With more than 1 billion Facebook users, the social network is an excellent advertising platform. Advertising on this platform could potentially reach out to an incredible amount of customers. Moreover, what makes Facebook even greater is its unique mechanism to help your advertisement reach the right people. Facebook collects information about its users – their gender, age, location, life events, job titles, interests, network of friends, and online activity. Using these resources, Facebook helps you advertise to the right demographics, delivering your advertisement to users who are most likely to be interested in your product or service.
When it comes to advertising, your top concern is how much it will cost you. Facebook charges advertisements based on CPC (Cost Per Click), CPM (Cost Per Impression) or CPL (Cost Per Like) model. The default structure that the platform sets for you is the CPC model, but you can change the fee structure yourself. The pricing of CPC works on an auction mechanism, and affected by your targeted audience, your ad’s relevant score, advertising season, and your advertising objectives, therefore the price of CPC and CPM are not fixed numbers. A study by SalesForce revealed that the average CPC is in the range of $0.22-$0.35, while average CPM is in the range of $0.16-$0.72.
There are tons of tips on your Facebook Ads design, audience targeting, cost budgeting, and marketing strategy. A great resource for such information is “45 Fabulous Facebook Advertising Tips & Magic Marketing Tricks” (http://www.wordstream.com/blog/ws/2014/01/30/facebook-advertising-tips)
Have you ever advertised on Facebook? Please share your experience by leaving comments.
Schener, J. (2016). The Comprehensive Guide to Facebook Ads. Retrieved from http://corp.wishpond.com/facebook-ads-tool/