How to Combat the Rising Costs of Facebook Advertising
If you have been marketing or networking on Facebook for a while, you might have probably noticed that it has become increasingly expensive to put out your ads there. Now you might have been wondering why is this so. To help you understand, below are the 3 main reasons:
Regulation
When Facebook first opened up its platform for advertising, it was heavily unregulated. Any business or entrepreneur can practically put up an ad on the news feed or on the side columns. Their process of putting up an ad is also less complicated compared to Google, and what’s more, clicks only cost 2 to 3 cents each.
Basically, advertising on Facebook was once cheap and easy. Anyone can do it, and there were even no restrictions (unless if the ad is blatantly distasteful). However, those days are over. Facebook made efforts to clean up its ad space and enforce standards to ensure that only credible and legitimate businesses or individuals can market themselves on Facebook.
Less ad space, stiffer competition.
Facebook’s regulation in advertising does not just apply to the ad content itself, but it was also applied to the number of ad spaces. With less ad space, marketing on Facebook becomes more competitive and expensive!
We all know how large Facebook’s reach is, but with lesser ad space on their platform, businesses are forced to compete just to earn a spot on the news feed. And due to limited ad space and their growing user base, Facebook increased its costs per click. It’s basically a supply and demand thing.
Facebook’s priorities
Facebook minimized their ad space because their priority really is to maintain the platform as a social network where family and friends can connect meaningfully. This priority only means that they are not going to open up more ad spaces in the near future – which further means that advertising costs and competition for attention on the Facebook platform will only keep increasing.
Now that we got that cleared up, let’s talk about what you can do to combat the rising costs of Facebook advertising. As you may know, this is not a hopeless case. You can still utilize Facebook as a platform for your marketing and promotional efforts without the costs of an arm and a leg. And that remains true, even if you are a small business owner or solo entrepreneur. To make it easy to understand, we’ll explain it in 3 steps below:
Create more engaging ads.
Facebook rewards advertisers with engaging ads. When an ad is engaging, their algorithm will increase its visibility to more people’s feed, allowing your business to reach more audiences without paying for additional ad space.
Moreover, engaging ads can pique the interest of your target market. Make sure they become interested enough to inquire about you so you can move on to the next step which is…
Move to Messenger.
You might have also noticed that there are several ads on Facebook Messenger already. This is actually a fairly recent feature, but more and more marketers see this as the next big thing.
Advertising on Messenger will make it easy for customers to communicate with you there. This will decrease your brand’s reliance on newsfeed ads (which is getting more expensive per click), and can even improve engagement among prospects and existing customers.
Use Facebook ads (news feed) only to attract new leads.
You can still boost some of your posts on Facebook, but only for the purpose of attracting new leads. But to make every cent count, your goal is to make sure that your ads are engaging enough that your prospects will eventually connect with you via Messenger. Once you successfully do that, it will be easy for you to increase sales without relying on costly Facebook ad space.
Then again, it all boils down to the use of creative and engaging ads. It is the only skill to master if you want to lessen advertising costs not just on Facebook, but in any Social Media platform or search engine for that matter.
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