SUPER SIMPLE WAY TO KEEP FACEBOOK AD COSTS LOW
Today I want to talk about the easiest ways to keep your Facebook ad costs low. As you may or may not know with Facebook ads, as you scale, costs can often inflate to a point where you are no longer profitable with your product or service. Another problem, people just don't know what metrics are good metrics for running Facebook ads; meaning, they do not know how much they should be paying for cost-per-click, how much should I be paying per thousand Impressions; things like that; so because of that I'd like to go over today some of the metrics I like to stick by as well as what factors I try to watch to keep my costs low; so let's dive in and learn a bit more about the the easiest ways to keep your Facebook ad costs low.
How To Keep Ad Costs Low
Keeping ad costs low is pretty darn simple, but many overlook it. There is a little known secret that marketers often forget. Spending less per day Means LOWER AD COSTS. That is it. Whether you have a big budget or a small one, spend under $20 per day per state. What you're going to want to do is just not spend a ton per ad, per day. So if you're boosting posts or running straight up ads out of Facebook ads manager you're going to want to keep your overall daily budget low to ensure ad cost per click, likes and engagement all stay low.
If you're running daily budgets keep the daily budget low; if you're running lifetime budgets make sure that lifetime budget equates to a low daily budget. And, As I always recommend, never run an ad longer than 7 days unless it is getting better results every single day. If it has one drop off day after that 7 day mark, but you still want to run the ad I recommend duplicating the ad set and running the ad again.
I've had clients who spent $5 per day up to several thousand per day; and thousands over a lifetime budget; and spending more per day means more cost per click. I have tested this across hundreds of industries over my 17 year career.
How Can I Have Low Budgets And Still Cover The Whole Country?
You might be saying ‘I have a nationwide or worldwide coverage area. I need to spend thousands per day on this ad just to have it cover everyone in the country right?!!’
While it may be true that if you only run one ad and want the whole country to see it you will need a LARGE daily budget. However, It's something that will drive up your ad cost, so keep that in mind if you're going to spend more per ad; it’s just going to result in higher costs per engagement, per message and more per click; as well as more per lik; and any other metric you can think of for Facebook ads.
So, what I'd recommend for those of you who want to use one ad to cover an entire country or the entire world…….. DON’T DO IT! Even National chain stores do not use the same ad across an entire country.
Method 1 - Run different ads for different states… OR at the very least, run different ads for different regions; west coast, east coast, etc.
Method 2 - Duplicate your ad every 5 to 7 days until you saturate the area. So, instead of spending a ton each day trying to get everyone on Facebook to see your ad NOW, spend $20 or under per state; run the ad for 5 to 7 days, then duplicate the ad again and again until it starts to become sluggish with results.
It can be tempting to think you need to spend thousands per ad per day… AND thousands of companies do, BUt after 17 years in the game I am telling you, be patient, spend slowly, and you’ll keep ad costs low. Good luck out there!