3 clever tricks small businesses can use to lower CPC on Facebook ads.
Millions of small, medium and large businesses use Facebook ads to generate leads on Facebook. However, the cost of acquisition of leads/users from Facebook, is higher for small businesses than for large businesses; for at least two reasons:
a. Large businesses have proven funnels, landing pages: they have found a fit for their messaging and offer.
b. Large businesses already have a big customer base, which can help reduce ad cost further (reason is mentioned below.)
Before I list out the tricks, I would like to mention a small side note here about why Facebook ads are expensive- there are mainly two reasons:
a. Competition: it’s a no-brainer- if more people are bidding for the same target audience, then cost per click would be high.
b. Facebook cares about it’s users news feed: however, even if you are in a space, where competition isn’t high, you may be paying higher ad rates, because Facebook doesn’t want to show uninteresting ads to it’s users- Facebook cares about it’s users news feed more than it cares about your money or your ad.
In this blog, we will try to identify, how could you reduce the CPC on Facebook ads.
- Custom & Lookalike Audience:
You may be asking yourself, that you already know about custom audience, so what’s new?
The biggest challenges small business face is they don’t have a list. If you don’t have a list you can’t use this Facebook advertisement feature, which reduces the cost of running ads, because the targeting is more accurate and hence ads are more relevant.
But don’t worry, there is a way around that, although it will require you to spend a little money and time. Buy solo ads. Solo ads are a great and affordable way to drive a sizeable traffic to your funnel. Solo ads are nothing but emails sent to your target audience on behalf of an email marketer who has already has a list relevant to your business.
There four major benefits for a solo ads:
a. You’re quickly reaching out to your target audience without spamming.
b. Solo ads are relatively cheaper; around 50 cents per click.
c. the traffic generated through the solo ads, help you generate leads, which you could use to upload to Facebook as custom audience.
d. you can test the performance of your funnel and get key insights to optimize it. In fact, you would have much better idea about the messaging of your marketing campaign.
To find the right email marketing partner for you solo ads you can register here.
2. Video Ads
This is one of the lesser known facts but the cost of running a video ad campaign is quite less comparable to other type of campaigns on Facebook.
Videos not only help you personalise the message for your audience, present your message more succinctly but also get your greater reach at a lower cost. The leads generated through video ads tend to you 1.3x more engaged, as per the campaign results we have received.
3. A/B testing.
I know it goes without saying that A/B testing helps, but the sheer number of small business owners who run campaign on Facebook but do not optimize it, is so huge, I had to mention it. Run as many A/B tests as possible early on, to have a very clear idea about targeting as well as messaging.
I would go further to recommend signing up for CrazeEgg to understand how the audience coming via Facebook ads interact with you page. This will help you optimize your landing page for Facebook campaign and further reduce the cost of per lead generated via Facebook ads.
Good luck! :)
If you have any questions or ideas about reducing the cost of Facebook ads CPC, share it on the comments below, I’d love to talk with you.