Helping Small and Medium Businesses Achieve Their Full Marketing Potential | Digital Marketing Expert
How Much Do Facebook Ads Cost?
Are you fed up with navigating the ever-changing markets and algorithms in digital marketing? Looking for a streamlined approach to reach an audience that you know just works? Facebook ads. Trust me, it’s not as scary as it sounds. Facebook ads remain a constant in the majority of marketing strategies due to their effectiveness, without the need to learn new best practices every month, unlike social media, SEO and others. In fact, with the right Facebook ad management services, you can achieve unbelievable results.
With this in mind, one essential factor you must get right is your budget and your strategy. Whether you do this in-house or you have the help of a Facebook advertising agency, you must understand that it’s not just pushing £5 here and £5 there with a simple product image and the tagline ‘buy now’. Understanding how to make the most out of your investment in Facebook advertising services and how much Facebook Ads will realistically cost your business is key. But not to worry, you’ve stumbled across this article by a leading Facebook ad agency. So, let’s take a look at the key factors affecting the cost of Facebook ads and what you can expect from yours this year.
What Effects Facebook Ad Prices
Ad Objective:
What are you looking to achieve by pushing these ads onto your target audience? Are you trying to improve your brand awareness? Do you want to drive more leads? Or are you focused on conversions? Ultimately, the reasoning behind your ads will affect your costs. Ads targeting more conversions cost more due to the value they provide your business. Consider this when planning your ad strategy with your future Facebook advertising agency.
Bidding Model:
Are you among thousands in your industry offering the same or similar products and services to an audience? Is your audience niche and specific? All Facebook Ads run on a bidding model, which your marketing specialist or a Facebook expert from your chosen Facebook ad management service will need to use to bid for the ad placements you desire. The cost of your Facebook Ads will depend on how competitive your bidding market is and how many other businesses are bidding for the same audience.
Audience Targeting:
How niche is your audience? Do you sell products that all generations and genders require, or will only a small group of people find joy in purchasing from you? When setting up Facebook Ads, you will be required to specify your target audience, which impacts the cost. For those businesses with broad audiences, your costs will be slightly lower than those with smaller audiences and will be at a more premium price. This is due to the results you see from these audiences; large audiences can be less active, while small audiences can drive more engagement.
Seasons & Timings:
If you set live a bunch of ads for various products during holiday seasons or at particularly busy times of the year (i.e., Black Friday or Christmas), then you can expect to pay a premium price for your ads. The time of year and how busy your industry is at the time of your ads going live will influence the costs. The more competitive your bidding model is, the more you pay, so planning a strategy at the right time is key if you want to run Facebook Ads on a lower budget.
Ad Quality & Relevance:
Quality over quantity. Putting out ten low-quality, boring and particularly pushy sales ads will not drive as good a result as 2 or 3 high-quality, relevant and compelling ads. Facebook rewards ads that tick the right boxes with lower costs. This means high-quality content, interesting copy, a great CTA and the right audience. Your ads that receive positive responses from your target audience will benefit from lower cost-per-clicks (CPC) and cost per thousand impressions (CPM).
What’s The Average Costs for 2024/25
As one of the leading digital marketing agencies in London for Facebook Ad services, we have a pretty good idea on what our clients can expect to invest in their Facebook Ads. We’ve compiled the generalised costs for Facebook Ads in 2024/25 based on data and trends we’ve seen in the industry.
Cost Per Click (CPC):
Depending on your industry and how competitive your product/service is will impact your CPC. Sectors like trades, insurance and health & beauty are more in demand than those of arts & crafts, groceries and real estate. However, in June (2024), the average CPC for Facebook Ads was £0.50.
Cost Per Thousand Impressions (CPM):
Facebook also bills your business’s Facebook Ads based on cost per mile (CPM); this is also known as cost per 1,000 impressions. With Facebook having 3 billion active users, many businesses use this to their advantage to improve brand awareness. In this case, CPM will be your focused metric. In June of 2024, the average CPM across most industries for Facebook Ads is £7.64.
How To Optimise Your Ad Spend
- Refine your targeting
- Invest in quality
- Monitor and adjust accordingly
- Implement retargeting ads
- Leverage A/B testing
- Use the help of a Facebook ads agency
To conclude, when pushing an effective marketing strategy for any business in 2024, Facebook Ads will provide you with valuable results, be that awareness, lead generation or conversions. Understanding the factors that go into a successful Facebook Ads campaign will be detrimental to how efficient your investment is and the audience you reach. With the help of a Facebook ads agency like The Good Marketer, you can take the guesswork, stress and calculations off your plate, as we have experts that do it for you – and do it well! Ready to make the most of your budgets with high-quality, optimised and result-driven Facebook advertising services? Get in touch today.
