If you’re like most marketers, you spend a lot of time — and money — on Facebook ads. But the fact is, many people are actually losing money on their Facebook ads.
The good news is that most of the factors that affect how much advertising costs on Facebook are easy to control. Here are a few tips to help you get your ads to perform better, and save you some money.
Using the right bidding strategy can make or break your Facebook ad campaigns. For example, when you use the Campaign Budget Optimization (CBO) bidding strategy, Facebook will automatically prioritize your ad sets with the best chances of getting results within your daily or lifetime campaign budget. That means fewer ad sets will be competing to run your ads, which in turn will decrease your overall costs.
Demystifying the Price Tag: How Much Does Advertising Cost on Facebook
Your ad placements also affect the price of your Facebook ads. Ads in high-visibility places, such as the News Feed or Instagram, will generally be more expensive than those in less visible areas, such as the Messenger inbox or the Audience Network.
And it’s worth noting that advertising for awareness and consideration-related goals tends to be cheaper than conversion-related goals, as users may be at a lower stage in the buying funnel. Also, be aware that Facebook will adjust your bids depending on the season and day of the week. For example, in 2021, the cost per Like was highest on Tuesdays and Wednesdays.
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