Recently, Facebook has become one of the most effective online marketing strategies. It’s easy to use and it can boost your business incredibly fast. But how much does it cost to advertise on Facebook? Today we are going to deal with this topic and see if there is a clear answer for it or not.
How Much Does It Cost to Advertise on Facebook If You Want to Boost Your Business?
Surprisingly (or not), there is no set answer to this question. There are plenty of factors that can influence the total amount you need to pay when advertising on Facebook. Contrary to the popular opinion, you don’t get the best results if you invest more. The more relevant ad will get the ad space, not the most expensive one. Let’s have a look first at the ways in which you can bid for an ad and then at the factors that influence the final cost.
Types of Bidding Options
1. CPC (Cost per click)
This means you only pay for each user that will click on your ad. They don’t have to access your website or buy anything. As such, you won’t pay for people who see your ad but don’t convert.
2. Impressions (CPM)
In this case, you pay for 1,000 impressions at a time. This cost is lower than the CPC and it’s a good solution if you want a lot of people to see your ad.
3. Cost per action/conversion (CPA)
Here, you are paying for impression, but your ad is optimized for a certain action, such as conversion. Each click will cost more, but they are more likely to bring a conversion.
4. Cost per Like
This is the best choice for the campaigns where you want to gain likes on your page. You only pay for each like you get.
Factors that Influence Your Cost
1. Your Bid – it’s important whether you choose a manual or automatic bid;
2. Ad Relevance and Quality – Facebook gives a Relevance Score for each ad and then decides which one is of interest for a certain target audience;
3. Estimated Action Rates – this refers to the odds for a person to act on your ad or not;
4. Audience Targeting – the type of people you want to reach and how many users you want to connect with;
5. Time of the Year – this factor influences how many people want to buy Facebook ads;
6. Placement – choosing where to place your ad can increase the cost of your advertising;
7. Ad Delivery Optimization – how you tailor your ad and who do you want to see it.
So how much does it cost to advertise on Facebook? If you want to find a concrete answer to this question, you need to consider all the factors we presented above. Luckily, Facebook has plenty of tools that help you assess your overall investment into this type of marketing. Remember that a big amount of money doesn’t always mean the best results for your page, and it’s no guarantee for it.
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