Everything About Facebook Advertising Cost
The cost of advertising on Facebook is much lower on a per-click basis than using Google AdWords. While click through rates on Facebook ads have declined by about 8 percent, the cost to advertise on Facebook has actually steadily risen throughout the last year. You'll need to be a savvy business person to keep your Facebook advertising cost to a minimum. Keep reading to learn secrets and tricks that can lower the cost to advertise on Facebook without sacrificing new clients for your law firm.
Cost to Advertise on Facebook: Video Ads
The cost of advertising on Facebook depends, more than anything else, on what kind of ad you're trying to buy. For example, the cost to advertise on Facebook with targeted video ads is extremely expensive. With Facebook making this feature available only for companies whose monthly Facebook advertising cost is at least $30,000, even the largest and most lucrative law firms will probably leave the videos to other companies.
Of course, the fact that direct video ads are too expensive doesn't mean that you can't use video at all. You'll just have to spread video socially using your news feed. A good, informative video will be able to attract customers more when it's among organic news feed sources than when it's posted as a direct advertisement.
Cost to Advertise on Facebook: Direct Ads
The cost to advertise on Facebook using direct ads is much lower. Even a small law firm can afford the cost of advertising on Facebook if they're primarily using direct sidebar ads—often, you'll pay as little as 30 to 70 cents per click. Since there's no keyword bidding, you don't have to worry about legal keywords costing too much to buy.
If you're using these ads, you should always make sure that your Facebook advertising cost is being offset by new fans and likes. Not all companies have found direct ads to be worth the cost of advertising on Facebook.
Cost to Advertise on Facebook: Sponsored Stories
While the cost of advertising on Facebook with sponsored stories is a little bit higher, it also gives a better rate of return. You may want to try this kind of advertisement, then see whether the cost to advertise on Facebook has been higher or lower when you sponsor stories.
When viewers see a sponsored story, it'll appear in their actual Facebook news feed. Because the ads appear more organically and are in the line of sight for people scanning their Facebook feeds for updates from friends, you'll usually get better results.
Even if your cost of advertising on Facebook shows that you're paying more per click, check out how many of those clicks become paying businesses. Many people have found that these forms of Facebook advertising cost less overall because you'll get more results on key performance indicators.
Trends in Cost of Advertising on Facebook
Today, the cost to advertise on Facebook appears to be rising. Earlier this year, it looked like some companies were deciding that Facebook advertising cost too much, and some major companies stopped their Facebook ads due to a lack of results.
However, the ability to target key demographics has made it so that the cost of advertising on Facebook is still very much worth it for a number of companies. Smaller companies picked up the slack the big players like GM left behind, and in the second quarter of 2012, the average cost per click for a Facebook advertisement went up as much as 25 percent.
It's difficult to say whether the cost of advertising on Facebook will keep rising. Due to the bidding system, Facebook advertising cost is what the market will bear, and the only way that you'll see a significant decrease to the cost to advertise on Facebook is if many companies stop placing ads due to poor results.
Setting Your Facebook Advertising Cost Limit
It can be easy to get carried away with advertising on Facebook when you first start learning. As you keep finding out about the ways in which you can target customers using Facebook's system, be careful not to go over budget.
Before you start any new campaign, you should have a weekly and monthly target for your cost to advertise on Facebook. After you've analyzed a few months of data about your Facebook advertising cost, you may want to increase that budget, but you shouldn't overspend before you know what works and what's wasting your money.
Set low Facebook advertising cost limits for each campaign, but high enough that you can get enough data to make valid comparisons. Try to run your ads for at least four or five days to see how they perform unless you see a clear case of underperformance.
Is What You're Getting For Your Facebook Advertising Cost Worth It?
In some situations, you may decide that even if the cost of advertising on Facebook is low, you aren't seeing the kind of results you had hoped for. This is especially likely if you're working with a practice that would prefer to do B2B advertising. While the cost to advertise on Facebook is often worth it for B2C practices, LinkedIn tends to be the network of choice for B2B targeted ads.
The cost of advertising on Facebook is easy to track, but it's also important to keep track of what you're getting in return. You may find that your Facebook advertising cost is very high compared to the amount of new business you can see being generated from the site.
It's important to keep in mind that Facebook marketing is a long-term strategy, and that extending your reach may have benefits that extend well beyond this fiscal quarter or next year. Social media doesn't look like it's going anywhere soon.
You can expect the cost of advertising on Facebook directly to rise as people continue using the site. Work on your social media marketing strategy so that you can reduce the cost to advertise on Facebook and market mostly with organic posts.