Facebook is the king of social media. It still is! With more than 3 billion users, a digital marketing speaker Hong Kong undoubtedly recommends the social media platform as the best space to promote brands, products, and services.
According to a social media agency Hong Kong, one of the most burning questions in advertising is “How much do Facebook Ads cost?” There is no true answer to the said question. The cost of a Facebook ad depends on many factors. What is true is that no matter how much you pay for your ads on Facebook, what is important is you maximize your ad spending. How? Here are 5 ways to maximize Facebook ad spending.
Run A/B Experiments to Reveal Timely Results
Facebook A/B Experiments allow brands and businesses to test a campaign using different elements. They aim to help marketers find out what works best. To maximize Facebook ad spending, brands and businesses should set rules in setting up A/B experiments. Shut ad sets that poorly perform and scale successful ad sets to save a lot of time. Through the results of A/B experiments, brands and businesses can set up standards on CPC, CPM, and cost per result.
Set Performance Rules
Besides setting a standard on A/B experiments, the best way to maximize Facebook ad spending is to also set performance results. You may not be able to scale something that you cannot measure. By setting performance rules, brands and businesses will have accurate metrics about their campaigns.
To set up rules for a Facebook ad account, simply go to the Ads Manager. Click the drop-down menu under “Rules” and select “Custom Rule.” You can then choose the conditions you prefer for your ad performance rules. Some common performance rules or triggers used by advertisers are:
- Campaign results drop below a certain threshold
- Cost per result gets too low
- Frequency gets too high
- Purchase return on ad spend gets too low
Afterward, you can choose whether Ads Manager will turn off the ad set when the performance rules apply. Once you create cost-related rules, Facebook recommends adding impression thresholds.
Set Up a Regular Monitoring Schedule
One thing most brands and businesses neglect is to set up a regular monitoring schedule on Facebook ads. It may be tempting to check a Facebook ad that only runs within 24 hours. But do remember that the results are less likely to improve even if you monitor them every hour. The best monitoring schedule for your Facebook ads is weekly. Checking them daily makes you focus too much on minor issues. Checking active campaigns weekly can help you identify delivery and performance issues. It also keeps you away from distraction in managing your other ads and campaigns.
Track Important Metrics
Another way to maximize Facebook ad spending is to focus on important metrics. These essentials include:
- Click-Through Rate (CTR) to see if a campaign generates clicks at the rate expected. This metric allows you to find out if the target audience is clicking through your website or simply ignoring your ads.
- Conversion Rate represents the number of people who clicked a Facebook ad and made a purchase. It is the most critical metric that you need to assess to back up a successful campaign.
- Cost Per Click (CPC) to view how much you spend to drive website traffic. You can scale this by enhancing your ad copy, creatives, or offer.
- Cost Per Thousand Impressions (CPM) to find out how much you spend to reach your target audience. It can help brands and businesses assess if an ad continues to deliver at a reasonable cost.
Use Breakdowns to Reveal Your Ad Performance
Over time, ad fatigue can lead to a decrease in ad results and an increase in ad costs. The breakdown menu of Ads Manager can help you analyze what has gone wrong. For example, viewing audience demographics, platforms, time frames, and user’s devices can help you expand or fine-tune targeting.
THE BOTTOM LINE
Knowing how to maximize your Facebook ad spending can greatly help brands and businesses boost their return on ad spending.
Reference: https://www.socialmediaexaminer.com/5-ways-to-save-money-on-your-facebook-ads/