Ever since its inception in 2004, Facebook is on a purple patch. The number of users of Facebook has grown immensely. Many savvy business owners relish the opportunity of promoting their products and services on Facebook. Facebook traffic is thus growing by leaps and bounds. As a consequence, advertisement costs on Facebook have increased over the past few years. Facebook ads run on a Cost per Click (CPC) objective and Cost per Impression (CPM) objective. You can see the Facebook ads on the right column of Facebook pages. In addition, you may see a few banner ads. Facebook advertising is a costly business. Here are a few smart tips to reduce your Facebook advertisement costs:
- Identify your goals:
Many first time marketers are often driven into the state of oblivion. They are unsure of the goals of the Facebook advertising – Is it for gaining traffic? Is it to build a legion of loyal fans? Is it to promote the products? Is it to generate leads? If you have a clear head, you can indeed make headway in Facebook advertising.
- Identify your audience:
Identify your target audience. Identify the main age group and target them. Identify the location of your target audience. For example, if your company delivers fast food products, it is best to target countries such as India, Sweden and South Korea. So, it becomes imperative to identify target audience and work accordingly.
- Targeting Options:
Set the criteria that are relevant to your business. Facebook offers a diverse range of options. You may target your audience by:
- Relationship statuses
- Relationship interests
Let me emphasize on the option- Languages. Many marketers fall prey to this option. More often than not, they end up advertising their products in a language that most people do not understand. So is the scenario with the location- demographics play a crucial role.
- Captivating Image:
Depending on the objective, location and size of the ad, you require different versions of the same image. Sometimes, you may require different images to deliver the message to your audience. However, it is impossible to predict the number of clicks that each image may earn. So, use a more compelling image.
- Keep it simple:
Do not use jargon. Do not use long sentences. Avoid paying attention to subtle nuances of punctuation. Punctuation is must but precision of a litterateur is never desirable. Avoid hyphens. Instead use full stops. Ensure that your ad sentences are grammatically correct and legible. Just keep it simple!
Many marketers underestimate the importance of determining the frequency. Let me explain this with a very simple example. If your target audience is say 1 person and if he has viewed your Facebook advertisement twice, your frequency is two. So, plan your budget by determining the frequency of your target audience.
- Action Phrases:
To engage your target audience and make advertising all the more cost effective, use action phrases such as sell, buy here, get a quote, download, register, sign up etc. Whenever a user clicks your ad, it should navigate to one of the above action links.
- Monitor the results:
Do not entertain any ads that generate zero ROI (Return-On-Investment.) Kill those ads. Pay attention to details such as CTR- Click Through Rate. Higher the CTR, lower will be CPC. So, work accordingly and do the needful.
Follow these smart tips to reduce your Facebook advertisement costs.