Monday, March 11th at 7 pm EDT

10 Tips to Decrease Your Lead Costs on Facebook

Let’s face it—everyone is on Facebook, even your technophobe relatives.

Facebook reports there are over 2.27 billion monthly active users, while 1.49 billion people fall under the category of a daily active user.

 

Let’s face it—everyone is on Facebook, even your technophobe relatives.

Facebook reports there are over 2.27 billion monthly active users, while 1.49 billion people fall under the category of a daily active user.

 

In addition to being one of the most popular social media platforms, Facebook’s greatest asset is its pool of user information. When creating a profile, users make information such as their names, ages, locations, and “likes” public.

Simply put, Facebook is a goldmine to digital marketers—especially in Education. It’s now easier than ever to target and (hopefully!) convert potential students.

However, Facebook Ads do come with a caveat. Your campaigns need to be cost-effective, or else you’re going to max out your budget quickly.

Here are ten tips to help you optimize your Facebook Ad campaign by decreasing lead costs while increasing your ROI and student enrollment.

1) Use Facebook Pixel on Your Website
The Facebook pixel is a few lines of code you can add to your webpage to help gain audience and student insight. You can set up a pixel now following Facebook’s step-by-step guide.

The pixel tracks visitor profiles and activity. You’ll know who’s clicking your ads and what pages they’re visiting. You’ll also be informed when someone completes an application or purchases a course on your site.

Oh, and don’t worry if you don’t make a sale the first time around. The beauty of the Facebook pixel is that it gives marketers a second chance to “retarget” their audiences.

This brings us to our next tip.

2) Retarget Your Audience
Did you know only 4% of site visitors end up making a purchase?

Retargeting gives you another chance to remarket your course or college to the other 96% of visitors who didn’t initially convert. Remarketing also gives you the opportunity to create more personal and relevant ads, increasing ROI.

Let’s say you’re looking to purchase a blender. You search “blender” in Google, and after looking through a few brand web pages, you decide to take a break from your search.

You open Facebook, and suddenly you’re bombarded with ads for blenders on your News Feed. You check Instagram, and you’re noticing promoted stories for the latest Vitamix model.

This is what remarketing looks like—specifically Website Traffic remarketing. In addition to letting you serve ads to audiences who previously visited your site, website traffic remarketing allows you to target people based on their web searches. You’ll be able to create Facebook Ads to target audiences who have searched “college” in Google or visited web pages with “college” in the URL.

Pretty cool, right?

3) Create Customized Reports
Learn how much you’re spending.

Facebook Ads Manager allows you to create reports detailing your CPC, CPL, CTR, CPA, and CPM. Customized reports give you insight into which ads are converting and which ones aren’t, letting you cut costs by reworking or nixing underperforming campaigns.

Understanding your ad models and expenses will help you make informed strategies and allow you to carry out your digital campaigns with confidence. You can also regularly schedule and share your ad performance results with your team.

To give you a general Facebook ad benchmark for your reports, here are some Education industry averages according to WordStream:

CTR for Education is 0.73%, while CTR for all industries is 0.90%.
CVR for Education is 13.58%, while CVR for all industries is 9.21%.
CPC for Education is $1.72, while CPC for all industries is $1.72.
CPA for Education is $7.85, while CPA for all industries is $18.68.

4) Find Your Audience
It may seem counterintuitive to limit your market reach, but the reality is, more isn’t always better. Keeping your audience niche won’t just ensure a higher conversion rate, but it’ll also keep ad costs lower.

So, ask yourself: What is your campaign’s target demographic?

Facebook Ads allow you to target audiences based on factors like age, location, or interests.

If your college is trying to increase enrollment amongst young adults, fresh out of high school, your target audience will likely be within the 17 to 19 age range. As a result, you should set your ads to target this age demographic.

Now, let’s say your college is trying to increase enrollment specifically for its art program. Initially, it may make sense to target profiles that “like” art. However, not everyone who “likes” art on Facebook wants to go to art school to be an artist—just like how not everyone who watches a movie wants to be a director.

Instead, you may want to target profiles that “like” something more niche, for example Swiss Neoclassical painter Angelica Kauffman. The logic behind this is that only people with a considerable interest in art will even know who Angelica Kauffman is. As a result, you’ll be making your campaign more cost-effective by not wasting money serving ads to people who aren’t interested in your program.

BONUS: In addition to your target audience, you’ll also want to market your college to a Lookalike Audience. A Lookalike Audience is a group of people who are likely already interested in your program because they share similarities with your existing customers.

In general, it’s a good idea to keep your lookalikes small to keep ROI high.

5) Prevent Audience Overlap
Audience overlap is caused by unintentionally marketing different ads to the same audience. This is undesirable for two main reasons:

1) You’re creating competition with yourself. Bidding against yourself means you’ll have to pay more to run your ads.

2) You’re failing to reach more people. An overlap means you’re showing your ad to the same person multiple times. Not only does this mean you’re spending money for no reason, but it also means your audience will more quickly grow tired of and become less responsive to your ads.

Check to see if your campaign has an overlapping audience using this Facebook tool.

6) Avoid Ad Fatigue
What if I told you that you had to eat your favorite food every week?

Hmm, not bad. Right?

But now, what if I told you that you had to eat your favorite food every day?

What about for every meal?

Chances are, you’ll quickly grow tired of your favorite meal. You may even grow to resent it.

The same thing happens with advertising. It doesn’t matter how brilliant your ad campaign is; eventually, your audience will get tired of it.

Monitor your ad frequency to make sure your college ad is appearing enough to promote interests but not so much that people will grow tired of it. When audiences become fatigued, they’ll no longer engage with or respond to your ad. For obvious reasons, this is unideal.

At what point ad fatigue occurs varies from brand to brand. However, in general, you’ll notice fatigue beginning when conversions begin to decrease and CPC and CPL increase.

A good way to combat ad fatigue is by designing new creatives. The general consensus amongst marketing experts is that new creatives should come into play every two to four weeks. New creatives can be as small as an image or minor text change.

Another way to relieve ad fatigue is by rotating your ads. After creating a handful of new ads, you can begin to cycle them. Eventually, after enough time has passed, your old ads will appear “new” to your audience.

7) Test Different Creatives
This point is pretty straightforward. Don’t be afraid to play around with your ads and test them out.

You may notice that changing the background color or the typeface of your ad results in increased engagement and better performance—or you may come to find the opposite.

Testing creatives allows you to discover the best and worst qualities of your ads so you can create better and more effective campaigns moving forward. No matter how small the change in conversions, improving your ads can drastically improve ROI and reduce costs in the long run.

8) Use a Variety of Ads
Optimize your audience reach and ROI by offering variety in your Facebook ad campaign.

Supplementing traditional photo posts with video ads is both an entertaining and effective way to engage an audience and generate landing page traffic. On average, Facebook estimates that 100 million hours of video are watched on the social media platform each day. With that statistic in mind, it’s no wonder that a previous study by Social Bakers found that video posts have a 135% greater reach compared to photo posts.

As if that wasn’t incentive enough to implement video ads, some digital marketers have also reported video to have lower CPC compared to single-image posts.

Mobile lead ads are another budget-friendly ad type your marketing campaign could benefit from. In the past, the hassle of having to fill out an online form may have prevented potential students from providing colleges with their basic information like name, email, and phone number. Thanks to Facebook mobile lead ads, audiences can simply click into an ad to upload their information without even being redirected from their News Feed.

9) Make Sure You’re Mobile-Friendly
According to Statista, 75.1% of users accessed Facebook on a mobile device in 2018. Most people consume online content on multiple devices, from laptops to tablets and cell phones. As a result, it’s imperative that your ads are compatible across different device platforms.

Don’t expect this trend to go away anytime soon. According to Facebook’s 2018 second quarter financial reports, mobile advertising revenue represented 91% of the social platform’s total advertising revenue—a 4% increase compared to their 2017 second quarter reports.

This means you’ll also want to make sure your web pages are mobile-friendly. Failing to make your site accessible on mobile will result in negatively impacting your own reach and conversion rates. The money you’ve thrown into your Facebook ads will have been wasted if you don’t have a site to redirect users to.

10) Make Your Landing Page Fast-Loading
Furthermore, if your landing page takes too long to load, viewers may grow impatient and close out of your web page before it even finishes loading. According to a seasoned study conducted by the Aberdeen Group, even a one-second delay in load time can result in 11% fewer page views and a 7% loss in conversions.

Poor page quality will negatively impact your CPC, conversion rates, and ROI. Make sure your landing page speed is optimal by checking it with Google PageSpeed Insights.

Make Facebook Work For You
Creating a successful Facebook Ad campaign goes beyond persuasive copy and eye-catching graphics. At the end of the day, a well-thought-out marketing plan boils down to understanding your audience and their behaviors.

Decrease lead costs and optimize your advertising budget on Facebook by implementing these ten tips, and we guarantee your ROI and conversion metrics will thank you for it.

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