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How is Facebook Advertising priced?
Facebook Advertising space is sold at auction. The more you’re willing to spend to acquire a new customer, the better your chances of success.
This means the popular spots are more expensive. The high-level of competition drives the price up.
In a similar way, seasonal trends push costs up too. When more businesses are competing for attention (during the run-up to Christmas, for example, or during a peak sale season in any particular industry), the cost of Facebook Advertising goes up.
Other things that affect costs include age, location, and popularity of interests.
The more opportunity surrounding an advertising space at a certain point in time, the more it will cost. (Unless you get lucky and spot something that no one else has).
How to get the most from your Facebook Ad spend
This is all about competition, and the first thing you need to understand is that it’s a long game. Facebook Advertising isn’t about the small, quick wins.
As you gather more data on how your audience reacts to your campaigns, it’ll get easier to find less competitive options that still deliver impressive results for you.
To achieve that, you need someone on your team who knows how to test, measure and refine Ads effectively. Someone who’s available to manage campaigns, cut out inefficiencies, and build momentum over time.
To get more for your money when it comes to Facebook Advertising costs, someone will need to take responsibility for:
1. Defining the goals
2. Getting specific with a small number of ads
3. Trying variations
4. Measuring and comparing
5. Cutting out what’s not working
6. Doing more of what is
Test, measure and refine. It’s a process. There’s no set-it-and-forget-it with Facebook Advertising.
Some agencies will promise massive results and overnight success, but the nature of Facebook Advertising means results are built up as more information is gathered.
Occasionally something exciting might come along and you’ll grab a bargain. More often than not, though, it’s about making smart investments again and again until you find your stride.
It takes time.
And that’s not to say that big results won’t ever happen quickly, it just shouldn’t be the goal.
Is Facebook Advertising worth the money?
Facebook Advertising is a powerful, results-driven platform that can work for any business.
Is it worth the money if you don’t know what you’re doing?
But with the right support, anyone can make Facebook Advertising work. Including you.
Of course, I am biased – I’m a FB Advertising Expert and Trainer.
Let’s bring in some business owners to back me up.
Facebook Advertising success stories
For some growing retail brands, Facebook marketing is proving to be a solid option.
Nicola Gotthardt-Mills, founder and director of fashion brand, Wear the Stars, is one of them.
“I tried PR and influencer marketing but the results were hit and miss,” Nicola told me.
“I’m really pleased with the results generated through Facebook Advertising so far, and they’re climbing.”
And Facebook Advertising can even work for a niche, high-ticket item like a canal boat.
“Laura’s support with Facebook Ads opened my eyes to a whole new, less traditional route to market,” said Chris Hill, managing director of The New and Used Boat Co.
“We’ve run a regular event over the past few years, with sales averaging £200k (2 narrowboats). We’d ran print ads before, but the most recent event was promoted heavily on Facebook. We took orders to the tune of £1.2million (that’s 12 boats in total!).”
Read the case study: A new route to market: £1.2million from a £650 Facebook lead-gen campaign
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