.
Tips to Lower cost per lead (CPL) in Facebook and Instagram Ads
Executing effective Facebook and Instagram advertising campaigns involves more than merely targeting a wide audience. It requires refining your approach to attract high-quality leads at a reasonable cost. The Cost Per Lead (CPL) serves as an essential indicator of how effectively your advertising budget is utilized in generating leads. This article will discuss practical strategies and tips to lower cost per lead and enhancing the return on investment for your Facebook and Instagram advertising efforts.
Establish Explicit Goals and Identify the Audience for whom the Advertisement is meant for to reduce cost per lead:
Goal Specification: It is essential to explicitly outline the objectives of your campaign. Whether the focus is on generating leads, enhancing brand awareness, or driving conversions, ensure that your advertising strategy is in harmony with these defined goals. Based on the goal, one can select the type of campaign they wish to run. Correct identification of campaign objective for the products or services would lead to a lower cost per lead (CPL) in social media advertisements.
Audience Identification: A clearly targeted audience minimizes unnecessary advertising expenditure and enhances the chances of engaging qualified leads. Facebook suggests to use advantage+ audience as it may lower the cost by upto 33%. But many times user defined audience works out better based on the product and services being offered as advantage+ audience may quickly consume your budget without significant results.
Use Different Ad Types and formats according to the product or service offered:
Video Ads: Facebook video ads have higher conversion rates than other social media channels. Maximum people prefer watching a short video to learn about a new product or service or brands. This helps in reducing the cost per lead because probability of conversions increases if the video is appealing enough.
Image Ads: An eye-catching attractive image can help people learn about your brand and what it does. Image ads are especially good for Sales Promotional messages like discounts and offers.
Carousel Ads: to display various products or features within a single promotional unit. A carousel ad may have multiple images or videos or a combination of both. This format is effective in attracting user attention and delivering additional information, thereby enhancing the potential for lead generation thus better utilization of the money being spent. Higher conversion rates would ultimately lead to a lower cost per lead.
Budget Control and Optimization techniques would lead to lower cost per lead:
It is advisable to allow Facebook to bid as per the auction as during the day bid may fluctuate based on the competition and their budgets. One may loose out on potential customers if the bid set is too low. But still if you wish to control your spendings, then use bid caps to keep your budget under control. The product type would also matter for the bid value. High value products and services like real estate, hotels, automobiles would have high gross bid values. Therefore your daily budget should also be in-line with the products being advertised.
Use Advantage Campaign budget+ for lower cost per lead as it will distribute your budget across multiple ad sets and as per bid strategy devised.
Ad Matter and Specifications: Important to know the Aspect Ratios, Resolution, Acceptable File Types & Durations:
While it is very important to create an appealing and relevant advertisement whether an image or video ad, the same ad should meet the parameters for different placement types. Different placements require different aspect ratios for both image and video ads. For instance, Aspect Ration of 9:16 is the best for Facebook and Instagram Reels and Stories. Aspect ratio 1:1 is recommended for Facebook Feeds and Business Explorer whereas 4:5 is best for Instagram Feeds. In most cases resolution of 1080×1080 pixels is recommended though at least 500×888 pixels is recommended for FB Reels. Proper formatting would result in accurate delivery of the ad thus acquiring targeted placements leading to lower cost per lead.
Channelizing your audience to the right Destination will result in lower cost per lead:
Most of the ads are being configured to take the audience to the landing page. But occasionally micro enterprises or individuals may not have a website and in such a case the destination can be Whatsapp, Instagram or Messenger linked to the Facebook Page. Advantage with the Whatsapp / Instagram / messenger is the daily budget as low as Rs.200/- allowed by Facebook. So one can always start with a lower daily budget and optimize as per requirement.
We at Glitteringads can help you in achieving a lower cost per lead (CPL) in your social media campaigns. With experience of having run multiple campaigns across different industries, our team has championed the tricks of generating high quality leads with optimum budget utilization.
