Along the lines of our last post about Facebook Marketing (getting likes and page traffic) we want to talk about the power of ads on Fb. Since the beginning of Facebook advertising, the word on the web is that you will pay an average of $1 per like on your page. Through recent testing, we can now tell you that this is completely false. Here is our facebook page ad:
We tried to keep it as simple and to the point as possible. Here are our ad stats thus far:
So we have spent $47.76 so far (we started this ad 5 days ago, amounting to ~$10 per day). The CPM means how much it cost per thousand views our ad had. But the number I want you to look at is the CPC. CPC stands for cost per click, we have only spent 36 cents per click on our add! If you have ever tried a pay per click or advertising campaign, you will know how insane that rate is!
Let me break this down into more “Like” related terms:
So far we have spent $47.76 and received 297 likes.
We are only spending 16 cents per like!
Here are our theories on why we were able to break the $1 ad myth:
1. Niche Targeting
The amount of targeting you can do on Facebook is unreal. If we only wanted to target people who are interested in growing fruit trees, we could. Our ads were specifically targeted to a small niche of people who were highly likely to be interested in our products and content.
2. Ad Simplicity and Split Testing
We kept our ad very simple and to the point. You only have so many characters to sell somebody on you, let them know what you can do for them. If you haven’t heard of split testing before, it is well worth looking into. Split testing is essentially trial and error of what works and what works better. The psychological effects from changing one word in your ad can be the difference of hundreds of actions. The only way to figure this out is through split testing.
Facebook has evolved into the ultimate advertising machine if you know how to use it right. Gone are the days of Billboard advertising and cheap sidebar ads. Why waste money advertising to everybody and their dog, when you can advertise directly to your target audience who are prepped and ready to jump straight into what you have to offer?