5 Facebook Advertising Hints to Reduce CPC
In this article, we will discuss five Facebook Advertising Hints to Reduce CPC (Cost Per Click) so that you can do more with less!
As of 2019, Facebook boasts an impressive number of 2.38 billion active users worldwide. Facebook was started as a platform to help people connect with each other, but for businesses, Facebook means potential customers.
Posting advertisements on Facebook can really benefit a company in the lead generation process, driving more inquiries and brand awareness. The advanced advertising tools that Facebook gives you to target the audience helps you to get your ads to the right people.
CPC or Cost Per Click the metric that is used to determine the cost of running ads on Facebook. When CPC goes beyond a certain limit, you are looking at negative returns for the investment that you put in. There are many factors that influence CPC rates, and knowing them is critical to lower advertisement costs on Facebook.
1.Spend more time on targeting and fine-tuning
We get that you are anxious to see the leads come through, and this often results in you skipping through the advertisement creation process and this is something that you should not do.
When you are creating ads on Facebook, make sure that you spend time in the creation process. Fine tune the descriptions that you put in, and the picture or poster that represents it.
Set your target audience, their age, the region, age group, etc. Having a solid Ad isn’t all about vibrant pictures or posters, it’s about getting the right content to the right people.
Since advertisers often rush this part, it results in everyone in a niche having the same audience preferences, which drives the CPC rates high. By spending more time in Ad creation and fine tuning, you are creating a solid foundation for your ad.
Stand out from the rest with a meticulous audience preference, it will certainly help you to drive down CPC rates.
2. Keep an eye on the Facebook metrics, Relevance score is no more!
If you have spent your time in Ad creation, then you will reap its rewards here. Relevance score is a metric that helps you understand how effective your Ad is on Facebook.
From April 30th, Facebook replaced the Relevance score with three new metrics. In the past, the relevance score gave an insight into the quality of the Ad as it gave it a score between 1-10.
Even though this was helpful in the getting to know the overall quality of your ad, it lacked certain key details which Facebook fixed with the new system.
The new system comes with three metrics instead of one:
Conversion Rate Ranking: This gives you the conversion rates of your Ad compared with other ads that target the same audience with similar optimizations.
Engagement Rate Tracking: Provides insight into the type of engagement that occurs when the Ad is presented to the viewer.
Quality Ranking: This gives you an idea of the quality that your Ad has against similar ads competing against you.
Ensure your ads are running at the best possible scores and keep these metrics in mind so that you can optimize your future ads to perform better and to further lower CPC rates.
3. Use split tests, they are worth the effort!
Split Test is something that many business and marketers tend to avoid, the reason for doing so is almost always the same – it is time-consuming.
Yes, creating a Split Test is more time consuming because you are essentially creating a second or a third Ad along with the original. But the benefits almost always outweigh the effort.
Basically, split testing is the method of running two versions of an Ad at the same time. And Facebook brings back the metrics of both the ads to you. Now you will have information about which version of the Ad is doing better than the other/others. And this will help you understand which ads work, and which doesn’t.
A review of these ads will give you an idea why some ads fare more than the others, and can really help in the structuring of future ads. The best part is that Facebook doesn’t show the two different ads to the same people, it makes sure that the Ad has reached a random audience to get you accurate results. Facebook even suggests the winner among your ads that performs well based on engagement and CPC rates.
4. Test run your Ads and recognize the pattern
Do not just create an add and forget about it. First, run the ad for a minimum of 4-7 days with a fair budget. You don’t have to go expensive here because this is about measuring the audience’s reaction to your ad. A price of $5 per day is a good place to start.
Now pay attention to the days you are getting more clicks/engagement. Use the information you have collected to run ads more precisely. You don’t have to run your ad all week if you are getting the most engagement on certain days of the week. This is all about conserving cost and advertising smart!
5. Pay attention to the Click Through Rate (CTR)
Another important metric that needs your attention is CTR or Click through rate. It is the rate of clicks garnered by your Ad for a certain number of impressions.
There is a direct correlation between CTR and CPC as when CTR decreases, it increases your CPC rates. Pay attention to your ad’s CTR rates, and most importantly the number of unique visitors you are getting for your ads.
CTR is calculated by dividing the number of click by the number of total impressions and then multiply that value by 100.
The average CTR on Facebook across all industries is 0.9%. The higher your CTR rates, the lower your CPC prices are going to be!
Advertising on Facebook doesn’t just help you to get your content to more people, it also helps with SEO if your aim is to get leads to your website. With each new click, Google will recognize the increase in traffic that your website is getting, making it reach the conclusion that people are finding valuable information on your website. This will help your weblink gain ranks on SERPs. Unfortunately, higher cost doesn’t always mean more visitors. By using the tips that we have mentioned, you can drive more engagement to your content, or drive serious traffic to your website without burning a hole through your pocket. Small optimizations can go a long way, happy advertising!