Ok so Facebook costs have been going up. One cent clicks are no mo’ and less than a penny per video view is an objective hard to target right now (unless you’re targeting low value countries with some gaming videos or some stuff).
Everyone knows that their costs on Facebook are going up. And it makes sense.
A lot of people have jumped into the Facebook advertising platform over the past 12 months, and that has definitely increased the cost to advertise there.
This is a great thing because it forces Facebook to:
a – Amplify the catalog so we have more places we can put ads on (Marketplace, Messenger, etc).
b – Offer a better service and technology for advertisers so that we have better results.
With that being said, and not having into consideration the Cambridge Analytica episode (which I think will make a lot of advertisers get OUT of Facebook – Yay for us!), the rising costs are something to deal with.
Imagine that, in your funnel projections you had the idea to pay no more than $50 per new customer, but you end up paying $100 because you’re just paying more per click.
While that’s nothing to be afraid of, you might need to tweak your funnel to achieve that new order value (more on that later).
So how do you actually lower the cost of your Facebook ads so you can keep on advertising, getting your brand out there and bringing home the bacon? Here are some ideas:
One of my most favorite strategies of them all is to create Engagement Audiences or Video Views audiences. And then retarget the crap out of them.
You see, creating engagement audiences is (generally) cheaper than going out cold on Facebook. And it’s also more profitable because it’s a two-prong attack.
Meaning that if you really want to decrease costs, create engaging content (articles, posts or videos) and push them to your friends, your followers, your Facebook group members…
Hell, you can even send an email to your list with the brand new post!
Once you do that, you can boost the post to the rest of the audiences (cold) on Facebook, because the post has gained some traction already.
You can read more about engagement audiences on this issue of The Power Of Marketing, where I talked about them in detail.
So, once you have your engaging content out there and gathering new, engaged audiences for you, you’ll start getting comments.
If your content is engaging enough (which it should be anyways), you will start getting comments on those posts.
And you want to respond to them! In fact, you want to respond to every one of them!
Every. Single. One.
You can do it yourself or you can get a VA doing it, but the main point is to get those comments responded ASAP.
Because this doubles the amount of comments your posts has (social proof #1) and it also triggers the algorithm on Facebook to believe that your post is popular, because of the number of comments (social proof #2).
This is called “Looping” and there’s no limit as to how deep you can go in answering to those comments.
The best way: Generate conversations within the comments so you can get some juicy looping going.
For example, I’m doing this with my new book funnel.
So I retarget engagers to go and get the damned book.
This is still an early stages funnel, but I can already tell that the Cost Per Acquisition (CPA) is way lower on the retargeting campaigns than on the cold campaigns that I’m running… for the exact same funnel!
Any ideas why?
Because these guys have already engaged with my page, meaning they already have a point of contact with my brand. And you want to do the same too!
Outside of the scope of Facebook ads, sometimes it’s not a matter of lowering the costs of your ads, but rather, increasing the value of each customer.
Send 100 to 500 visitors to your funnel and see how they behave. If the value per customer is low, then you need to tweak your offer, your upsells or your order bumps.
You want to get granular with this so you can make decisions based on data, and not on “marketing hunches”.
Here’s a live streaming that I recorded telling you more about this strategy.
The Power of Marketing is a project by Hernan Vazquez Media, LLC. www.hernanvazquez.com. This initiative is to help small business owners, entrepreneurs and agencies learn tips, tricks, techniques and methods in regards to Digital Marketing and Marking in general.
How To Charge More Money For Your Facebook Ads Services?
What Type Of Retargeting Campaigns To Run?
Increasing Your FB Ads Relevance Score
How To Build A Powerful Facebook Ads Funnel
Setting You Up For Facebook Ads For Success
Google Adwords Vs Facebook Ads Strategy
Facebook’s New Dynamic Ad Setup Step By Step
Learn How To Create Facebook Ads On A Budget