There are several reasons why advertisers find Facebook to be an attractive platform, including its robust targeting capabilities and low pricing. Facebook ad prices are not a flat rate and will change depending on various criteria, such as the size of your target market, the specificity of your ad’s purpose, and the degree to which your campaign is optimized.
Click-through rates are often measured in terms of CPC or cost per click. CPC is a useful metric for gauging the success of your Facebook ads. How then is the CPC established? CPC for Facebook ads is determined by dividing the total ad spend by the number of times a link is clicked. The answer to the question “What is the average CPC on Facebook?” varies widely from business to business. If you’re in the financial industry and want to advertise on Facebook, you should expect to pay the most per click ($3.77), says Wordstream. The average clothing industry CPC on Facebook is $0.45. Those are Facebook’s least expensive clicks. As a whole, businesses can expect to pay an average of $1.72 per click on Facebook.
Understand Your Relevance Score
Your Facebook ads’ cost-per-click (CPC) is closely tied to your Relevance Score; therefore, it’s important to familiarise yourself with this metric.
The Relevance Score is a numeric value between 1 and 10 that indicates an advertisement’s level of suitability for its intended audience. You have a huge problem if your ads have a Relevance Score of 1, indicating that they are irrelevant to your target demographic. Facebook will stop displaying it unless you increase your advertising budget. On the other side, if your ad has a Relevance Score of 8 or higher, it is very relevant to the people you intend to reach.
Relevance Score factors are founded entirely on predicated compliments and criticisms. The larger the expected number of favourable responses, the higher the score. Only after more than 500 impressions of your ad have been served will you receive a Relevance Score. It could be a while before the final tally is revealed if funds are tight.
Ensure You Are Targeting a More Specific Audience
One of the most crucial and helpful ways to reduce Facebook ad CPC is to narrow your target demographic as much as possible. You’ll have a clear competitive edge if you run targeted campaigns that zero in on a certain audience. With this information, you can design promotions and commercials that resonate with your target market. By narrowing your focus, you’ll have less competition from companies vying for the same customers. In this auction, you should only place bids on the people whose attention you truly value.
Focus on Increasing CTR
Cost-per-click (CPC) can be reduced by prioritizing the click-through rate (CTR). Facebook’s Relevance Score rises when it sees that people are clicking on your ads because they find value in what you’re offering. In other words, they go well together.
Want to know how to reduce Facebook CPC? First, implement these strategies to boost click-through rates on your Facebook ads:
- Make your ad’s headline interesting. Facebook ad copy is one of the first things a potential consumer will see, so it should be compelling and direct.
- Increase the exposure of your profile photo in the News Feed. Make sure the images you use for your marketing agency in Columbus are of professional quality. Use contrasting, bright colours. Think about using pictures of satisfied customers using your products.
- Position your call-to-action buttons properly. For best results, choose a CTA that directly links to what your audience wants to accomplish on Facebook (as studies have shown that doing so can increase CTR by as much as 80%).
Look for Audience Overlap
Promoting multiple ad sets to the same audience simultaneously is a major source of frustration when managing Facebook Ads campaigns. The more people there are competing with you for Facebook ad clicks, the higher the CPC will be. The more the overlap, the lower the performance of your campaigns and the higher the CPC you will get fighting against yourself. Use the Facebook Audience Overlap tool to see if your audiences overlap significantly; if they do, you can agree to remove each other’s audiences and save money.
Don’t Neglect Conversion Tracking & Utilize Retargeting.
Conversion tracking is a tool that makes it possible for advertisers to achieve their ultimate goal: to increase the amount of money they generate from their Facebook ads. Conversion tracking shouldn’t be overlooked to discover how to lower the cost per click of your Facebook ads.
Tracking conversions is now much simpler than before, thanks to Facebook Pixel. After it has been installed, the Facebook Pixel operates in a manner that is analogous to the code for Google Analytics in that it spreads over all of your pages and grants you the ability to track and target any metrics that are important to you.
When it comes to running a successful online business, strategy trumps brute force every time. Using the free tools at your disposal, you can get your company’s name out there on Columbus Social Media Marketing. But if you have and are ready to put money into Facebook ads, the following tips will help you save money that you can put toward producing more interesting content.