Running ads for flowers on July 15? $1.50Ĭost of ads for flowers on February 13? $99.99 Get smart, know what you’re up against, and make a plan to conquer. Be aware of what your competitors are doing, but don’t let that dictate how you run your ads. The key to keeping costs down and ROI high is to differentiate yourself from your competition. How’s your $50 a day Facebook ad budget lookin’ now? Opening a home goods store? Walmart spent $41 million on ads. Disney spent $213 million on Facebook mobile advertising in 2020. Launching a children’s toy business? Great. Also, yes, it will be more difficult when you’re up against ad giants. Yes, even the smallest businesses can succeed with Facebook ads. Here are a few examples from retail to illustrate how much costs can change even within the same sector. Your ad costs typically go up the higher your product price is, or how valuable the lead you’re trying to capture is.įor example, financial services are a lot more competitive than t-shirt businesses. Some industries are more competitive than others for ad space, which affects the cost of advertising.
In this case, people interested in coffee, which could mean they follow coffee brands or Pages, have clicked on other coffee ads, or any other kinda creepy ways Facebook gathers intel on us.ĭid you know Facebook keeps a list of every user’s interests specifically for ad targeting? If not, you’re not alone - 74% of Facebook users also don’t know this.Īlmost a third of users say their list doesn’t accurately reflect them, but after checking mine, it’s hard to argue with data science like this:Īlthough, even supercomputers make mistakes:
Sure, you could spend $0.15 per click targeting the entire United States and only have 1% of those clicks turn into conversions. On average, it will cost more to put your ads in front of a narrower audience than a broad one.
What affects Facebook ad cost? So, so many things. There’s more than one aspect of your Facebook ads cost: (You can get all that data and more with Hootsuite Advanced Analytics, which measures your paid and organic ROI together.)
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Advanced users can set manual bid caps, but this requires a deep understanding of your expected ROI and average conversion rates to be successful. If you’re new to Facebook ads, it’s best to stick to the automated bidding strategies. You specify a budget and Facebook automatically bids on each ad placement, attempting to get you the best results within that budget. How does Facebook ad pricing work?įirst, a short refresher: Facebook offers various bid strategies, but the most common type is an auction-style format.
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The free resource includes key audience insights, recommended ad types, and tips for success. Bonus: Get the Facebook advertising cheat sheet for 2022.
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