If you’re wondering how much it costs to advertise on Facebook, then you’ll be happy to know that you can pay whatever you want!
The beauty of Facebook advertising is that it is 100 percent customizable – you can spend one dollar per day or one thousand dollars per day – it’s completely up to you. Advertising with Facebook’s advanced targeting techniques allows you to reach almost every demographic under the sun, and the site offers a few different ways to reach your target market.
Facebook advertising is set up so that you can control the maximum amount that you are willing to spend on your campaign. You can set two kinds of budgets – a daily budget or a lifetime budget. A daily budget is self-explanatory, and a lifetime budget refers to a campaign that runs for a specified period of time, like six months or one year.
You can spend the money on clicks or impressions – a click may result in a like or a click on your link, whereas an impression is simply a view of your ad. That’s why 1,000 impressions is considered to be the equivalent of one click.
However, Facebook may not charge you the full amount of your daily budget on any given day. Why? Because, depending on the size and specifications of your target market, there may not have been enough relevant users exposed to your ad on that particular day. That’s a good thing, because Facebook won’t charge you for reaching people who don’t meet your specific guidelines.
For example, if you are targeting female Sydney residents who are specifically interested in interior design and who are between the ages of 25-45, then there simply may not be enough of those people seeing your ad on any given day to warrant the full budget spend. However, do not fret, that simply means that each click you do get is highly targeted. On the contrary, if you’re simply targeting any Sydney resident between the ages of 25-45, then that’s a much bigger net and you will be much more likely to spend the full daily budget in one day.
Ultimately, the cost of a Facebook ad is entirely dependant on your budget, what you are selling and to whom.
If you are providing a very niche product or service to a concentrated group of people, then you may want to spend more money because each relevant consumer is fewer and further between. Similarly, if you are offering something more universal or mainstream, then you may not need to spend as much money, because there are simply more people that will find your ad valuable.
Facebook marketing costs are broken down into different types of bids, and you can set a different budget for each bid type.
You can choose either cost per mille (CPM), cost per click (CPM), optimized cost per mille (oCPM) and cost per action (CPA). Your bid type should be based on your goals – for example, paying strictly for CPC results will ensure that you’re only paying for clicks on your ad. However, that doesn’t mean those people are actually liking your page, or doing anything except clicking on and off your ad. That’s why CPA exists – that way, you can ensure you are only paying for actions taken on your ad – such as liking your page or clicking your website link.
Advertising on Facebook is a great option because of its budget flexibility and advanced targeting options. It’s one of the few places where you can target advertisements based on everything from age, gender, occupation, interests and occupation. Facebook has over one billion users, and there are opportunities for businesses of all kinds to reach their own unique audience.
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