Creating a Facebook Advertising budget can be a little tricky. We all see these crazy ads about some guy who's spending $2 a day and making $10k. Or the other one that can show you how to get 5,000 Likes for a $1. Just sign up and they'll show you how.
But I'll be honest, this isn't even close to what most marketers spend. The old saying "you get what you pay for" comes to mind. And I think it's true.
I would rather spend a little more on my ads to make sure I'm attracting the right people, than spending less and getting a page or list full of people that don't really care (or worse... spam bots...ahhh!)
You can catch the replay of this week's webinar where I break down exactly what you can expect to spend (+ I show you how to set up Conversion Tracking), or you can keep reading below....
So what can you realistically expect to spend on Facebook Advertising?
If you already have a decent amount of traffic to your site, an email list and Facebook Page your ads should be a little less.
Here's why: You already have a tribe of people that know, like and trust you. They are familiar with you and are more likely to buy from you.
If you're just getting started and have a new website, no list and a few hundred fans, your ads will probably cost a little more- at least while you're getting started.
So what can you expect to spend? Let's break it down by action:
Of course you can end up spending a lot less on Likes. Your niche and location are going to play a big role in your cost. Local businesses in a small market are going to end up paying more. If you have an online biz with a broad target market, you should definitely be able to get that number down.
If you want to get email subscribers to your list you can expect to pay $1 or so. If your numbers are closer to $2 per email, try testing out a different offer, or swap out your headline.
Your clicks are really going to depend on interesting your subject matter is. Do you have a great headline? Is it a hot topic in your industry? If you start to creep closer to the $.50 mark, you might want to try changing up your headline. Make sure it really grabs your reader's attention.
If your main goal is to generate sales, you need to keep a few things in mind:
- Price point of your product
- Target market/niche
- Email List
- Website Traffic
- Facebook Fans
If you already have a lot of traffic or a large email list, it will be easier and more cost effective to sell your products. And of course, price point is a huge factor.
I went into all of this and more on last week's weekly webinar. I also show you how to set up Conversion Tracking so you know exactly what your spending so you're not wasting money on ads that don't work. It's all in the video above.
If you want to stay up to date on everything related to Facebook Ads, sign up to join me every Tuesday at 2pm EST/ 11am PST. I cover a different topic each week and answer all of your questions. Get on the list here!