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Listening to people try to navigate budgeting options on Facebook ads is like listening to people’s dating woes — rife with uncertainty and second-guessing.
How much should I be paying for my Facebook ad? What’s a “good budget” to have? Is my “good budget” good enough? Is it too soon to call? What does “Netflix and chill” mean?
There’s always going to be confusion in navigating a new space. That’s expected. Luckily, we’re here to help!
You’ve Got Options
Here are some common Facebook advertising terms you will come across in your auto marketing endeavors. These are ways to optimize your ads to be most effective.
The more specific you are in your targeting, the better your ad will perform. But it also matters what type of ad you create:
- Cost per click (CPC): CPC is the easiest purchasing method to understand. Did someone click on your ad? Cool, you’re paying for it then. This method is a good option if you’re looking for click-throughs to your site, where your customer can browse around and spend some time.
- Cost per impressions (CPM): CPM is the second-easiest to understand in regards to purchasing. This one’s more about visibility than engagement. It’s what you pay for 1,000 impressions, and it best serves larger brands.
- Video views: In creating a video ad, you can choose to optimize for cost per view (CPV) or CPM. Ads based on media are fantastic for telling a visual story to your customer. This will also require investment in video production.
- Lead ads: When you’re looking for sign-ups, this is your go-to. It’s all about “conceal and reveal.” Tease just enough to get someone to click to learn more, enter their email, and (hopefully) grow into a super fan.
Facebook ads are the best and worst at the same time because of the freedom they allow. You can tailor your social ad spend in some pretty elaborate ways, but it’s important to know where you’re going. Someone has to captain the ship.
Facebook Webinar Series
It’s hard not to second-guess yourself when setting your Facebook ad budget. Many people have a clear idea of what they want to promote, but not how. Facebook asking people to set their own budget through CPM, CPC, etc. reminds me of the friend who knows what they want to eat for lunch — but still wants you to make the suggestion.
Obviously, this is just the tip of the iceberg that is Facebook ads. (‘Grats on your Oscar win, Leo!) There’s always more to be learned in regards to Facebook, especially its role in the auto marketing toolbox.
For those looking to take their relationship with Facebook to the next level, look into our upcoming Facebook ads webinar series. It’s not a one-size-fits-all webinar, but rather a series that offers intel and insight for people at different stages of their automotive marketing endeavors. (Oscar not included.)