hey miles here miles Becker calm in this
video you're gonna learn the answer to
the question how much does facebook
advertising cost this is one of the most
common questions I get on my videos that
I have that will teach you exactly how
to set up a Facebook Ads campaign but a
lot of people want to know miles how
gonna look at this and break it down in
three specific lenses first we're gonna
look at the different variables that
manipulate and change the cost because
it is an auction-based platform number
two we're gonna look at some kind of
well-known studies they have some big
broad averages and then number three
we're gonna look at my actual data from
2019 only as of this recording it's the
end of April I spent about twenty-two
thousand dollars of my own money at this
point in 2019 alone so you'll get to
know how my numbers stack up to those
other studies but first what are the
different variables because ultimately
Facebook is an auction which means that
if you are targeting the same individual
that I am targeting we are literally
bidding against each other so whoever is
willing to spend more that's actually
where that cost goes to so what this
means is that someone who has a very low
customer value let's say a yoga studio
for example they might be able to sell a
hundred and fifty dollar per month or
maybe it's a $99 per month all-access
pass where as a DUI lawyer might make
five thousand or seven or ten thousand
dollars per customer so obviously those
individuals who have higher customer
values are going to be willing to spend
more and this is what the auction really
this is where the auction comes into
play so a few of the other specific
variables is the time of year
notoriously around Black Friday Cyber
Monday the fourth quarter
costs go up in many specific market
there's a big differentiation in gender
right the cost for displaying your ad -
men vs. women in the age groups there's
a lot of different variations from the
younger demographics to the older
demographics in price the placement do
you want to be in the newsfeed do you
want to be on the right sidebar do you
want to go into their other areas that
they try to force you into that have
terrible costs I only run newsfeed ads
personally what country you're focused
on is it the US and Great Britain and
Australia are you focused on kind of
smaller countries that have less
advertisers
or are you focused on the big four
Canada UK US and Australia how if your
focus on the big four that does drive up
your cost time of day the audience
you're choosing themselves right if
you're going after an audience that's
everyone who likes Oprah
for example versus everyone who likes a
very obscure author that your
competitors don't know about there's
gonna be more competition bidding on
individuals who like Oprah as an
interest-based campaign then there are
these obscure kind of individual
localized authors who might have fan
pages they might have a hundred and
fifty two hundred fifty thousand fans
that you could target but since very few
people know about them you can get a
much better deal when you really dive
deep into your targeting and then the
relevant score Facebook is monitoring
your advertisement and they're trying to
gauge is your advertisement creating a
good user experience in the eyes of
those who are viewing your ad if you are
you can actually get higher quality
individuals seeing your ad out of your
audience and you can get a lower cost
per click if you're creating a negative
experience to where you get a lot of the
angry faces a lot of people reporting as
spam they're actually gonna drive up
your cost so you will actually pay more
for the same placements compared to
someone who has a very high relevance
score so those are the variables and you
know your unique solution or your unique
answer to the question is really kind of
fundamentally based on all of those
different variables and luckily you
don't have to think about it too much
you just set up your ad and get it
running if you've never set up an ad
before I have a video that walks you
through the process step-by-step of
getting an ad campaign going
I'll have that pop up above my head here
so if you want help getting your first
campaigns out lunch just watch that I
show you over the shoulder on my
computer how to get that set up let's go
deeper into the costs so we're next
gonna look at a few of the third-party
studies that have been out there
HootSuite did a study ad espresso has
done a study Salesforce has done a study
and word stream has done a study now
these companies some of them are tools
that help advertisers advertise on
Facebook so they're able to really look
at the data of what their advertisers
are running because it's like a third
party kind of a layer of a tool on top
of Facebook advertising I don't use
those and I don't recommend those at all
but it's a good way for them to get lots
and lots of day
and then from Salesforce workstream
they're doing more interviews and
they're doing more just research based
kind of data points so on these
different ones there's two ways that
people pay cost per click and cost per
thousand impressions cost per thousand
impressions is called CPM cost per click
is often called CPC and depending on
what type of campaign that you put
together you're probably either gonna
pay CPC cost per click so you pay every
time it clicks or you'll pay based on
thousand impressions if you're doing
like an engagement campaign or if you're
doing a conversion campaign you
generally will pay cost per thousand so
we're gonna look at both of those
metrics from my stuff and from these
third-party so what are the numbers on
the cost per click the averages that
they saw was 97 cents per click on
average a dollar 87 percent on average
and a dollar 72 on average so that's
three different studies and their range
was between 97 cents and a dollar 72 so
the average of those is somewhere around
dollar 40 or so if you were to average
those three studies together on the CPM
the cost per thousand impressions their
numbers came in at 12 dollars and 80
cents nine dollars and 82 cents and
seven dollars and 34 cents so if you
average those out it would be somewhere
around 950 or so so the averages on that
is about a dollar forty cost per click
and about $9.50 CPM or cost per thousand
impressions these are really low costs
still to this day compared to Google and
compared to a lot of traditional
advertising but with that said the costs
have been climbing quite regularly now
for me my numbers are very very
different which is why I wanted to share
my numbers with you because I find it
super interesting now I have been a
proponent of doing lots of research
within the audience insights tool now
I'll link to that video above as well
it's a research tool that you have
access to as an advertiser that you can
use to really go find those more obscure
interests to target because if you're
targeting what everyone else is
targeting Tiger Woods and Tony Robbins
and Oprah and these big-name people who
everyone knows of there's gonna be more
competition but if you really dig down
and you find those more obscure
individuals that you can target this is
really
where you can stand out this is a huge
benefit for niche marketers and that's
what I teach that's why my numbers have
changed a bit I do believe so for me out
of spending $22,000 in the first four
and a half months or so of the year I've
got an average overall of seventeen
cents per click so my average cost per
click is literally 17 cents my average
cost per thousand impressions is fifteen
dollars and 32 cents so what I'm doing
is I'm paying more for the impressions
right so I'm actually paying more but
I'm getting a much lower cost per click
which theoretically means that my
copywriting is more engaging than the
averages of what we saw from those
bigger studies right I've been a student
of copywriting for years and years I
highly recommend that you are a student
of copywriting and you always are split
testing to always be improving your
click-through rates your headlines your
offers etc etc over the course of 10
years I've really understood now I get
my audience what they're looking for and
my offer is a reflection of that so I've
got that audience message and market
match working really well for me and
this is something you're testing your
way to and that kind of the benefit is
as you get better at your advertising
your copywriting your costs should go
down on your effective cost on that cost
per click so the range is I want to give
you these two because it's crazy the
different ad sets so I target
retargeting people have been to my
website and who have left I target
look-alike audiences I target interests
and I target my email list a bunch and a
bunch of other audiences hundreds of
different audiences I've targeted this
year and my range is from one penny per
click and this was not a fluke I got
over 1,600 clicks at a penny each all
the way up to 87 cents per click so the
highest click the most expensive click
averaging on a campaign or an ad set
that I've had that I've run is still
lower than all of the averages from all
of the other businesses then on the
other side on the CPM my range was as
low as $3 per thousand impressions all
the way up to $66 per CPM which meant I
was spending 66 dollars every time I add
just simply displayed in front of a
thousand people that's a very expensive
CPM we're getting up in the the area of
more traditional advertise
that has been kind of notoriously put
down for not being a good value anymore
but out of all of this I'm constantly
monitoring to specific numbers within my
business number one what is my cost per
lead I really don't mind if my CPM and
my cpc's fluctuate much as long as my
cost per lead stays within my KPI which
stands for key performance indicator I
know how much I'm willing to spend on a
lead because I know how much that lead
is worth to my business so as long as
I'm under that number I'm good I'm happy
with it
right the actual cost out of pocket I
spend in cost per click and I spend in
CPM but I'm monitoring a very different
metric that cost per lead the other
number I'm monitoring is the cost per
new customer acquisition and if that
number is good that means that I know
every dollar I spend is coming right
back so I can build my funnels and my
campaigns in a way that put a hundred
dollars into advertising and then I get
a hundred dollars out the byproduct is
several hundred leads and all that money
came right back because my funnel and I
put that money right back into more
advertising this is how I've scaled my
advertising over the year and spent
hundreds of thousands of dollars and
generated hundreds upon hundreds of
thousands of leads so that's it that's
the whole big story that's that's the
best I can do on the question of how
much does Facebook advertising cost
because it does depend on a whole
variety of factors I recommend that you
start doing at least four or five $5 a
day ad sets right so you can get going
for about twenty to thirty dollars per
day that's a really good amount to spend
as an overall budget that would be under
a thousand dollars per month and would
give you a lot of activity a lot of
clicks and a lot of impressions so you
can start to split test your calls to
action your headlines your copywriting
your offers etc because it's through
that split testing and refining what
you're doing is where the real magic
happens because once you dial in an
offer an audience and messaging that
works really well and converts you buy
all the traffic in the world through
Facebook through their two billion
active users you could spend more money
than any human I know of has on Facebook
advertising once you get it all dialed
in properly so go forth it's a worthy
investment of time and energy be sure to
check out on the end screen I'll link
you over to the video where I show you
how to set up campaign
using that $5 a day Facebook Ads
strategy if you have questions for me
get at me in the comments thank you for
time and I'll catch y'all next video
Cheers
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