- Average cost per click (CPC)
- Average click-through rate (CTR)
- Average cost per action (CPA)
- Average conversion rate (CVR)
Average cost per click (CPC) on Facebook Ads
What is a cost per click?The cost per click (CPC) is the amount you pay every time a user clicks on your ad. The actual CPC is the final amount you’ll be charged. According to Facebook, this is often lower than the maximum CPC bid you set, which is the minimum amount required to maintain the position of your ad and the sizes of the ads displayed.
What is the average CPC on Facebook Ads?The average CPC on Facebook Ads in all industries is $1.72. The cost per click varies depending on the level of competition for a keyword, audience, placement, and other factors. Your bidding strategy may also have an impact on this metric. Instead of paying attention to the lowest or highest cost per click, you should focus on your ad conversion rates and deactivate the ones that are not living up to your expectations.
Average click-through rate (CTR) on Facebook Ads
What is a click-through rate?The average click-through rate is the percentage of time users clicked on your ad after seeing it.
What is the average CTR on Facebook Ads?The average CTR on Facebook Ads in all industries is 0.90%. That means that if your CTR is over 1%, it is higher than average. Your quality ranking takes into account the CTR. The latter can help you identify targets, ad content, and the right offers for your advertisements. With Google Ads Benchmarks, the CTR differed greatly between the Search Network (5.06%) and the Display Network (0.50%). Moreover, Facebook’s CTR (0.90%) is very different from Google Search Network’s CTR but more comparable to the Display Network. The most likely cause for this is the intent of Facebook users. The intent of someone who clicks on a Facebook ad varies from the intent of someone who clicks on a Google ad. Google relies on keywords to help people actively look for results whereas users on Facebook typically scroll through their feed for informational or entertainment purposes.
3. Average conversion rate (CVR) on Facebook Ads
What is a conversion rate?The average conversion rate (CVR) can allow you to monitor the number of conversions obtained from an ad on Facebook. Conversion occurs when a user clicks on your ad and then takes a desired action such as purchasing a product or service online, placing a call, filling out a form, etc.
What is the average CVR on Facebook Ads?The average CVR on Facebook Ads in all industries is 9.21%. Whereas the cost per action measures how much you spend for a person who clicks on your ad to contact you, the CVR is used to monitor how many people who clicked on your ad were really converted. Please note that campaigns on Facebook Ads can have several objectives but only campaigns with the goal of converting users were considered when calculating the average conversion rate.
4. Average cost per action (CPA) on Facebook Ads
What is a cost per action?The cost per action (CPA), also known as the cost per lead, cost per conversion, or cost per acquisition, measures how much you’ve spent to incite users to take a desired action such as filling out a form, calling you, or making a purchase. What is the average CPA on Facebook Ads? The average CPA on Facebook Ads in all industries is $18.68. According to Google Ads, target CPA bidding uses information about your campaign to find the most suitable CPC for your ad. Google Ads determines the average CPA that is equal to your goal by assessing various advertising groups and campaigns that use the same strategy.
5 ways to increase the performance of your campaigns on Facebook Ads
1. Fine-tune your audience targetingAssess the targeting options that Facebook recommends and create an audience that corresponds to users you want to reach. In other words, your ad will only be displayed to people interested in what you have to offer. That means they will be more likely to click on your ad and be converted.
2. Leverage retargeting campaignsThe best way to improve your conversion rate is to prioritize someone who has visited your website. Have you heard about the rule of 7 in marketing? It states that a potential customer must see a message at least 7 times before they’ll take action to purchase the product or service. It’s a marketing expression that was developed by the film industry in the 1930s, but it is still relevant today. You might even need more than 7 times just to be noticed from among the content available in newsfeeds.
3. Use visuals that have an impactThe key to a successful Facebook advertising campaign is to make sure your content stands out. That’s why videos and images have proven very effective. Users are attracted to strong visuals and copy.
4. Perform testsRegularly change the title, image, or descriptions you use and create a mock-up of your perfect ad. Monitor statistics so you can make an informed decision. Obviously, there are myriad other ways to optimize the performance of your Facebook ads! Your reputation, credibility, and digital maturity will obviously affect the results.
5. Entrust your campaign to an agencyYou can easily set up your own online advertising campaigns. However, keep in mind that creating and managing these campaigns is a job in itself that requires in-depth expertise to guarantee the results you want. Ask yourself the following:
- Is your digital strategy optimized and aligned with your business goals?
- Have you set SMART goals for your campaign?
- Have you defined your target audience?
- Do you have a cross-platform marketing strategy?
- Solocom can help managers optimize their digital performance! Want to maximize your performance on
- Facebook Ads? Contact our team today.