Facebook advertising is something small and large businesses can’t really figure out, particularly because of all the variables in people’s behavior and Facebook’s own proprietary pricing system. They often complain that Facebook advertising really doesn’t work and it’s a waste of their money.
But wait a second. Why aren’t these businesses having success? Let’s take a look and see if we can figure it out and tell them how to make it work!
Well, first of all, they’re probably not looking at the various factors that might affect the price of having their ads displayed and the amount of people who would actually be interested in clicking into their pages. The average business, according to Webtrends, spends one dollar for every fan they acquire. Obviously, when you look at that data, it may seem inefficient to use Facebook advertising. Many startups and small businesses are discouraged to use such a platform that requires so much money for one single click.
But there are three pieces of advice based on Webtrends’ case studies that every business should follow if they want to reduce their costs on Facebook ads:
- Tighten your ad targeting. Your ads are not meant for everyone. If you own a business in Miami, FL, then you should target people living there even if you process online orders. Target people of the age group and gender your product markets to the most. The more targeted your ad, the cheaper it gets to advertise, since the ads appear to a smaller group of people. Clicks are also more frequent.
- Keep ads within Facebook. Don’t create ads that lead to external links. Those cost more and have a slightly high bounce rate. Bounced ads cost just as much as ads that lead to an action. Getting more fans on Facebook pays off anyway, so why not do it?
- Change the ad once in a while. Change the image and text of your ad once every 4 days. This keeps it fresh since ads tend to peak after 72 hours.
Using these methods, you’ll be able to reduce your cost per click, and increase your click-through rate (CTR) – two things you certainly need in order to have a successful ad campaign. So, if you’ve tried Facebook ad’s before and didn’t have much luck, or if you are thinking about giving it a try, employ these tips and hopefully you’ll see a lot of new followers and fans trying your product or service!
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