I recently started promoting a Villa rental company on Facebook with the aid of a promotion they had launched. The promotion is - Get 3 free nights in one of our Villas. It is a lucky draw wherein one Fan will be randomly selected to spend 3 nights at a Villa. The promotion is worth $1500 and is valid for a whole year.
The ad says something around - like us to enroll in a lucky draw to win 3 nights in a 4 Bedroom Villa.
I started an ad on Facebook Ads last Friday with a $10 per day budget. So far I am spending $1.66 per like! This seems way too expensive especially given the promotion.
Iam using a CPM bidding model and targeting countries where their site gets the most number of visitors from. I am bidding 10 cents per 1000 impressions right now.
How much does it generally cost to get one like on Facebook Ads based on your experiences? My objective is to lessen the cost per like to about 1 - 2 cents.