 audience attributes to select, so it can take time to pick the ideal audience.
Ad quality – You want to make your ads visually appealing, interesting, and either pique a user’s interest, invoke an emotion or make someone jump into action.
Ad Relevance Score – The higher your ad’s relevance score is (scale of 1 to 10), the less it will cost. According to Facebook, “Relevance score is calculated based on the positive and negative feedback we expect an ad to receive from its target audience. The more positive interactions we expect an ad to receive, the higher the ad’s relevance score will be. (Positive indicators vary depending on the ad’s objective, but may include video views, conversions, etc.) The more times we expect people to hide or report an ad, the lower its score will be. Ads receive a relevance score between 1 and 10, with 10 being the highest. The score is updated as people interact and provide feedback on the ad.”
You can run a Facebook ad on any budget. The exact cost associated with your ad being shown to a user is determined in in Facebook’s ad auction. You can purchase a Facebook ad through their ad management tool, Ads Manager. You purchase ads by creating an ad and submitting it to Facebook’s ad auction.
Through properly setting up Facebook ad campaigns, your ads and campaigns can and will drive high-quality clicks that will bring your business and produce results. Overall, Facebook ads can be a very profitable way to market your business, you just need to take the time to properly set up your ads.
Hire a Digital Marketing Company to Manage Your Facebook Ads
There’s A LOT to know about Facebook ads, and we shared just a brief overview of what Facebook ads can cost, which can vary. If you are looking to advertise on Facebook, our digital marketing company can help you create and manage ads that are successful. We will work with you at any budget.
We know Facebook advertising and marketing, and we understand how to tweak and monitor the ads to lower your costs.
Our team at Fincel Design can help you with Facebook ads. We can create and implement a digital marketing strategy for you on Facebook, so your business grows. We are a full-service digital marketing agency located in Jacksonville, Florida.