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How much does Facebook advertising really cost? Understanding these benchmarks to Facebook Ads will help you optimize your results.
Are you curious about the cost of a click, impression or conversion on Facebook Ads? How much does an ad really cost?
That’s a tricky question! And the short answer is, it’ll never cost you more than you have to spend. If you have a budget of $5 per day, Facebook Ads will never cost you more than $5 a day. However, there are a number of factors that will affect how far your budget will stretch and the success you’ll see for your money.
Maybe a better approach with Facebook Ads could be to think about how you can make your budget deliver the best results.
Here are the benchmarks to Facebook Ads:
First, it is important to understand how Facebook decides which ads to show each of its users.
According to Facebook they try to balance the following:
- Creating value for advertisers by helping them reach and get results from people in their target audiences
- Providing positive, relevant experiences for people using Facebook, Instagram or Audience Network.
An auction is then created, but not your typical auction where you spend more money and you win. The ad that “wins” is the ad that provides the most value. Now let’s figure out how we get closer to that “most” valued.
Facebook determines the value by analyzing the following factors:
- Your Bid – representing how interested you are in showing your ad (this is the money).
- Estimated Action Rate/Ad Quality – decided by how interested Facebook thinks a person will be in seeing your ad. Facebook looks at expected clicks, conversion and engagement. An Estimated Action Rate is determined by your target audience's behavior (have they seeked information similar to what you are providing), and also your previous performance on Ads.
- User Value– calculated by how likely Facebook thinks a person will take the action you are optimizing for with your ad. This is measured on a scale of 1-10. Scores increase as people interact with your Ad. Note: Ad relevance scores are only generated once you have more than 500 impressions.
Most recently Facebook has divided the relevance into 3 different diagnostics.
- Quality of Ad
- Engagement of Ad
- Expected Conversion
Each of these items will then receive a ranking (percentage) of Below Average, Average, or Above Average. Now you will have a better idea as to where to improve your ad.
Example: You have a Below Average engagement rate ranking. Your ad is reaching the right people but it may not be compelling or exciting enough to make your audience stop to interact with it. In this case, consider ways to make your ad more engaging (consider different writing formulas), or align that ad with an audience that will find it interesting.
Now, how to find your Quality Ranking.
- Go to Facebook Ads Manager.
- Campaign Tabs.
- Pick the Ad you would like to take a look at (remember you have to have at least 500 impressions for ranking).
- Click on “Ad Sets”
- While in Ad sets, scroll to the right to see additional columns.
- Here you will find Quality, Engagement, Conversion (if you have more than 500 impressions).
Marketing Takeaway
Marketing Takeaway= When creating a Facebook Ad it important to provide Value
for the advertiser (Facebook) and Relevance
to their users (customers).
If you need assistance with Facebook Ads we are here to help!
Schedule a call with one of our marketing coaches by contacting us.
The Marketing How-To Blog
In the complex world of business, understanding the distinction between market behavior and marketing actions is paramount. Often, newcomers to the marketing realm are confounded by the unpredictability of the market and how it sometimes seems to defy their marketing efforts. A simple, yet enlightening analogy can help elucidate this - think of the market as the weather and marketing as farming.
A website isn't just a nice-to-have for businesses these days, it's a must-have. A well-designed website enhances your brand's online presence, paves the way for customer engagement, and business growth. In this article, we explore the 7 qualities you should look for in a New Port Richey web designer. We will also introduce you to Web Education Services - a Google 5-star rated web design agency.
In the ever-evolving digital landscape, establishing an online presence is paramount for every business. A well-structured and designed website can greatly enhance your brand's visibility and credibility. However, the process of creating a website can be daunting, especially when confronted with decisions like the cost of hiring a designer, how to find a suitable one, or opting for a do-it-yourself (DIY) approach using website builders like Wix or Squarespace. Making an informed choice can be challenging, but it's not impossible. Figuring Out Your Budget and Time: The Classic Decision Building a website involves an investment of both time and money. Hiring a designer can cost between $100 to $200 per website page, whereas setting up a website yourself might consume around 4 hours per page. It's a classic time or money conundrum that forces you to reassess your priorities. Do you have the design skills to build a website yourself? If not, using DIY applications may extend the time it takes for you to establish your online presence. However, if your budget is tight, investing your time into learning and implementing the process might be a viable option. DIY Website Builders: A Blessing or a Curse? Website builders like Wix, Squarespace, and WordPress have made website creation accessible to everyone, regardless of technical expertise. But are they always the best choice? Wix Pros: Wix offers an intuitive drag-and-drop interface and a variety of templates, which make it easy for beginners to create a website. It also provides advanced features for more seasoned users. Cons: The flexibility of Wix can also be its downfall, as the wide range of options can be overwhelming. Its SEO capabilities have been criticized, and the free plan comes with ads. Squarespace Pros: Squarespace is known for its sleek, professional design templates. It offers comprehensive features and excellent customer support. Cons: Squarespace's pricing is slightly higher compared to other builders, and the platform can be less intuitive for first-time users. WordPress Pros: WordPress offers incredible flexibility and control, with thousands of themes and plugins. It's a great choice for blogs due to its strong content management system. Cons: WordPress has a steeper learning curve compared to other builders, and you may need to handle updates and security measures manually.
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