Advertising on Facebook is one of the most effective ways to advertise and cater to people of all ages. Hence, it is one of the fastest growing social media networks in the world. It provides a wide variety of advertising opportunities to industries and organizations. Digital marketing has been catching great speed in the past 2 years. This has positively impacted the world of advertising. For the beginners, there are many questions that arise in the mind while delving into this kind of advertising.
There are various ways to use Facebook for your business. Such as – Business Page, Business Community, Ads Program, etc. Through these techniques one can advertise on Facebook. There are different options available depending on the requirements of the organization. Facebook has increased its options over the years to cater to all kinds of industries in the digital marketing space.
Facebook advertising cost –
The costs of advertising can soar high. Being aware of the budget and managing the same will help to keep a track of the expenses for marketing. Digital marketing agencies are doing a commendable job handling such scenarios on behalf of organizations.
Facebook has different rates for different industries. The average Cost Per Click (CPC) is known to be approximately $1.72 across industries. The most inexpensive clicks are for the apparel, travel & hospitality industry with $0.45, $0.63 respectively. Other retail industries have an option of a mere price of $0.70.
On the other hand, the most expensive clicks are for the words- insurance, loans and mortgage that are priced at around $50 per click.
Facebook ads conversion rate –
The Facebook advertising benchmarks and other references will provide a clear view of how the advertising is done by top social media marketing agencies.
Average Conversion Rate (CVR) for Facebook ads throughout all its industries is around 9.21%. Topping the list is the fitness industry at 14.29% followed by education, employment & job, healthcare, real estate, B2B, with 13.58%, 11.73%, 11.00%, 10.68%, 10.63%.
0.90% is the Average Click-Through Rate (CTR) on Facebook. Grabbing the attention of clients on social media platforms which so many various advertisements is particularly difficult. Hence, using high quality photos helps to a great extent.
Also, the Average Cost Per Action (CPA) is approximately $18.68. CPAs for industries such as auto, home improvement and tech is relatively expensive. With a CPA of $43.84, $44.66 & $55.21 respectively.
All of the above statistics show that different industries create a different impact and hence, have different statistics. An industry on the lower end, must always be consistent as there is room for improvement. Being one of the over 2 million advertisers on Facebook is not going to be easy but surely fruitful in due course of time. Social marketing agencies in Mumbai and in other cities are easily accessible to handle such platforms for an organization, effectively. They provide such services to help an industry to grow its market through social media and other digital marketing strategies. Even if the organization is doing well in their marketing such agencies boost their markets to new heights.