Advertising on Facebook is actually quite easy once you understand it. Low cost advertising for small business is rather possible but requires really a lot of work. There are so many factors influencing the results of your ad campaign. These factors include your target audience, ad placement, copy, timing and schedule, ad optimization. Well, you can make these factors work for you and reduce ad costs, if acting wisely. But let’s start understanding what are the factors influencing Facebook Ads Costs and what can you do here..
There is no one cheapest way to advertise on Facebook, so you need to work patiently on optimizing your campaign and reducing extra-spends.
Of course, the objective of your campaign is crucial. Your choice will determine the price for clicks and conversions. For example, if you want people to click your ad - traffic objective is a perfect and cheapest option. But even here you should know that objectives perform differently depending on ad placement. Promising, huh?
Your Ad Relevance score is way very important. It displays both cost-per-click (CPC) and click-through-rate (CTR). If the relevance is high, the CPC is lower. The lowest CPC goes with highest (8-10) relevance score.
Talking of Ad Bidding - it’s also quite complicated. If you choose the bid too low, you won’t get any result? or it will be quite poor. If your bid is high doesn’t mean you will win and your ads will be shown more. So, if you have no idea what is optimal price for the action you chose, stop at automatic bid Facebook kindly proposed.
You can set up the Facebook Pixel. Install it in Facebook Events Manager clicking Pixels. Once it’s set up on your website, the pixel will help you in understanding your audience. That’s a way to track those who abandoned your cart without completing the order etc. You will be able to create lookalike audiences and audiences of those who visited the concrete pages as well. It will bring you better results and cost less. And don’t forget to exclude recent convertors. (create a Custom Audience of payment page visitors and then use the “exclude” feature).
Find out the best-performing hours for running your ads. Click Insights in Ads Manager to get the information which days and hours are optimal for your ad campaign. Then, you can choose to “Run ads on a schedule”. This will let you show your ads only when people are most likely to see them. Moreover, remember that results might differ because of the time of the year.
Select ads placements yourself. Apparently, you will need to start with automatic placements and after getting some results exclude those working badly.
Make a special offer. The more stimulating your ad, the more people will interact with it. And further, the more people interact with your ad, the more Facebook will show your ad for the same price.
And the last but most important is to ensure you target the right audience - we explained it here - https://leadenforce.com/blog/how-to-define-your-target-audience .
One thing you have to realize your work will never be done. You'll always be competing for the customers in the marketplace, so keep researching the market, making a better product and optimizing your campaign.