Being a digital marketer in 2023 requires a lot of work to stay on top of ever-evolving trends and changes in the industry. For example, did you know that Facebook currently has more than 3 billion users?
With that many people tapped into Facebook, it’s key to understand your target audience so you know how to meet their wants best and learn how to avoid common marketing mistakes.
Here’s a fun fact…
As of January 2023, the top leading countries on Facebook were:
- India: 315 million
- USA: 175 million
- Indonesia: 119 million
- Brazil: 109 million
- Mexico: 83 million
And why is that important to you? Well, when Meta generates more than 116 billion in revenue in a year, that means that there are a lot of companies running ads. Many of them are keenly aware of who their target audience is and what their niche is.
As a marketer, you may need help narrowing down the best ways to run Facebook ads and how to keep that CPM to get the most bang for your buck. In this article, we’ll look into 11 proven ways to reduce your Facebook Ad CPM with some great examples you can implement today.
What is a Facebook Ad CPM?
Before we dive into the how, let’s clarify the what – specifically, the CPM. CPM stands for Cost Per Mille in advertising, with mille meaning a thousand in Latin. So, Facebook Ad CPM refers to the cost an advertiser pays for every thousand impressions their ad receives on Facebook.
Impressions are the number of times an ad is displayed or shown to users, regardless of whether they click on it. So, if one person watches the same ad six times, there will be six impressions from the same person.
CPM is a key metric for advertisers to consider when planning their budgets and assessing the performance of their ads.
11 Proven Ways to Reduce Your Facebook Ad CPM
Now that we understand what we’re looking into with Facebook Ad CPM let’s look at the best way to reduce your current CPM with some awesome strategies.
Here we go!
#1 Target and Refine Your Audience
Targeting and refining your audience is all about pinpointing the people most likely to engage with your ads—those who won’t just scroll past but stop and take notice.
Start by honing in on the demographics that matter most for your product or service. Age, gender, location—they’re the basics, but they lay a solid foundation. Besides that, think about interests, behaviors, and connections. What gets your prospects excited? What are their habits and preferences? Dive into these details using Facebook’s targeting options.
But here’s the golden ticket: testing and refining. Don’t just set it and forget it. Keep an eye on those analytics. Are certain groups engaging more? Are some costing you less? That’s the beauty of Facebook’s platform—you can constantly refine your audience based on real-time data, so with time, you can learn what works best for you and your brand.
#2 Offer Engaging Content
Take a good look at your ads. Are you offering something in them that will attract prospects? Or, even better, when someone clicks on your ad and goes to your Facebook page, is there enough engaging content to make someone want to follow your brand?
Not everything your brand posts should be about a product or a service. Actually, some of the best-performing brands tap into what they can do for their client – for free! It’s a great strategy to keep your clients engaged and ready to reach out when they need your service.
Alt text: A screenshot of the Patel Firm’s Facebook post Source
The Patel Firm is a law firm that taps into this strategy. It’s not every day that someone will need a personal or work injury lawyer. However, the firm consistently posts on Facebook with some helpful tips that keep their audience engaged and their brand fresh on everyone’s mind.
Alt text: A screenshot of Lopex Law Group’s Facebook post Source
On that same note, offering something specific to your niche will help keep your brand relevant. The Lopez Law Group offers niche-specific content that keeps current customers and future prospects engaged with the firm. When the time is right, customers and prospects should have the brand fresh on their minds so they will know who to call.
#3 Experiment with Some A/B Testing
With Facebook ads, there is no one-size-fits-all approach. That’s why A/B testing is so important because it will compare two different versions of an ad to see which one performs better.
Here’s the drill: you create two versions of your ad, each with a slight tweak. It could be a different headline, image, or even a call to action. Then, Facebook does its magic, showing these versions to different segments of your audience. You sit back and watch the numbers roll in.
Once the data come through, you analyze which version got more clicks, conversion, engagement, or your goal. This strategy can helpyou fine-tune your ads to what works best with your clientele.
#4 Play Around with Ad Scheduling Times
Facebook has several peak times. However, it’s easier to narrow down which one will work best for your brand after trying a few different times. Due to time zones and target audience, there is no one-size-fits-all all answer.
The best thing you can do is spend a few days posting on one time frame, then switch to another for a couple of days and see what time slot performs best. Once you narrow that down, it will help lower CPM, as you should be getting more engagement in top-performing time slots for your brand.
#5 Optimize your Landing Page
Not everything you do to lower your CPM has to do with the ad you create. Actually, a key thing you should consider is where your ads are taking your clients and prospects. If they are being linked to a website that is irrelevant to their needs or a spammy-looking landing page, then they won’t convert.
Analyze your current landing page and see if it attracts web visitors. Is there a specific place for contact information, what service your brand provides, and engaging information to keep prospects there for a bit? If not, then now is the time to change that.
Alt source: A screenshot of Anderson Injury Lawyer’s blog Source
If you’re looking for some brands that elevate the user experience, check out these two below.
Anderson Injury Lawyers tapped into providing prospects with some great resources. The firm has an active blog with recommendations and ideas for future clients.
Alt text: A screenshot of Curiel & Runion’s resource page Source
Curiel & Runion Personal Injury Lawyers is another great law firm that optimized their web page for the best results. The firm has a specific page on their website for client and prospect resources.
Both these firms engage with their prospects consistently, so they are fresh on the prospect’s minds when they need a personal injury attorney.
#6 Enable All Ad Placements
Here’s a fun fact: the advertising CPM on social media was $5.33 in Q2 2023. If your budget is terribly different from that and you want to try a new strategy, consider enabling all ad placements on Meta, so your ad can show up in new places. This will help maximize your exposure through a broader reach of your target audience.
#7 Choose the Right Campaign Objective
When you set up your campaign on Facebook, ensure you maximize your CPM by choosing the right campaign objective. Whether you want to grow your following, sell an item or increase your reach all affect what type of campaign objective you should set. Analyze what best suits your brand’s needs to get the most out of your ad budget.
#8 Add a CTA that Refers to Scarcity
If you haven’t yet, add a call-to-action that drives your prospects or customers to do something quickly. Stating that there are only 24 hours left to sign up or that enrollment ends in 10 days are scarcity phrases that might fire up some prospects to purchase/sign up or whatever else is requested quickly.
#9 Monitor your Frequency
Sadly, there is such a thing as posting too much. If your Facebook ads and posts are posting all the time and keep seeing a dip in numbers, consider posting less so people won’t tire of your ads. It may seem like reverse psychology, but sometimes, it is just what your ad needs.
#10 Use Video
Studies show that social video generates 1200% more shares than text and image content combined. So, tapping into this resource is a great way to boost your CPM and get the greatest reach on your ad campaigns.
#11 Tap into Emotional Triggers
Reach the heart of your audience by tapping into emotional triggers that will cause your ad to convert. Consider using photos with landmarks from your target audience’s city, speaking the language of your target audience, and adapting your ad to speak as directly to your prospect as possible.
Alt text: A screenshot of K6’s paid advertising page Source
Final Thoughts on How to Reduce Your Facebook Ad CPM
As you can see, reducing your Facebook Ad CPM is not a one-size-fits-all all strategy. You must understand different strategies you can try to maximize your ad’s potential. Additionally, having excellent SEO practices and knowing how to track those results is key to reaching next levels of marketing success.
So, with these tips and strategies above, you can help set your brand up for Facebook Ad CPM success.
If you need help figuring out where to start or need guidance, message us today to secure a free marketing proposal!