You compete with organizations that are currently advertising to the same target group. The offer For now I will focus on one part of the auction, the bid. You can set the bid in Facebook in many ways. You can opt for an automatic bid where Facebook tries to achieve the best results at the lowest possible cost. But you can also opt for a manual bid where you bid more than the competitor. Are there now fewer companies that advertise on Facebook? Facebook itself said the following about this in their Q1 report of 2020.
Budgets Are Being Scaled
We experienced a significant reduction in the demand for advertising, as well as a related decline in the pricing of our ads, over the last three weeks of the first quarter of 2020. At the end of March, Facebook saw a significant decrease in companies that advertise, and therefore also in their advertising prices. You can imagine that those sectors Norway Phone Number have put all marketing budgets on the back burner. This is how Facebook runs according to Needham & Co. Analyst Laura Martin has lost $50 million in advertising costs just by postponing the new James Bond film ‘No Time To Die’. Compare periods With this knowledge, we compared the campaigns of our customers from 1 March to 30 April with the same period last year. Many KPIs in your campaign depend on the quality of your campaign.
Are Being Scaled
A lower CPC says nothing about the amount of competition and can be entirely due to the quality of your campaign. The KPI that says the most about lower costs is cost per 1,000 impressions (CPM). So we focus on that in the comparison. To compare apples to apples, we compared all campaigns with the optimization goal of website traffic on both Facebook and Instagram . As you can see below, the difference with last year is huge. The cost per 1,000 views is down 66.5% on Facebook and 65.9% on Instagram . Advertising on social media during the crisis. Average CPM with target website traffic without Audience Network placements during the period March 1 through April 30. We eventually received the final confirmation from other agencies.