However, Dan Rohsler, social account manager at digital agency Power Digital Marketing, said it is common to expect the cost per thousand impressions (CPMs) to vary between $5 and $10 and cost per click (CPC) to come in below $2.
Likewise, Kevin Miller, director of growth at home-buying app Open Listings, said a safe average cost per click on Facebook for most businesses is $1.50. And Peter Messmer, director of growth and strategy at conversion optimization platform AddShoppers, said CPC costs for retargeting are typically in the $0.75 to $1.25 range, with cost per acquisition (CPA) costs for retargeting in the $5 to $10 range.
These costs are competitive and well within the reach of smaller businesses.
With that in mind, here’s a look at nine actionable steps your brand can take to save money on Facebook ads and come in below average.
1. Target a more specific audience.
Per Ben Cook, marketing director of social media agency JC Social Media, advertisers should be as precise with their criteria as possible when specifying audiences.
“By narrowing your target audience, you can drastically reduce the competition from other brands running ads to a similar audience,” he said. “Remember you are in a bidding war with hundreds of other brands – only bid on who you really want to reach.”
Cook said this means marketers increase the odds that their promoted content will resonate closely with target individuals.
“It means you can tailor ads to appeal to people in a specific demographic, geographical area and set of interests, giving you the best chance of gaining clicks and generating traction,” he added.