We’ve all been there.
You have an alluring creative and a killer Facebook ad copy ready. You head to Facebook Ads Manager, only to see that you have overspent last month and need to cut down on advertising.
Unfortunately, budget cuts will have a significant impact on your ad performance. Less budget essentially means lower reach, leads and traffic.
But hey, in this new normal, we all gotta make do, don’t we?
I get it – it’s tough to fight the urge to splurge especially when you know you have a winning ad copy and an image that would impress even the Picasso of artists. However, if you want to sustain your marketing campaigns for the long-term, you need to plan your budget carefully.
If you’re looking for some ways to save money on Facebook ads, you have arrived at the right website.
How to Save Money on Facebook Ads
Facebook ads might not charge as much as LinkedIn or YouTube for advertising, but in marketing, every cent counts.
You want to ensure that every dollar spent on advertising gets you the returns you need.
Believe it or not, smart budgeting isn’t rocket science. In fact, you probably won’t need to do too much math. Instead, you need to have a solid understanding on the marketing channel you are advertising on.
In this pandemic, there is no room for error. So if you want to save money on Facebook ads, make sure you follow these tips below.
1. Choose Lifetime Budget rather than Daily Budget
When it comes to Facebook advertising, you may think that you cannot engage in the usage of Facebook advertising as a result of it costing a lot of money.
While Facebook advertising does cost money, the good news is that there is a powerful way to make Facebook advertising more affordable if you have a very tight budget.
You can do this by opting to choose to use a lifetime budget rather than the daily budget. This will allow you to stretch your budget for a longer period of time and will take the financial pressure off of your business.
Ads that use lifetime budget will likely be a slower pace to see abundant results in comparison to when we use the daily budget.
Plus, with lifetime budget, you can also set specific ad schedules. It allows for more flexibility compared to a daily budget. This way, you can save money on Facebook ads.
2. Taper Your Audience
One other smart way to save money on Facebook ads is to target a specific and narrow audience.
Facebook permits those who wish to use its advertising services to have access to various customization features. You can choose the interests, ages and other characteristics of your potential customers in order to reach a more streamlined audience that would likely be interested in what you have to offer.
In this manner, when you are careful to taper your audience, this will prevent your limited lifetime budget from being wasted on showing your ad to an audience that is too broad that may not be interested in what you are offering. We have much experience in knowing how to determine the correct audiences for the maximum results of the Facebook ads of our clients.
For instance, if you are boosting a post for a giveaway for a candlelight dinner on Valentine’s Day at Robertson Quay, you could taper your ads in a way that targets only couples located in the central business district rather than a generic Singapore audience of twenty-somethings.
3. Manage the Placement of your Ads
You might think that using multiple placements will help you get more reach. But if you’re not careful with your placements, you might run out of budget before your ads get the reach and response the want.
The locations that present your ads to consumers are referred to as placements. These could include feed posts, Instagram stories and Facebook stories.
The objective of your advertising will play a key part in where you decide that the placements of your ad should be. This means that you should manage the placement of your ads.
If you have no idea what placements to choose, do give some of them a test. Observe how your ad performs in different locations. Make the adjustments from there and try not to overdo the placements. Less is more especially if you have a limited budget.
Generally, I find that limiting my placements to the news feed and Facebook stories helps me avoid any unnecessary spend.
4. Select Videos rather than Static Images
Surprised? So was I when I found out.
It seems like videos cost as low as 10%of the cost of single image ads and carousel ads. The Facebook algorithm also appears to favour video content in ads as it garners a larger impression share and lower cost-per-click.
Test out your creatives to see which one garners the most clicks and impressions. Play around with gifs, long videos and even quick under-a-minute videos.
Tip: avoid stock videos or generic visuals as much as possible. Instead, get a designer to create something gorgeous and catchy that is unique to your brand image.
5. Settle on a Right Objective
You always need an objective in marketing. When it comes to Facebook advertising, your (literal) ad objective will determine how your ad will be distributed.
Just like the marketing funnel, Facebook breaks up its objectives into Awareness, Consideration and Conversion. Review your ad strategy and choose an objective that is in line with your goals.
Do I Really Need to Use Facebook Ads?
While you might be able to save money on Facebook by following the tips above, do take note that there really is no one-size-fits-all in marketing (or anything for that matter).
Advertising is expensive, but it’s worth it.
Facebook aside, there are various other channels to get the reach and awareness you need.
Ultimately the answer to the question above depends on your overall marketing strategy. Is the bulk of your target audience on Facebook?
Take some time to assess the performance of your ad campaigns on Facebook. You might need to do a bit of A/B testing here and there just to figure out the next steps.