Facebook advertising is one of the greatest tools for businesses to increase their conversion rates and grow their audiences. As it is amongst the most cost-effective channels for advertising any product or service. From sales staffing agency to clothing brands, every business needs to advertise themselves to make people aware of their existence. And Facebook allows brands to do so by providing various targeting options.
However, some marketers find it hard to keep the CPC low on Facebook. But if you follow these hacks, you can reduce your advertising costs.
Gaining a High Relevance Score
Relevance score on Facebook refers to feedback that your target audience gives through their interactions with your ads. More positive the feedback, the lesser you will have to pay for the impressions. However, if the feedback you get falls between the scale of 1 and 3, that means they are highly negative. And you should prepare to pay more for the impressions.
The score gets updated regularly. So, a failure does not mean that you should give up. Instead, you should try to tweak your ads so that you receive a more favorable response. As good relevance score will also improve your ads’ efficiency.
Elimination of Overlapping Audiences
When creating a target audience on Facebook, you should also see that they are not overlapping. Getting to know about the overlapping audience is not difficult as Facebook provides its Audience Overlap Tool. You can use that for your convenience.
Now, you must be wondering that how does overlapping the audience increases the ad costs and the answer is competition. Yes. When the audience overlaps, your ads start competing against each other. Thus, increasing the costs and reducing engagement.
If you succeed in getting a high click-through-rate on your ads, it will translate into better conversion and engagement. Thus, increasing your relevance score as well. And all of this will result in a reduced CPC for your campaigns as well.
Some of how you can increase your CTR and bring your CPC down is by reconsidering your call to action and paying attention to your ad copy. Remember that the headline and lead sentences along with the call to action play a vital role in deciding whether a person will click on your ad or not. Make it enticing for them. So that individuals have no other option but to click on your ads.
Optimizing Facebook Pixel
For those of you who are not familiar with it, a Facebook Pixel helps you to do two things:
- Tracking conversions that enable optimization of ads
- Allows to build audiences based on the results
The latter is essential for retargeting purposes. Apart from that, Facebook can suggest a similar audience to the one performing best as well. Therefore, businesses need to have pixels properly connected to their Facebook advertising accounts.
One of the most effective audiences that are most likely to convert is the retargeted one. In case you are not familiar, a retargeted audience is the one that visited your funnel but did not convert. So, naturally, if you market your product or service to them, they are more likely to make a purchase. Facebook allows you to make an emotional appeal to these people.
Apart from that, you can adopt other ways like social proof and any additional information that you believe will encourage people to take action.
Using Video Ads
Videos are better than images. Not only are video ads more engaging but they also cost less than the image ads. Did this fact amaze you? Because it astonishes many people. Therefore, providing you with an opportunity to lower your CPC as good video ads cost less than any other Facebook ad types. You should look for possible ways to incorporate video ads into your marketing strategy.
Lowest Bidding Strategy
Facebook introduces its lowest bidding strategy so that you can pay the least amount for any optimized event that you select in your campaign. You can also refer to it as automatic bidding. The objective varies from campaign to campaign, but Facebook will keep the costs to the lower side while spending your budget.
If you incorporate these tips into your marketing strategy, you will notice a difference in your results. For me, changing the talent acquisition strategies alone for my own company did not work. However, when I started paying attention to my ads and how to lower the CPC, I started receiving favorable results. You should keep trying as well and look for ways to lower your costs.
Remember that what works for one campaign might not work for another. Therefore, keep trying and optimizing.