Social media ads are one of the best ways to market your business. But the costs can drive you under. How can you balance ad costs?
Social media ads are an effective way for people to notice your business. Many businesses take advantage of the millions of people who use social media platforms every day.
But ads aren’t cheap. And the costs add up after a while.
You can’t stop your marketing campaigns. However, you can lower or balance your costs.
Market yourself more effectively and save some money in the process. After all, you want your business to make money, not lose it.
Cost Lowering Options for Social Media Ads
Ready to save some money on your ad campaigns? Take a look at some of the tips below:
Tip #1 – Use Specific Ad Placements
Are you taking advantage of specific placements for your Facebook Ads? If you aren’t, it may be time to do it.
When you first run a campaign, it may be helpful to use all the available placements. But that’s so you can see which ones work the best.
Alternatively, you can also try customising your Facebook ads for each placement type. Creating unique ads per placement may also boost your campaign appeal. They display differently depending on where they’re placed.
Tip #2 – Scheduled Hours and Days to Run Facebook Ads
Next, using Facebook ad dayparting may also save you money. Make sure that your ads are only scheduled during high-performance times and days. Otherwise, you won’t save much money.
In addition, you can find out which time slots are particularly profitable for you by inspecting your ads reports.
From your dashboard, go to the Reports drop-down menu. Click on “All>Time of Day (Viewer.” From here, open the Metrics Tab. Type “Spent” in the search box provided.
When you see the search results, you want to pick the “Amount Spent” and add it to your report.
Adding this extra metric allows you to identify which times of day don’t produce profitable sales. These are the times that you want to remove from your schedule to save money.
Tip #3 – Testing (Bidding Strategy and Content)
There are many bid strategies to choose from with Facebook ads. But you may get limited choices depending on your campaign goal and ad delivery optimisation.
Open up your choices by setting your campaign goal to “Conversions” instead. Once you change this, you’ll also have to change your ad delivery and bidding strategy.
It’s tempting to go with the “Lowest cost” option but it may not be the best one. This option may have the following drawbacks:
- Prevent your ad from appearing to your target audience
- Impacts your click-through rate
- Impacts your relevance score
- Makes each click cost more
The Target Cost strategy, on the other hand, may deliver better high-quality placements. And it still has a stable average cost.
With better placements, you may see results like:
- Accomplish the campaign goal
- Receive more clicks
- Improved relevance score
- Lowered cost per result
Target Cost strategies may not work for everyone. But it’s worth checking out along with other strategies.
Just keep in mind that just because a strategy is the cheapest doesn’t mean it’s the best. Finding out which bidding strategy yields the best results can ultimately save you money.
Testing ads could also help lower your social media costs. Find out which copy, images, and CTAs are most effective. Start off with only one or two variables at a time to test your results.
Gaining insight about which copy or content your audience likes helps you create relevant ads. And that can ultimately increase your conversion rates and lower your cost per click.
Tip #4 – Pinpoint Targeting for Your Audiences
Facebook lookalike and custom audiences can help boost your relevance score. But combining them with saved audiences can help you focus on your most profitable customers.
Check out your ad performance by looking at your Breakdown from the Ads Manager dashboard. Look for low performing demographics and remove it from your audiences. Using data from this breakdown can help you pinpoint a specific audience.
And this can ultimately lower your average cost per result.
You can use the same strategy for Instagram ads. Use the following criteria to narrow down your ideal audience:
Add in custom and lookalike audiences to target Instagram users who haven’t discovered your offerings yet.
Pinpointing your audience can get your ads in front of people who are genuinely interested in your offerings. This also has the added benefit of giving you higher ad ranks and lowers the cost per click.
Ultimately, this could also lead to increased conversions.
Tip #5 – Make Your CTAs Clear and Visible
Do CTAs lower your social media ad costs? Not directly. However, they can lower your cost per click
And using them correctly can also lead to higher conversions.
But you have to know how to place your CTA – if you include them at all. If you don’t, you should start.
Make sure your ad campaigns clearly indicate what you’re offering. Also, include a CTA that lets users know that they can click on the ad. This is especially true for Instagram users who aren’t used to clicking on images.
Furthermore, Instagram users don’t like seeing stock photos in ads. Odds are that they’ve seen them somewhere before. Consequently, you may find that ads that have stock photos have high costs with a low click-through rate.
You may not be able to do much about social media ad rates. But you can make your ad campaigns more effective.
Pinpoint your audience so that your ads are in front of potential customers who are genuinely interested in your offerings. Make sure that you schedule your ads during high-traffic periods for the most presence.
Also, don’t forget to test your bidding strategy and ad content. There’s no easy way around it. But finding out which one works best can save you money in the long run and boost conversion rates.
Lastly, don’t forget to use your CTAs effectively. Lower your cost per click and get higher conversions.
Do you want to learn more about using social media effectively? Join us for a free social media growth strategy session.