Facebook has had a huge impact on the digital landscape over the past decade. We recommend that every business has to have a business page on Facebook. Even in 2024, it is still one of the largest social media networks. The platform offers a lot access to potential customers. However, the popularity of Facebook for business also means more competition as well as fluctuating ad costs. So, should you invest in Facebook ads in 2024? Is it worth it? How much should you expect to spend in order to outpace your competitors and reach your target audience?

Why You Should Still Invest in Facebook Ads in 2024

The short answer is, “Yes”. Facebook ads are absolutely worth it if done correctly. The truth is, a successful digital marketing campaign in 2024 will contain paid ads –whether that is PPC or paid social media ads. However, there are a few things to consider:

• Does your target audience use Facebook? – Is your target audience using Facebook less than other social media platforms? That’s your sign to invest elsewhere.
• What is your industry or niche? – Are you more of a B2B business? Or a B2C business? Facebook takes a different approach to each one. For instance, B2B Facebook ads utilize a lot of lead forms.
• What is your marketing budget? – Even though social media ads are not as costly as other forms of advertising; they are still an expense. How much can your budget realistically handle?

How Much Do Facebook Ads Cost?

There are a few metrics that Facebook uses to charge advertisers. These metrics are: cost per click (CPC) and cost per 1,000 impressions (CPM).

• Cost per click: On average, Facebook ads cost around 69¢ per click.
• Cost per 1,000 impressions: The average cost is approximately $9.88.

However, these figures are baseline. There are a few things that influence cost.

Average Facebook Ad Cost: CPC

In February 2024, the average CPC (cost per click) for Facebook ads was 69¢. Rates like these make Facebook more affordable than other social media platforms, even moreso than platforms such as Pinterest or Instagram. There are various elements that impact the CPC cost such as your competition, campaign timing, specific objections.

Average Facebook Ad Cost: CPM

CPM (cost per 1,000 impressions) is a critical metric. The average CPM For Facebook ads in February of 2024 was $9.88. This is an essential metric for businesses who are trying to reach a broad audience with their ads.

Average Facebook Ad Cost: CPL

CPL (cost per lead) is another metric that is used to calculate Facebook ads. Your CPL can help you gauge the overall value of your ad campaigns. As of February 2024, the average CPL for Facebook ads was $8.87. If you are looking to lower your CPL and reduce overall ad spend, refine your audience targeting.

What Affects The Cost of Facebook Ads

If you are noticing that the cost of your Facebook ads is higher than usual, there are a few reasons why. The cost is not random an is based on a few factors:

• Audience Targeting – The type of audience that you are targeting can impact costs. Especially if they are a specific or custom audience. However, even though the costs are higher initially, they might offer better conversion rates. Whereas a broad audience might be initially cheaper but less effective to target in the long-run.
• Time of the Year – There are times of year where ad costs rise during peak seasons, such as around major holidays.
• Bidding Strategy – The type of bidding strategy can impact costs. Spend-based bidding focuses on maximizing results within a budget, while goal-based bidding aims for a target conversion rate.
• Performance Goals – Certain goals are going to come with a different price tag. Every desired outcome of a Facebook ad is going to cost differently – whether it’s more app installs or an increase in website traffic.

The Bottom Line – Should You Still Invest In Facebook Ads in 2024?

When done correctly, Facebook ads are a huge asset to a digital marketing campaign. A successful digital marketing campaign includes understanding the logistics of Facebook ads and their costs. Stay informed and strategic. As this will maximize your ad budget and lead to better results on an influential platform like Facebook.

Increase Your Online Visibility in 2024

With so much “noise” on the digital landscape, it’s essential to create the right campaign to target your customers. Orlando Marketing Firm has spent the past 25 years perfecting our craft. We’ve been operating since the advent of the digital landscape, and as a result we have become experts in SEO and digital marketing. We want to invite you a complimentary 15-minute consultation call with one of specialists to see what we can do for your business. Call (800) 357-1299 to book a consultation.