One the many benefits of Facebook Ads are that they are cheaper than other forms of paid advertising, especially Press, Radio and TV. You can build an audience for your brand on the world’s most active and engaged social networks in a month for less than the cost of one Press Ad.
Because Facebook Ads are like the eBay of the advertising world, and market demand and competition dictate what you pay, there are a couple of savvy ways you can use market forces to get better value for your dollar.
Firstly, pay attention to how the Broad Interest Targeting and Precise Interest Targeting you use affects the Suggested Bid. Select a few interests, then add and subtract to determine which ones are cheaper. Obviously, you still need to make sure the interests represent your audience, but you can really bring down the bid price by playing around with your targeting this way.
Some advertisers do less research about their audience than you would, which means there are some great interests you could target that are less obvious and therefore cheaper.
Run your ads on weekdays rather than weekends because there is generally less competition and prices should be lower. If you check prices daily, you may also find other pockets of low prices as demand fluctuates. If you have some ads paused ready to go, you can be nimble enough to take advantage of cheaper ad prices as they arise.
So, take action on your next campaign and start researching Facebook Pages, books, movies and online communities that are most likely to appeal to your target market, but may be less known. You can use Google, Facebook Search and Amazon as great starting points to understand the brands your target market has an affinity with, and then use this information for Precise Interest Targeting.
Don’t forget you can also set your daily ads budget to ensure you don’t overspend, and that you are always in control.
If you need more advice and tips on your Facebook Ads, you can book a coaching session with me, where you get 30 minutes for $150 and learn the basics to get better value from your Facebook Ads.