Facebook has become a platform of strategic importance to all businesses and marketers. All companies are now using Facebook ads to reach out to their target audience and convey their message. The Facebook Ad Maker has features that can customize your ads to retarget your existing customers and capture the new audience base.
Facebook ads are not just limited to targeting and retargeting people. There is much more to it. You need to explore the platform to understand what it has to offer. The Facebook Ad maker is not limited to static ads. You can use a Facebook video ad maker to make lucrative video ads and boost conversions.
What is Cost Per Impression or CPA?
The fundamental concept behind Facebook ads is that you pay for what people see. Therefore, CTA refers to the amount that Facebook charges for an impression of your ad in a news feed. With the changing times, many advertisers and marketers are now moving towards Facebook for all of their work. This has brought about a drastic change in the cost per impression charged by Facebook. If you were paying a dollar for one impression eight years, today it has become 100 dollars for the same.
Therefore, doing things the usual way will not fetch you any significant results. Also, it will burn a hole in your pocket, and running ads would not remain feasible.
Understanding Facebook Ad Hacks
Several hacks can improve your campaign. You need to have an excellent command of these hacks so that you can reap the maximum benefit out of them. However, hacks come with effort. So, if you want your Facebook ads to yield enhanced results, you need to put in enormous efforts in understanding and then apply these hacks.
Hacks can yield several favorable results. You can even boost your click-through rates by targeting unrelated interests using these hacks. Hacks can also help in driving traffic to sites that gain traffic with optimum exposure. Some hacks can also help you get insane engagement even when you are not targeting the right audience. It is essential to understand what you are looking for from your ad campaign. Setting up your objectives is a prerequisite for setting up a campaign and applying any hacks to the campaign.
What kind of Cost per Acquisition is ideal?
Any company or industry sets up no CPA benchmarks. However, you can get a fair idea of an ideal CPA for your industry and company. The CPA also depends on the type of campaign that you are running for your company.
According to a survey, about 50% of people who participated in the survey, the Facebook CPA is $25. Industries like insurance, finance, etc., have a higher CPA when it comes to Facebook Ads.
Calculating CPA is an easy process. To calculate CPA, you just need to apply the following formula=
Total Marketing Budget allocated for the campaign/ New customers acquired during that campaign.
For example, if the Facebook spend on the campaign is around $1000, and if you acquired 25 new customers, the CPA would be $40 for the entire campaign.
Also, cost per acquisition and cost per lead is not the same thing. In the case of cost per acquisition, the focus is on the new paying customers. However, in the case of cost per lead, it will take you to a potential customer and not necessarily a paying customer.
Hacks to get Lower CPAs on Facebook
Some several hacks and tips can help in lowering the cost per acquisition of a
campaign. The cost reduces if the number of people who see the ad increases. There are several techniques with the help of which you can increase your audience. Some of them are listed below:
1. Boost CTR via unrelated interests
The best way to decrease the CPA is to increase the CTR. This can be done by broadening your audience base. You can do this by targeting unrelated interests. The userbase attached to these tags might also see your ad now. There is a high possibility that they might click on your ad if it is engaging enough.
This method of targeting unrelated interests is known as the Inverted Unicorn Facebook Ad Targeting Method. You can target people based on their genders, the city they live in, behaviors, interests, etc. You can broaden your target audience a little to lower your CPA.
You can make your ads creative by targeting unrelated interests. For instance, you are an e-mail marketing agency, and you plan on targeting game of thrones’ followers. You can easily curate the content according to their liking and also capture a new audience base. In a nutshell, the Inverted Unicorn Ad Targeting uses ridiculous targeting to make boring ads enjoyable and cut down huge audiences.
2. Sending traffic to websites that reward traffic and helps with enhancing exposure
This hack is known to work in most cases. You can also call this hack a traffic bomb. If you are on a content platform, you can get a million views on your creation. Here, you have to buy traffic and not worry about the source from where it’s coming. This will increase your impressions and will reduce the CPA for the post. Also, you can buy the cheapest clicks that are available while targeting an ad. Using this method, real traffic comes to these sites and increases the popularity of the content.
Several other hacks can help you in reducing your CPA. You can even try targeting polarized audiences to accelerate engagement on your post or ad. This will happen as people will have opposing views and engage with each other on that post.
CPA is a critical metric for all companies that make use of digital marketing. Therefore, it should be your sole target to reduce the CPA as much as possible. Once you apply these hacks, you will be able to reach out to a vast audience base.