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To maximize the effectiveness of Facebook ads despite rising costs, you can use several strategies. First, ensure your ads are highly targeted. The more specific your audience, the more likely you are to see a higher return on investment. Second, use engaging content. This can be through high-quality images, compelling copy, or interactive elements. Third, test different ad formats to see what works best for your audience. Fourth, use Facebook's analytics tools to track the performance of your ads and make necessary adjustments. Lastly, consider using retargeting strategies to reach people who have already shown interest in your product or service.
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Since the pandemic accelerated online spending to $26.7 trillion in 2020, the average starting cost of 1000 impressions for a Facebook ad went up with it. For example, the average starting CPM in 2019 was around $5.12, but by May 2020, it had risen to $7.19. In October of 2021, Facebook's average CPM is $11. Now compare that to TikTok, which brings in $1.3 billion in annual ad sales. In 2020, Facebook generated around $84 billion. In fact, for every one dollar per user TikTok makes, Twitter makes five, YouTube makes seven, and Facebook and Instagram make nine.
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