How much does it cost to advertise online?
How much does it cost to advertise online is not a straightforward question. One of the most daunting things about starting out on a new business venture to those who aren’t very tech savvy, is the knowledge that the internet and technology are becoming more and more of a necessity when creating a successful and sustainable business models in today’s constantly evolving business environment. A recent WordStream blog release identified that businesses make an average of £2 in revenue for every £1 they spend on Google Ads and that 72% of consumers asked want brands to share discounts and sales over social media.
Online advertising frustrating you?
Advertising online for the first time can be a confusing experience, even for the most tech savvy business owners and Managers. To help you on your way in conquering the digital needs your market demands, here are 2019’s social media Cost Per Click, CPC or sometimes referred to as Pay Per Click PPC, benchmarks measured by WordStream.
CPC/CPM bidding methods
The average CPC across all industries as of January this year, stands at £1.34, meaning that depending on your desired Ad objectives, be it signing up to a newsletter or purchasing something from the ecommerce page you have, it will roughly cost around that kind of region of price per conversion, depending on the industry and how the campaign is managed. However, CPC isn’t the only bidding model advertising over the internet requires you to understand. CPM, or Cost Per Mille (cost per thousand), is a bidding strategy best used when brands want to maximise the number of impressions (times an Ad is seen) it gains rather than the number of conversions (sign-ups/sales etc) it leads to. This is a great way for maximising on brand awareness and reach objectives against the bids you place. There are lots of other biding types out there such as ECPC (Enhanced Cost Per Click) and CPA (Cost Per Acquisition) but these are the two main ones you should become familiar with.
It is important to understand both the advantages and disadvantages of both bidding methods across different platforms (social media page or Google Network the Ad is shown on). You should also take into consideration the existing profit margin on goods/services you provide when creating your bidding strategy, to ensure there is going to be a Return On Investment (ROI or ROAS Return On Ad Spend) to reape at the end of the campaign.
While CPC costs across Facebook are lower than the other social media platforms, it is worth noting that the targeting Facebook offers to its advertisers is very very sophisticated and good at what it’s meant to do, target the right audiences with the right products and services.
Look out for future bloggs which focus on the cost of advertising on each social media channel.