You use Facebook for your business and wonder how you can use Facebook Ads?
The following figures should help you understand the scope of this social media platform. According to Facebook Reports, in December 2020, there were 1.84 billion daily active users on the platform and at the beginning of 2021, there were 2.89 billion monthly active users (Statista).
Facebook is the most extensive social network worldwide, making it one of the most interesting spots to promote your business and launch your advertising campaigns. If Facebook is the place to spend most of your marketing efforts, you do not want to pay in the air for all that. We will guide you through all the options you have so that you can choose the bid strategy that is the most suitable based on your business spendings’ plan.
This article should help you whether you want to plan your first Facebook ads campaign or optimize your advertising strategy on the platform.
Facebook is a social media essential for your business for two reasons: it is the biggest social network worldwide and it is easy to advertise through this communication channel. Facebook will make your advertising efforts worth it and result in a significant ROI and CPM.
Facebook Ads is based on the auction system. It displays the ads that have the maximum bids and performance. To advertise on Facebook ads, you have to set up a bid. What does that mean?
The bid determines the frequency of your ads while being seen by the target audience. In concrete terms, it corresponds to the sum of money you are willing to pay to have your ads displayed on Facebook. You can set a bid cap to make sure that your bids never exceed a certain amount.
Not every strategy is made for you. Think about your KPIs: what do you want to achieve? Which factors are to be taken into account to reach your aims?
Here are some available objectives that you can choose for your bidding strategy:
You may be wondering whether or not you have to make changes manually or not. Well, it depends. Facebook Ads allows you to change your bids manually but, if you have trouble maintaining your budget, we advise you to choose automated bidding. It means that Facebook’s algorithm will be in charge of making the changes instead of you.
Manual bidding is not available for every campaign objective. For instance, you can’t use it for lead generation.
Once your objectives are clearly defined, it is high time to think about your bidding strategy. There are three main bidding strategies:
At the moment of choosing your bidding strategy, do not hurry. The target cost strategy and the lowest cost using a bid cap require some knowledge of your audience. You should first start by setting the lowest cost strategy to avoid useless spendings and gather necessary data.
It is not always easy to find the strategy that suits your objectives. By starting with a manual bidding strategy, you can ensure that you will reach your goals without exceeding your cap. Start small and then run tests. Try different objectives, different strategies; let the algorithm lead your budget as soon as you get accustomed to Facebook Ads.
Facebook ads allow you to create bidding strategies for each of your marketing objectives. You can choose to spend the same amount everyday, or to have an average spending per day. You can also choose to cap your spendings or not, you can define all your bids manually or let Facebook do it for you. Facebook Ads offers many options so that you can find the one that corresponds to your marketing strategy.
Get help from our agency to set up your bid cap wisely and track your ads performance if you do not want to get lost in CPCs, bid caps, auctions and bids.
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