Recently, thanks to Visa, I have been advertising on Facebook this site. I was able to receive $100 free worth of advertising on Facebook. This is a pretty large number; however, a lot of people have been having problems achieving results with Facebook Ads. If you found myself through Facebook, thanks for coming!
I created a quick ad in facebook and launched a new campaign. I already had an account, so all I had to do to get the $100 free was to ad the Visa Business Application, check my email, and enter the code under the funding sources in billing.
Since I did not know where to bid I decided to start my biding at a modest $0.26. Immediately I was greeted with a typical message from Facebook Ads. “The bid on your ad may be too low to receive a significant number of impressions. We recommend raising your bid to at least ..”
Well I set my daily budget at $10.00. And guess what, I spent the entire daily budget in less than 5 minutes. With over 60,000 impressions as well. Give me a break Facebook.
Anyways this told me I set my bid too high, so I lowered it to $.24. The next day my budget did not deplete nearly as fast, but it still didn’t take the whole day to spend the $10.00. So I knew I was still too high. The next day I decided to set my bid to $.21. Now I checked back later than evening, the ad had been running the whole day, and I still had not spent my budget, so I increased the bid by a few cents. By the end of the day, the budget had been spent.
What I learned from this, is that is possible to find out the right bid price for the ad you are running. Another tip, is to check the ad again in the early evening. If you still have not reached your budget, increase the bid by a cent or two. Just because Facebook does not allow you to target based on times, does not mean you can not manually do it. A lot more users are on in the evening hours anyways.
This graph shows how lowering my bid, even when Facebook told me it was too high, increased the amount of clicks I got for my budget of $10.00.
I did not bother trying out different ads because impressions may have helped get traffic along with clicks so I was not really concerned with my CTR. However, I did notice that certain states in the U.S. seem to cost a few more cents for the same ad