How to Reduce Cost Per Lead on Your Facebook Ads?
Facebook lead campaigns are a hit now providing access to your targeting audience precise and contactable information. There is a quick surge in advertisers leveraging the lead generation ads option on Facebook. Its been also watched that Facebook lead campaigns are costing on higher side now. Optimization of your Facebook lead campaigns are imminent as to curb the higher cost of ads as well as the probability of junk leads or queries. Choice is simple either pay more for your leads or start to optimize for maximum ROI. Let’s discuss and input the best practices experts use to reduce the cost per lead on Facebook ads.
It all starts with creating multiple ad sets and test those ad sets and to do so we need data.
1. Opt for Most Suitable Ad Option or Objective
The basic thing any Facebook advertiser needs to understand platform algorithm as Facebook Ads is how the Optimized Cost Per Mille (oCPM) algorithm works. The foremost tips is you need to consider that Facebook’s bidding algorithm does what you tell it to. Pick the right objective which is most suitable for your ads. Do not opt for Clicks objective when your goal is to get Conversions. Here since we are discussing to reduce cost per lead on Facebook, your objective should be to select Facebook Lead Ads.
2. Opt for Best Performing Demographics
Facebook algorithm best works on past data. If you have already run several Facebook campaigns, then you must have data that can help you radically reduce your ad costs. Sort the demographics your ads perform best with and then double down on that specific audience. Want to check out your ads performance report across numerous demographics, go to the Ads Manager and click on “View Charts.”
Drag the data of your ad performance by gender and across available age groups. Now based on data exclude the set of demographics on which your ad did not performed well to save your money as this part of your target not interested in your product or offer. Now, on rest selective demographics create different ad sets to see reduced lead cost.
While assessing your ad performance across demographics, review and think WHY did your ad perform well with that particular group? The answer can provide you more ideas to optimize your Facebook as might be your ad content or ad creative be more attractive to younger age group or similar observations. If are starting afresh and have no previous ad data then do some research on Google citing what works best for your competitors and business segment.
3. Use Facebook lookalike audiences of your past campaigns
This is one of the most loved feature available on Facebook for campaign handlers. Your ad is not meant for all as well as you don’t have money to burn for all users on Facebook.
Experiment with the two options for targeting people within a campaign:
- Detailed Targeting
- Lookalike Audience Targeting
Detailed targeting is when you put in info about your audience interests, demographics. Lookalike targeting is Facebook’s dominant proprietary audience targeting tech that can group a large audience based on the alike of your probable best customers or customers engaged on your competitors’ page.
This feature becomes more powerful once you give Facebook a list of your highly engaged customers, using the set Facebook create a much larger audience set alike to your customers. The simplest tip to start with lookalike audience is your existing email list.
4. Employ Custom Facebook Engagement Audiences
Using Custom Engagement Audiences is among best social media advertising strategies to ensure higher traction with your ad campaigns. A basic trick to reduce lead costs and increase your leads is employing Engagement Audiences from Lead Ads.
5. Experiment with Facebook Messenger Chatbot Campaigns
Facebook Messenger with approx. 1.3 billion users, exhibits huge potential for your lead generation campaign. Now most of the Facebook advertising agencies creating and integrating Facebook Messenger bots to your Facebook page. Consider Messenger as an additional and powerful tool for generating leads for free as well as paid.
Messenger Ads appear with a call to action button that says, “Send Message.” When your audience clicks on it, it will automatically open a chat window with your Facebook page. Here you can respond to audience’s messages or use automated third party services to send them reply or content, just like an email auto responder.
Cut your Facebook Ads Cost Per Lead
It is the fundamental marketing principle – “The brand who spends the most to acquire new customers always wins.” You can keep spending most for the new customers only when you keep optimizing your existing ad campaigns and getting most out of it.
Implement the tips utilizing your top performing demographics, deploying lookalike audiences from your best customers, using Facebook Engagement Audience, selecting best ad objective, experimenting Messenger ad campaigns; all combined with AB testing of ads, simplified lead forms with bullet points or creative landing page, you will reduce your cost per lead significantly.
Follow the provided Facebook expert’s strategies to reduce your cost per lead on Facebook ads or hire us as your Facebook advertising agency to serve your with best Facebook campaign handling. Our team of expert Facebook advertisers will save a big chunk of your money might be going in waste against your higher Facebook lead cost.