What would it mean for your business if you could double, triple or even quadruple the amount of leads you are getting without spending a cent more on Facebook Advertising?
Well… u can! In this free report, we’ll reveal our top secret strategies for reduci Cost Per Lead – strategies that we use day-to-day to maximise our clients ROI from Facebook Ads.
So, without further ado… here are the 11 Little Known Ways To Reduce Your Cost Per Lead On Facebook Advertising (within the next 30 days!).
3…2…1… Lift off!
#1: Run highly targeted campaigns
When you are running ads on Facebook you are in a bidding war with hundred of other brands.
Therefore, it’s VITAL that you only enter those auctions for people you actually want to reach. Otherwise you are just wasting your budget on junk.
Running highly targeted campaigns gives you a distinct advantage: you know exactly who you’re targeting, so you can craft ads and offers that you know they’ll be highly receptive to.
This will give you the best chance of increasing your CTRs, gaining more clicks and generating traction.
The more clicks and traction you get means the higher your Relevancy score will be, which will lead to a much cheaper Ad Cost and overall Cost Per Lead.
So how can create laser-targeted Facebook Campaigns? By exploring these 4 targeting options like Captain Cook…
Target Options Toolbox
E.g. target eithe th more relavent imagery that ap hem individually.
E.g. targeting by state and calling out the respective state in the headline of the Ad. This is a great way to grab someones attention as they will feel this offer is uniquely for them.
E.g. targeting shopaholics with coupons via the purchase behaviour category.
E.g. targeting competitors or industry publications are some of the best ways to find prospects that will be very interested in what you have to offer.
#2: Aggressively split-test offers, creatives, headlines & copy (in order)
The number one way to reduce cost per lead is by doing something dramatic… like completely changing your audience targeting AND/OR your offer.
Once you have an offer that is resonating deeply with the right audience, then, and only then, do you have the basis to start split testing your creative, headlines and copy.
You should A/B test everything if you want to reduce your cost per lead.It doesn’t matter if you’ve come up with the most genius offer on earth – you should still split test it.
Not only will this help you see what your audience prefers – allowing you to allocate more budget towards the campaigns getting higher CTRs and pausing the ones that are performing poorly – it will also keep your ads fresh and interesting to the users who see them.
This keeps frequency down, engagement up, and your spending nice and low.
When testing, remember this next slide…
OCHC Explained: Split testing your offer will give you the widest differential in results, so we recommend that you always start with this first to reduce you CPL virtually overnight.
#3: Use Desktop Newsfeed Ad placements
Desktop newsfeed ads on Facebook have consistently higher CTRs and engagement rates than other placements thanks to the larger ad creative size, longer descriptions, and ease of desktop navigation]. This, in turn, usually increases relevance score and lowers the cost of your ads.
That being said, there are a couple exceptions to this rule—both Instagram Ads and Facebook’s mobile feed ads are more effective when the objective is mobile app downloads or direct purchases in our experience.
As Facebook ads automatically enablesall placements on all device types, you’ll need to manually disable these by manually unchecking the placements and selecting ‘Desktop’ under device types.
#4: Take advantage of video
While photo ads can work extremely well, video ads will take your campaign to a whole other level. In fact, videos can improve conversions by up to 86%! .. Why you ask?
Facebook values video content in ads over other forms of creative because it incentivises more time on Facebook. This bigger impression share leads to cheaper CPCs generally.
If you don’t have the budget to produce dedicated video ads for campaigns, you can use FB’s own in-platform tools to create slideshows of products or service–based—imagery.
#5: Leverage Lead Generation Ads
The in-built lead generation campaign type in FB can be an absolute gold mine, allowing your prospect to remain on facebook. Not only that, FB will PRE-FILL their basic details, which is insanely useful!
Lead gen ads reduce a tonne of friction that can be caused by data entry and the load times of external landing pages.
In our experience, lead generation ads work BEST withinsanely-low barriers to entry offers like free trial classes, request more info etc.
Benefits of the lead generation ad type
- Higher Conversion Rates
- Lower Cost Per Leads
- No external landing page or website needed
- Amazing User Experience with no load times
- Native to Facebook
- Pre-fills basic details by default
- Fastest lead generation strategy to implement
Low barrier to entry offers that work with lead generation ads
- Free Trial Class
- Get a Quote
- Free Consultation
- Request a Free Session
- Get more info
- Learn More
- Free Webinar Registrations
#6: Use Lookalike Audiences
Lookalike Audiences are perhaps the most powerful feature inside of Ads Manager, allowing you to create audience sizes of 160k+ people similar to a custom audience that you pre-define.
The most common custom audience to use for a lookalike is your customer list (note: you must have at least 100 records in your list).
- Head over to the Audiences tab in Ads Manager
- Create a custom audience of your customer file
- Create a Lookalike of the custom audience you just created (you can create a Lookalike on 1%-10% of Australia’s Population)
Note: 1% Lookalike will find the most similar 1% of Australia’s population to your custom audience.
#7: Breakdown Ad Performance to find low hanging fruits
That little box titled ‘Breakdown’ at the top right of your Ads Manager table is an absolute gem for identifying opportunities for reducing cost per lead fast!
As a matter of fact, analysing ad performance by breakdown is one of the core tasks required for superb monthly ad management.
Here are the 4 most powerful breakdowns you’ll want to be analysing:
- Breakdown by Day: you may find that the weekend gives you a 20% cheaper CPL
- Breakdown by Placement: assuming you are using multiple placements, you may find instagram has 50% higher CTRs than FB
- Breakdown by Age and Gender
- Breakdown by Location
…you get the idea.
#8: Always be mindful of Ad Fatigue
When you run an advertising campaign, there’s a high chance that your audience will see your ad more than once.
If they start to see your ad too often, they will become tired of it and engage with it less, which lead to a common phenomenon called “Ad fatigue”.
How do you know when there is Ad Fatigue?
When you notice your frequency rate increasing, and your click-through rate decreasing you are going through the initial stages of Ad Fatigue.
Note how CTR decreases and CPC increases as people continue to see the same ads (Frequency)
So… how do you prevent Ad Fatigue?
Simple. You must keep a handy bag of alternate ads at your disposal to swap out existing ads whose performance is suffering as a result.
In your new ads, you’ll want to rotate variables around to make it different than your previous ad copy. This will help you send the same message to your audience while preventing them from experiencing ad fatigue.
By being mindful of this phenomenon, you’ll engage more prospects and keep them interested in your ads.
As long as you pay a set amount for your ads, this will help decrease your CPL because you will earn more leads for the same spend.
#9: Look for Audience Overlap
Having overlapping audiences can lead to poor delivery of your ad sets. This is because if you are running 2 ad sets that are targeting similar people then you will be entering the auction against yourself.
If this is the case, Facebook will enter the one with the best performance history and prevent others from being shown.
This can drive up costs and lead to inefficient uses of your budget so it has to be monitored.
- Go to Audiences
- Check the boxes next to the audiences you want to compare (up to 5)
- Click Actions > Show Audience Overlap
If audience overlap is significant (say over 15%) you should do either of the following:
- Consolidate your overlapping ad sets – consolidating the audiences will mean a larger audience size and better ad delivery
- Refine your targeting – Take advantage of location, age, gender, interest and/or behavior-based targeting to ensure each ad set has a specific and distinct audience.
#10: Retargeting is where the gold is
Retargeting is showing your ads to users who are already familiar with your business. Because these audiences are “warm”, they are more likely to interact with your ad, increasing CTRs and lowering CPC and CPL.
You should be testing various retargeting methods by creating custom audiences off those who have interacted with your Facebook and Instagram Pages and your website.
Here are 5 retargeting options we use often:
- Retargeting post engagers past 30 days
- Retargeting website visits past 30 days
- Retargeting video viewers
- Retargeting Instagram Engagers past 30 days
- Retargeting people who opted into a FREE offer/lead-magnet/mailing list
#11: Write better ads
This is one of the most tried and true ways of reducing your cost per lead… by writing more compelling ads.
No matter which of the tips you use in this document, it’s going to be absolutely useless if your messaging is off.
Effective Ads are those that appeal to the pain points of your target audience and offer simple, articulate solutions.
The more targeted your messaging, the more your audience will engage with your Ads, and the more engagement per dollar spent means reduced Cost Per Lead.
So… what goes into writing a killer Ad?
Write killer ads using these 4 magic letters – “AIDA”
Here’s an example of the anatomy of the perfect ad: