- How Much Do Facebook Ads Cost in 2021?
- What Influences The Cost of Facebook Ads?
- How Much Does Facebook Advertising Cost in the UK?
- Is Advertising On Facebook Worth It?
Digital marketing presents a unique opportunity for small to medium businesses. It has better returns on investment and access to a broader audience. In this digital age, social media marketing is the obvious next step. And there is no better place to start than Facebook Advertising.
Facebook is one of the largest social media platforms in the world. In the UK alone, there are over 48.5 million monthly active users. Therefore, Facebook advertising has the best chance of reaching out to your target audience.
It has all the tools necessary for you to make a successful campaign. Whether you are an advertising newbie or expert, you can create a compelling Facebook ad. You can customise everything from the audience, objectives, ad placement, and campaign budget. You have all the control, but at what cost?
How Much Do Facebook Ads Cost in 2021?
Facebook ads vary in cost since there are so many customisable features. For a rough estimate, here is the average cost per Facebook ad on a global scale:
*The cost of Facebook advertising varies. The amount listed here was originally in USD. Converted on 11/10/20. Prices are subject to change.
What Influences The Cost of Facebook Ads?
Several factors affect the cost of Facebook ads. However, you need to learn how they affect your campaign. Spending a lot does not necessarily mean positive results. Remember that the ultimate goal is to reduce your ad spend and maintain high-quality leads and conversions.
Here are some of the things that will affect your advertising cost:
Despite social media being a digital space, location is still very important. Facebook uses it to track all kinds of metrics. You should too. They compare your ads against the location’s data. The cost per click, ad relevance score, and ROI are dependent on the country and the local community. Depending on your location, this can work for or against you.
Setting the right target audience is key for any ad campaign, but more so with digital ones. For traditional ads, you pay a fixed fee dictated by the industry and medium. You know how many people they reach, but you can’t pick and choose your audience. All you can do is make sure your ad is clearly talking to the right person.
With Facebook advertising, your ads won’t pop up on random newsfeeds. The algorithm figures out which user best suits certain ads. You can customize your targeting options like the country, gender, age, and even their specific interests.
By setting the right target audience, your ads will only pop up to potential customers. Doing this will decrease accidental click, which also reduces the total ad spend.
Whenever there is an opportunity for a sale, the algorithm goes through all the ads on the database and looks for the perfect fit. One of the main determining factors is the bid price. The more competitive the industry – the higher the cost per click.
Here is a table that covers Facebook advertising costs for different industries:*
* The numbers listed here are rough estimates to help you get a better idea. They are bound to change and vary from country to country.
Facebook advertising prioritises high-quality ads before anything else. The algorithm uses different types of metrics to judge whether the ad is poor, average, or excellent. The main one it looks at is the ad’s click-through rate (CTR).
Click-through rates are about how many clicks advertisers get per impression. It doesn’t matter if you have a ton of views or impressions. If the CTR is low – you aren’t getting conversions or sales.
If you have a compelling campaign, you don’t have to stuff your budget and overbid to get results. Let your business do all the talking instead.
Ad Relevance Score
Facebook’s reward system is not just limited to ads with good CTR. There are other metrics involved. Facebook advertising assesses your campaign’s performance and gives it an ad relevance score.
Relevance scores are all about how well your ads perform with your target market. There are 3 main ways Facebook judges the relevance of your ads:
- Quality Ranking
- Engagement Ranking
- Conversion Rate Ranking
When your ad relevance score is low, your CPC should be high – and you don’t want that to happen.
There are so many factors that affect your advertising cost. If your Facebook ad is expensive, it isn’t because of the platform, rather the quality of your campaign. When you struggle to reduce your CPC, it would be best to work with experienced advertisers like Red Rag Marketing. With our new strategy in place, you can enjoy better ROIs!
Popular types of ad formats
Use colorful and engaging images of your product and service. People have a better impression of photo ads that are professionally done. To make this happen, you either need to pay for premium stock photos or hire a photographer and studio. You may also have to pay for editing.
Link ads redirect Facebook users to a separate landing page, blog post, or thank you page. Attract people’s attention as they scroll through their newsfeed. The success of link ads depends on 3 things: your meta title and description, SEO, and website design. For best results, you need writers, SEO specialists, and a web developer.
Video ads on Facebook generate excellent leads. It should be short, straight to the point, and more importantly highly engaging. To make your advertisement pop, you need to work with a videographer and an editor.
There is a lot that goes behind a successful Facebook ad. To make things simpler for your marketing team – hire a social media agency. Red Rag Marketing can give you the team you need to get the campaign off the ground. Curious about our track record? Hear from our other clients.
Is Advertising on Facebook Worth It?
Advertising with Facebook is worth it, but only when done right. When you consider Facebook marketing on its own, it delivers on all its promises. Facebook ads manager has excellent tools you can use. It is suitable for different levels of advertising expertise. And you can run ad campaigns on a shoestring budget. What more could you want?
The only clincher is that it is very difficult to get the results you want right out of the gate. There is a bit of trial and error. For most small businesses, this can be a very expensive gamble, but a necessary one. If you want to guarantee your Facebook ads’ success, you need to invest in a proper team.