While Facebook ads may not necessarily be expensive to run, given for a little as ksh.100 you can run an ad on Facebook. It is however important to pay attention to strategies that help your monitor and regulate your ad spending, ensuring that you don’t start cursing at Facebook saying you are spending money with minimal results.
Like many other people, I’m pretty sure your main goal for using Facebook ads is to lower CPC [Cost Per Click] and increase conversions. So the question is, how do you achieve this within your budget.
How about we share some Charleson expert tips with you on lowering your Facebook costs so that your business can remain within budget, but at the same time achieve your goals with ads. Shall we begin?
1. Target a specific audience
When you run a highly targeted ad, you know exactly who you’re targeting and you can craft ads that you know they’ll be receptive to.
Charleson Tip: You can use Facebook’s incredible targeting system to achieve this specified targeting and not have to play the guessing game.
2. Check your relevance score
The relevance score tells you how relevant your ad is to your target audience.
Your relevance score directly affects your CPC [Cost Per Click], as Facebook normally prioritizes ads with high relevance scores and will actually lower your CPC if you have high scores
Positive interactions like engagements, clicks, and saving ads will improve the score. Watch your relevance score carefully and adjust your ads accordingly.
3. Increase your CTR
Increasing your click-through rate will automatically increase your relevance score and lower your ad spend. The best ways to increase your ads’ CTR include:
- Add a CTA (Call to Action e.g. contact us, buy now or share, etc.)
- Fascinating headlines, the goal? To capture or your CTA’s attention immediately!
- Incorporate lots of images and video
4. Retarget your audience
Retargeting is showing your ads to users who know you and your product.
These people will be more likely to interact with or click on your ad, increasing CTR and lowering CPC.
Charleson Tip: Create a custom audience of those who have interacted with your page or site before.
5. Ad time and frequency
If you set your ad frequency too high, your audience can get sick of seeing it. On the other hand, if you set your ad frequency very low, people might not end up seeing it at all! This sounds like a dead-end, right?
But, thankfully, you can optimize your ad frequency and automate it using Facebook’s rule creation tools.
6. Split test images and copy
If you want to keep your CPC low, you should A/B test your ads. What does this mean?
Create different versions of the same ad that use different text, video, images, or copy.
This will help you to know what your audience prefers, as well as keeping your ads fresh and interesting to the users.
Hence, a low frequency and high engagement = low ad spend.
7. Audience overlap
Oftentimes, a problem that may come up when running multiple Facebook ads is that audiences tend to overlap.
You may be running different ads but they are targeting the same audience, and you end up competing with yourself.
We don’t want that to happen! The reason being, now you’re just wasting your money fighting for the attention of the same audience!
Charleson Tip: Use Facebook Audience Overlap Tool to check if your audiences are overlapping significantly, and if so, exclude them to avoid bidding against yourself and having a high ad spend.
8. Create a lookalike audience
Creating a lookalike audience can do wonders to lower your ad spend.
The idea is to give Facebook an idea of what your current customers are like.
You can do this by uploading a list of customer emails and allowing the platform to create a similar audience with it.
Your current customers are like your brand, so why not find potential customers who are similar to your existing customer base. Smart, right?
9. Change your bid type
Set your bidding type to optimized CPC.
This bidding type makes Facebook show your ads to those who are likely to take exactly the action you want.
It will make adjustments to show your ad to the people who are interested in the product or service you are selling.
This will increase your conversion rate and CPC will remain low.
It’s a win for you!
10. Set up Facebook Pixel
Set up Facebook Pixel, which is a few lines of code you insert into your website to track conversions and access data about your clients.
Pixel can track which ads are performing best and yield more sales.
This will help you in optimizing your ads.
11. Update or get rid of ads that aren’t performing
If you’re running several ads, put a pause on the underperforming ones, or consider updating them.
Charleson Tip: You can automate monitoring your spend by navigating to the create rule segment via the business manager section.
Facebook ads don’t have to cost an arm and a leg! If you implement the right strategy, you can get quality leads and customers without blowing your entire marketing budget, or maybe even, you could spend nothing at all! Don’t believe me?
Find out more here.
Now that you have these helpful tips, start lowering your Facebook ad spend today!
You’ll definitely see the difference!
Looking for social media campaign services? Book a meeting with our team.
Until next time, cheers!