How To Assess The Success Of Your Facebook Advertising Campaign
According to the latest statistics from HubSpot, Facebook has over 1.13 billion users who are active on the platform on a daily basis. A massive 72% of adults using the internet are on Facebook, and an even more impressive 74% of people are using Facebook professionally. Despite this, only 45% of marketers feel their efforts on Facebook are effective.
So why aren’t we getting better results from our Facebook marketing efforts?
The Importance Of Facebook Advertising Benchmarks…
One of the reasons marketers and small business owners are disappointed in Facebook results is a lack of context for your conversion rates on Facebook advertising campaigns.
A 1% CTR can feel very low.
It can seem insignificant, or disappointing.
But are you genuinely getting poor conversion results, or are they actually good but feel low?
Before you can look at improving your conversions it’s important to understand exactly how well you’re performing. And for that, you need benchmarks…
With so many variables to consider where Facebook Advertising is concerned, it can be difficult to pin down specific benchmarks. Facebook itself refuses to publish any official averages involving Cost Per Click (CPC), Click Through Rate (CTR) or Cost Per Thousand (CPM).
Fortunately for us, Wordstream’s recent Facebook Advertising Campaign study can provide us with some useful yardstick.
Average Click-Through Rate For Facebook Advertising Campaigns in 2017
According to Wordstream’s study, the average Facebook CTR (calculated based on the number of clicks divided by the number of impressions) is 0.90%.
Less than 1%.
It is worth noting that this was across all industries. Certain industries have a much higher average. In particular, Legal (1.61%), Retail (1.59%), Apparel (1.24%), and Beauty (1.16%) all enjoy a higher CTR. Meanwhile, Consumer Services (0.62%), Finance and Industry (0.56%) and Employment and Job Training (0.47%) all have considerably lower averages. The remaining industries fall between 0.7 and 1.04%.
What does this mean?
Legal or Retail businesses should aim for a benchmark CTR of 1.6%.
Apparel or Beauty businesses should aim for a benchmark CTR of 1.2%.
Customer Services, Finance and Industry, and Employment and Job Training businesses should aim for a benchmark CTR of 0.55%.
Businesses in other industries should aim for a benchmark CTR of 0.87%
Average Cost Per Click For Facebook Ad Campaigns in 2017
Wordstream’s study also revealed the benchmarks where CPC (calculated based on the average price per click) are concerned on Facebook. Across all industries, the average Facebook Ad CPC was $1.72 (c. £1.33).
As with CTR, the average in your industry is likely to be different. Apparel is by far the cheapest with a CPC of $0.45. This is followed by Travel and Hospitality ($0.63) and Retail ($0.70). After that, Education ($1.06), Technology ($1.27), Legal ($1.32) and Healthcare ($1.32) have the lowest CPC.
Finance and Industry is by far the most expensive sector at $3.77, with Customer Services ($3.08) and Home Improvement ($2.93) also relatively high. The remaining industries fall between $1.81 and $2.72.
What does this mean?
Apparel businesses should aim for a benchmark CPC of $0.45 (c. £0.35).
Travel and Hospitality, and Retail businesses should aim for a benchmark CPC of $0.66 (c. £0.51).
Education, Technology, Legal and Healthcare businesses should aim for a benchmark of $1.24 (c. £0.96).
Assessing The Success Of Your Facebook Advertising Campaign…
Take a realistic look at the results you’re getting on your Facebook Ad campaigns.
How do your CTR and CPC rates compare to the averages identified in your specific industry?
If you’re above average, you’ll already doing well, but that doesn’t mean your campaigns can’t be tweaked to get even better results.
If you’re currently performing below average it’s time to rethink your Facebook advertising campaign strategy. Check out my recent blog post, 18 Ways To Get Better Results From Your Facebook Advertising Campaign for some practical and actionable tips to improve your results.
And if you need an expert to look over your Facebook Advertising campaign results, and give you the need-to-know insights to optimise your advertising for greater results, get in touch, let’s get your Facebook advertising campaign strategy sorted…