After using Facebook Ads a few times, I've finally had a bit of success in terms of 'cost per like', seeing it improve by nearly 2000%.
- My average 'cost per like' has moved from £0.51 per like down to £0.03 across 2 different projects.
- This can be further improved with better tuning of target market demographics.
A look into my Adverts Manager stats
A Facebook Page I was running a couple of years ago got these results:
- Average cost per page like of £0.51
- Worst case: £0.80 per like
- Best case: £0.33 per like
Compare these results with my latest campaign:
- Average: £0.03 per like
- 17x better
Tuning the target audience
I was really surprised when I saw this improvement, and it wasn't because the market for the two projects were different - since I previously had a cost per like of £0.79 for the same page that got the £0.03 rate:
The improvements came because of the target audience settings I had selected - mainly by changing the demographics to target different countries:
The above demographics and interest selections yielded better results, but are still not the optimum settings for my audience.
With further optimisation, this can be improved (according to success stories elsewhere). For example, in a post by Buffer titled "What $5 Per Day Will Buy You on Facebook Ads", I found evidence in the comments that a cost per like of as little as $0.002 is achievable:
That's impressive, showing the room for improvement in my own campaigns. I'll go into more detail about how I tune my campaigns in a future post.
What is a Like even worth?
I'm yet to find out what a Facebook 'Like' is actually worth, having only been growing an audience for my Facebook Page. Over the next few months, I'm looking to answer a few questions:
- How does a Facebook 'Like' impact a product?
- Do people who 'Like' your page actually engage with your posts?
- Is a Facebook Group better than a Facebook Page (to engage people)?
- Will Facebook Instant Articles have a better organic reach than normal posts?
Drop me a comment if you have any insight, and thanks for reading.