In the 21st century, which is run by social media, the best marketing strategy for any business, small or big, is to advertise through Social Media platforms such as Facebook, Instagram and YouTube, to name a few.
Advertising on these platforms is not only affordable and beginner friendly but is also guaranteed to draw audiences and consumers because globally, the number of internet users per day is steadily increasing. Here’s how much Facebook Ads cost!
Coming Straight To The Point: How Much Do Facebook Ads Cost?
While the cost of ads on Facebook are subject to regular volatiles, generally they range between 0.50$ to 2.0$ per click. This means that every time a user on Facebook clicks on your ad, you are required to pay anywhere between 0.50$ to 2.0$. This figure is determined based on a range of factors.
However, there have been cases where advertisers paid anywhere between as little at 70 cents per click to as much as 10$ per click.
How Does An Ad Garner Enough Clicks For The User To Pay For It?
While social media platforms like Instagram and YouTube allow any user to run ads for their products, regardless of how much the bid price is, Facebook holds an auction in which the advertiser with the highest bid rate is the one whose ad is promoted on Facebook.
There’s less ad space available, as too many ads would mess up the platform, thus increasing competition.
How Is The Cost Of A Facebook Ad Determined?
The cost of an Ad on Facebook is determined by the advertiser’s bid and budget. The bid is the price at which an advertiser auctions his ad to Facebook, and the budget is the spending plan that the advertiser holds.
Facebook offers the option of having either a daily budget, which changes and controls the budget spent on the ad on an every-day basis, and also a lifetime budget, which runs for the entire duration of the ad’s campaign.
What Factors Influence The Price Of A Facebook Ad?
There are numerous factors that affect the price of your Facebook Ad. This includes the target audience who you want your ad to reach, as the smaller the target audience, the lower your ad price. However, even in smaller target audiences, if there are multiple businesses competing for their attention, the placement of your ad will cost you a higher bid price.
Other factors that influence the price of your Facebook Ad, or the cost you’ll be paying, include the goal of your marketing strategy, the time when you choose to run your advertising campaign and the competition you face.
Is The Cost Of Each Type Of Facebook Ad The Same Or Different?
Facebook gives you the option of choosing from a range of different types of ad placements. This includes ad placements not just on Facebook through newsfeeds, instream videos, marketplace, stories, etc. but also ad placements across Instagram, Messenger, and Audience Network.
Generally, Instagram Ads are the most expensive of the lot, priced at 1.15$ per click.
While gaining an ad placement on Facebook seems difficult, it is one of the most effective advertising platforms, spanning across Instagram and Audience Network as well. Choosing the right ad placement, with the right budget and right bid price can really help bring a lot of attention to your business.