So, after a lot of staving off, I finally got the opportunity to watch 'The Social Network'. For those who have no idea what it is, it's a movie about the youngest billionaire in the world, Mark Zuckerberg, who created history by creating the biggest social networking site on the web, Facebook. However, I do expect you to know about it. Anyway, I did watch the movie calmly, but couldn't sleep that night.
What stuck in my head was the power of Internet. Okay, okay, I may sound a bit superannuated while I speak about it as who, in this world, doesn't know what is the power of Internet advertising? While you're reading these words that I've written, someone is minting millions in some part of the world just with the help of the Internet. Hard-hitting, I know it is.
So, first of all, Congratulations! You have taken the first big leap by deciding on advertising on Facebook, and I'm sure you're looking forward to people becoming a fan, liking, and commenting on your product all day and all night. Of course, this would generate revenues for you in large number. But then, even you have to spend some, in order to get some. So, here's presenting a comprehensive information on the varied Facebook advertising costs; per click, per lead, and everything that you need to know about costs of advertising on Facebook.
Deciding the Cost
The very first line on the Facebook Ad page quotes that advertising on Facebook is simple and cost-effective. To start with, Facebook doesn't cost every advertiser with a definite amount. Instead, you are asked to pay the price that is defined by the market, or other advertisers of similar category. So, in order to advertise on Facebook, you need to recognize your target audience, choose between pay per click advertising (CPC) or pay per thousand impressions (CPM).
Before I move further, one of the many amazing advertising tips I have talked about in the past would apply here; choosing CPC or CPM. Well, go for CPC if you want people to click through your web page and drive conversions by means of your advertisements. On the other hand, if your ultimate goal is to spread awareness about your product, website, or service, you should go for cost per thousand impressions or CPM. Cost per click or per impression is based on the amount that is required for your advertisement to make the bid yours, which may or may not be lower than the maximum you bid earlier. (This is just a piece of advice for first time Facebook advertisers).
Now, you need to opt for the maximum bid your advertisement should have, absolutely based on the bid range as provided, which would be what other advertisers are already paying for your target stats. Furthermore, it is essential for you to set your ad's daily budget in reference to the maximum bidding done, as well as the number of clicks or impressions you are contemplating on paying for a daily basis. This financial demographic would act as your budget on daily basis. One important thing to be kept in mind is that, when, on a particular day, your budget has been met, your ads would automatically be stopped broadcasting. No, you aren't ever charged more than your set daily budget, so you need not worry about anything.
Facebook offers you amazing advertising techniques and proper management and monitoring of receipts via emails or managers, for the billings. With reference to the budget you set daily, you will be charged once a day only. For as less as $5, it is possible to run an ad campaign based on either CPC or CPM, on a daily basis. However, the minimum limit for Facebook to charge you then and there is $25.
So, if you run 5 campaigns for 5 days, costing $5 each, Facebook will wait until 5 days to charge you a total amount of $25. Just remember to keep a track of the email notifications and messages that are sent by Facebook in reference to the charges. This will make retaliation easy for you.
In order to fetch maximum benefits of advertising on Facebook, just remember, You is the buzzword. Now, this doesn't refer to you, the reader. Instead, it refers to the users who will click on your ad. Think of it, an ad that has nothing in it, and does not serve the purpose of users, is as better as no ad at all. Hence, keeping in mind the golden rule of Internet advertising, consider the customer as the most powerful entity. Hopeful as I am, this write-up has not only given a comprehensive idea about the monetary stats associated with Facebook advertising, but also a tad-bit of know-how about the most effective ways to use this extraordinarily lucrative platform. So, gear up, create an ad, for the best time to showcase yourself is... now!