Everything About Facebook Advertising Rates
The most recent Facebook advertising statistics are astonishing: over $5 billion is projected to be spent by businesses on Facebook advertising this year alone. Perhaps more exciting than this figure is the change from Facebook advertising rates just a few years ago: today's revenues are six times greater than in 2009. Keep reading this guide to find out more Facebook advertising statistics that can help you evaluate Facebook advertising effectiveness for your firm.
Why Would I Want to Advertise on Facebook?
According to Facebook advertising statistics, the reason that 61 percent of companies buy Facebook advertising is to increase awareness of their brand. 53 percent of companies pay Facebook advertising rates because they want to grow their audience, while just under half—44 percent—use it for direct conversions.
What these Facebook advertising statistics mean is that you don't necessarily need to get direct client referrals from social media in order to measure your Facebook advertising effectiveness. Even if your Facebook presence is just great for increasing your number of inbound links and helping your search engine optimization, it's doing something great for your firm and you may still want to pay Facebook advertising rates.
One reason to advertise on Facebook, in particular, is that it gives you great tools for targeting your ads. It's easy to increase Facebook advertising effectiveness by changing the hyper focused demographics that can see your ad copy.
Unlike Google AdWords, you won't have to pay different Facebook advertising rates depending on which keywords you want to advertise. Instead, you can choose to increase your Facebook advertising effectiveness by picking the exact groups of people most likely to need your legal services.
Facebook advertising statistics show that the most common criteria for targeting ads are age, location, interests, and connections. It may surprise you to learn that for most advertisers, Facebook advertising effectiveness is not impacted by gender targeting. Some attorneys may want to target a specific gender (for instance, child custody attorneys who specialize in father's rights issues), but most have better luck talking to men and women equally.
Some Facebook Advertising Statistics You Need to Know
You can improve your Facebook advertising effectiveness by doing things your competition hasn't yet picked up on. For example, Facebook advertising rates for targeting specific zip codes can sometimes be significantly cheaper than targeting a broader geographic area, according to recent Facebook advertising statistics. If your firm works primarily with people from just a few local zip codes, this level of hyper local targeting is statistically likely to be more effective for your advertising.
One place that many advertisers are now falling short is targeting based on connections. Facebook advertising effectiveness actually increases when you target it toward your fans or the friends of your fans. It's much more likely that paying Facebook advertising rates will be worth your firm's budget if you are targeting this group—but Facebook advertising statistics show that only about a third of advertisers are even bothering. Get ahead of the competition by being the first in your area to use this kind of marketing.
Getting Help: Software That Can Make Targeting Easier
According to 2012 Facebook advertising statistics, today only about 15 percent of professionals paying Facebook advertising rates are actually using outside software to help them improve their Facebook advertising effectiveness. You can install several different tools that will let you take a closer look at how you can generate more narrow audiences based on locations, connections, and demographic features.
Because it's unlikely that your competition is also using this kind of software, you can improve your chances of Facebook advertising effectiveness really simply this way. You'll usually find that it takes much less time to set up a new split test or otherwise measure the performance of your ads when you're able to use automated targeting to take some of the guesswork out.
Agencies can also help you design split tests and figure out the answers to targeting dilemmas. While 2/3 of advertisers currently report looking at split tests to decide which ads to run, most are only analyzing their targeting or their ad copy. Few are even looking at their landing pages to determine whether a particular landing page is impacting how people interact with their website.
A Word About Facebook Advertising Effectiveness
If it isn't new, it's not trending on Facebook, Twitter, and other social media sites. Facebook advertising statistics show that Facebook advertising effectiveness is highest during the first 72 hours you're running a new ad. That means that you should be constantly cycling through new images and text, and targeting your advertisements at different demographics.
If you're waiting for a week or longer to change your ad copy, you're paying Facebook advertising rates for nothing. Changing your copy can have a near-immediate impact on your Facebook advertising effectiveness, and because ad headlines on Facebook are so short it doesn't need to take a long time to make new effective copy.
Because the life cycle of a Facebook ad can be a matter of just days, you should also feel free to pull underperforming ads quickly rather than seeing if they'll pick up speed—Facebook advertising statistics show that you're better off just using something new.
Should I Be Afraid of Rising Facebook Advertising Rates?
Facebook advertising statistics definitely show that as of now, Facebook advertising rates are increasing. This isn't necessarily a bad thing, though, because new types of targeted ads are actually making Facebook advertising effectiveness increase too.
Today's Facebook advertising statistics indicate that while it may cost about 50 percent more on a per-impression basis to use mobile sponsored stories than to get an ad into someone's sidebar, they're over 11 times more likely to be clicked on. 11 times—that's a huge increase in Facebook advertising effectiveness, and all for making a relatively small change.
To capitalize on these trends, you'll need to make your landing pages mobile friendly. If you make your telephone number easily accessible, the easiest way to see your Facebook ads paying off may be watching your lines light up as new clients start calling your office based on mobile advertising.