Save Money on Your Facebook Ads
Save Money on Your Facebook Ads
Have you been looking to save money on your Facebook ads? You’re in the right place. If you’ve been posting ads on Facebook, you already know how the costs can rise to thousands of dollars without getting you the best of results if not done right.
You may have even thought: “Zuckerberg has set up Facebook to milk money from my Ads for as long as he can.”
But if you look at things from Facebook’s point of view, they don’t really have to tell you when you’re overspending. Their job is to give you the best tools to use Facebook ads. In fact, they will tell you all things to make you invest more in advertising, but not utter a single word when you’re posting ads on Facebook that aren’t optimized.
Would you do it if you were them?
You don’t need a marketing agency to help you save money on your Facebook ads; you can do it yourself. With this guide, you will learn how to use Facebook in a smarter way and get better conversions while spending less.
Let’s get to it.
7 Effective Strategies to Save Money on Your Facebook Ads
#1 Target the Right Audience
Posting ads on Facebook and targeting the right people will reduce your reach metrics. Doesn’t sound great, but it gives better value in that
- It increases your click-through rates
- Increases your conversion rates
- It generates better traction with the audience
But how? You may ask.
Using a granular approach, you’ll reach a more specific audience that your tailored ads appeal to. The ad gets better reception since the audience is more open, curious and interested in your business. They can easily connect with your message, and you dodge the bullet of having to spend more on a broader audience
#2 Track Your Live Ad performance and Make Adjustments
Factors such as the image, call to action or ad copy you’ve used on when posting ads on Facebook can affect how your audience receives your message. I am sure you’ve seen an ad that has remained the same over a long time on Facebook and thought, “this is becoming annoying.” With Facebook ads, you get real-time data on how the ad performs.
So, what can you do with this Facebook ad interest data?
By monitoring your live ads, you can tweak, enhance and perform data-driven ad building. You will increase your ad performance, the value you get from your Facebook ad budget, as well as your results over time. This mainly involves changing or updating your creative (images, carousel used), optimizing your call-to-action or updating your copy over time.
#3 Use Rules, Bid Caps and Campaign Budget Optimization (CBO)
“Good,” but long-running ads can be a bad idea … especially without Facebook ad budget limits set. Have you been running ads without campaign budget optimization?
Without CBO, you can only do Facebook ad budget optimization manually, which requires having huge historical performance data and investing time, which many don’t have. By turning your CBO on, your daily ad spends are automatically done, which will save your ad money.
What about rules and bid caps?
It would help if you used them according to the lifetime value you get from the ad. Take, for example, app installs; you can set a 2000 install cap per week. If the results get achieved on the first day only, that’s it; you’re done and you got value. You’ve actually saved your Facebook ad budget for the rest of the week.
#4 Use the Right Type of Ad and Tell a Great Story
The above two points will help you do two things.
First, using the right type of ad, you will get better results while spending less. Not convinced? Consider two ads,
- A video guiding your ad viewer through your brand and what you do. It includes an introduction to your brand, it provides information on how your business can help the viewer, has a call-to-action for them to subscribe
- An image creative relating to your company and a clear call-to-action for them to subscribe.
Note: Video campaigns have a lower cost per click than single images.
Which do you think will perform better?
Your guess is as good as mine, the video. Videos are more engaging, generate more Facebook ad interest and help you put out more valuable information to the viewer. That’s the power of choosing the right ad.
Second, a great story sells. If you consider the video in the above example, it can tell a story that the image cannot. If your Facebook ad has a story that your audience loves and relates with, trust me, you will get a better bang for your buck with the ad.
#5 Track Your Ads Return on Investment (ROI).
Getting to understand how your ad performs will help you save your Facebook ad money significantly.
You have to have a set of goals for running your Facebook ad. Goals can include engagement, reach, leads, sales, traffic or subscriptions. Clear measurement of these metrics will help you understand when you’ve achieved them using your Facebook ad budget.
If you’ve not, you can make adjustments and optimizations to help you reach your goals and stick within your Facebook ad budget.
#6 Create and Multiple Ad Campaigns And Audiences For A Facebook Ads Case Study
It will help you choose the best Facebook Ads for your business through
- Running a Facebook ads case study ** **to evaluate different types of ads. E.g. you’re starting your Facebook advertising from scratch with little audience data. Create audiences for with Facebook’s ad interest targeting and running two different ads will help you see, which gives better results. You can then invest in the winning Ad strategy.
Imagine if you had only run a single ad, and it turns out to be the one not performing well?
- Evaluating different types of bidding. You can test automatic and manual bidding with each ad to see which performs best and costs less. In manual bidding, you have more control over your cost per acquisition. In contrast, automatic bidding aims to reach your ad goals for the lowest cost.
- Checking and Excluding Audiences That Overlap. E.g. Use Facebook ad interest targeting to create two audiences of people in California who are interested in “Real Estate” and “Buying a House”. Run an overlap check using the Facebook overlap tool and exclude those interested in buying a house for the Real Estate Ad . Exclude those interested in Real Estate for the Buy A House Ad . By doing this, you avoid paying for the overlapping audience and advertising to the same people twice.
#7 Have a Long Term Plan
Facebook ads require a long term strategy.
For example, you can use an engagement ad as a starting point for getting prospective clients. If you think short term and are too “salesly” at first, users might not be very receptive to your ad, and you may not make valuable conversions. Remember, Facebook is a social media platform; you abuse it, you’ll lose money.
A long term strategy involves.
· Running an ad to generate engagements. e.g. for a video, carousel
· Perform Facebook ad interest targeting by creating a custom audience from people who viewed it or liked or shared your content.
· Running a conversion-focused Ad on that custom audience.
If you incorporate Facebook ad interest targeting in your long term strategy, you will be more likely to succeed. Want to make sure you’re not making any mistakes with your target? Here are 3 mistakes people make when targeting their facebook ads that you can hopefully learn from.