Facebook Ads bidding strategy is an art and when people don’t use it wisely, they can definitely go wrong with it. This article will guide you for your bidding strategy on Facebook ads.
Note: Before doing this strategies, make sure you have the correct audiences to target.
When you advertise on Facebook, you take part in an auction system where you compete with other advertisers to get your ad delivered to the users you want to reach. The nature of an auction system is that prices reflect the demand. How you bid and what you bid is therefore critical to your success. That being said, prices are also being determined by dozens of other variables, a topic of it’s own that I’ll write about later. Here we’ll focus solely on bidding.
Start with a new FB Ad or Campaign
If you’re going to start a new FB ad or campaign, start with CPC ( Cost Per Click ).
Remember: If you’re targeting age from 30-45 (these people have more money than other age range – demographic research), Your Cost Per Click are going to cost more. Lots of company are going to advertise to them because they have more money.
Advertising to kids (18-28) will cost you cheap clicks because most likely they don’t have money and most companies don’t have interest in advertising to them.
Facebook Suggested Bid
Facebook is suggesting to bind from 0.72 to 1.05 USD. There are TWO strategies for this:
Two Strategies for Bidding.
Strategy A: Bid Super Low
Bid 5 cents, 10 cents, 12 cents or any lower cost you want then START the ad. Once Facebook approved the ad, you can wait 15-30 minutes. Check the status of your campaign and observe the impression.
Our Goal: To get more impressions by in incrementally increase the bid.
Incrementally increase the bid from 0.12 to 0.17 to 0.21 to 0.24 until you start getting impressions that you want. The higher you bid, the more impressions you will get from Facebook. The main point is that if you’re going to bid too high, you’re not sure if you can get revenue.
Strategy B: Bid 2-3 cents over the bottom bid
Our Goal: Chance not to get billed for 0.75 cents per click.
Suggested bid: 0.60
My bid: 0.62
You are ONLY paying: 0.24
Next step: Lower it down. From 0.62 to 0.42. After few hours the Avg. CPC will decrease. The trick of this process is that the lower you bid, the lower it will cost you.
The more you play with Facebook bidding, the more you’ll understand there’s a goofy system on Facebook.
Remember, you have your own daily budget and set it to whatever you want: $5, $10 and just observe the Ad stats. These two strategies works for me and it should work for you.
Happy bidding WARRIORS!