Facebook Ads Pricing
If you’re just getting started with Facebook ads, I’m sure you have a ton of questions. Most of us do, especially when it comes to how much Facebook advertising costs. There is no predefined amount that you will have to spend on Facebook ads. You can pay anywhere from $ 5 a day to $ 100k a week. choice is yours. You basically tell Facebook how much you want to spend on advertising, and they try to get you maximum results for that amount. Since you do not have any predefined amount, you must spend on Facebook ads, the amount spent on advertising will vary depending on many factors. In this guide, we will go over some important factors that affect the cost of your Facebook ads. Ultimately, there are two ways to define and know the cost of your ads – your budget and your bid. Facebook defines a budget as the amount of money you want to spend to show your ads. It also controls the total amount you paid for a single ad set or campaign.
There are two types of budget available:
The average amount you want to spend every day on an ad set or campaign.
The amount you want to spend over the entire run-time of your ad set or campaign.
Targeting Too Broadly
If you are new to Facebook advertising, then this trap is easy to fall. Facebook boasts a ridiculously huge targeting options that can leave you like a dog who found their way into the cookie cabinet. When you are outlining your general targeting, you want to pay attention to a few things, but always keep in mind that wasted impressions waste money.
Facebook Ads failed to test
This is easily the most effective way to throw away your advertising budget. I wake up at night thinking of all those poor souls who put their faith, dignity and entire budget into unproven campaigns. it breaks my heart. The truth is you don’t have to take your money away from something that can “work”. The pressure to get results is always there, but the practice of testing the water before you cannonball can shock you with how cold the result can be. Get into the pool slowly, you can stay longer.
Factors Determining Facebook Advertising Costs
Just like pay-per-click (PPC) advertising costs on Google ads, there are various factors that affect your Facebook advertising costs. If you want to create a realistic budget for your company, then you should understand how these factors affect the cost of Facebook ads. There are technically eight factors that determine how much your Facebook ads will cost, and include:
There are two types of bid strategies:
Make the most efficient use of your budget) This tells Facebook to bid you with the goal of achieving the lowest possible cost per day, while keeping your full budget until the end of the day or your ad set / campaign Spends on schedule.
Target cost is a constant average cost) It tells Facebook to bid with the goal of achieving an average cost per target event as close to your target cost as possible.
You also want to decide how you want to optimize your ads for distribution. Here are some customization options:
Cost per click (CPC): You pay each time someone clicks on your ad.
Impressions (CPM): You pay an amount for every 1,000 people who see your ad.
Cost per Action / Conversion (CPA): You are optimized for a specific action (conversion).
Cost per Like (CPL): Every time someone likes your Facebook page.