I am currently running a conversions ad , I want my CPC to get down to 5-6 cents. Right now I’m at a 16% CTR. How can I meet my goal?
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Going to a lower CPC, doesn't mean your ROI will grow per se, keep that in mind. In general when you target broad(er) you get a lower CPC... but probably also a less relevant audience for your offer. Other options are going more agressive with your angle and test better/more/different angles/creatives!
So here's my tips to lower your facebook ads cpc. Understand your relevance score, ensure you are targeting a more specific audience, focus on increasing CTR, look for audience overlap and don’t neglect conversion tracking & utilize retargeting.
Its a tought question to answer since many factors come in to play, which we cant adjust for since we dont know the ad and its stats already.
If you're having 15% CTR on your ad already, you're doing really great, so I would't be focusing on the adcopy or creative in your situation.
you should work on lowering your CPM, which can be done through targetting a bit different.
A step 1 I do when trying to lower cpcs is to set up atleast 5 different adsets, duplicate them twice. Find the cheapest audience and then go to step 2.
Step 2 is where you find the right adcopy and creative, but with 16% ctr it seems like you're already past this step. You could however try to tweak it a little bit, but its going to be tough getting the ctr higher. 16% is REALLY high.
Step 3, once you've found the cheapest CPM with the highest CTR and still getting quality/converting traffic. SCALE! Dont sit back with budget. Empty your pockets and drain everything you can out of the campaign till it dies. Other people will find your ad on spys and start running the same campaign, which will increase your CPC significant over time.
Lots of valuable tips have been generously given. Here's my contribution:
1)Focus on using creatives to increase CTR to effect a decrease in CPC.
First: Make visitors stop to look at your ad, by using a very eye-catching attention-grabbing image (or video thumbnail if you're running video ads). If you're targeting broad, try viral, WTF type images, that don't even need to be too relevant to what you're selling (or you can tweak them to make them semi-relevant). If you're targeting niche, can still try viral/WTF images, but also try images that are VERY relevant to that niche.
Can test putting text that's highly-relevant to the audience. Make sure the resulting image passes the 20% text rule: https://www.facebook.com/ads/tools/text_overlay
Basically you want to flag the visitor down.
Secondly: Now that you have the visitor's attention, use powerful text to presell plus get them to click through. Split-test headlines and primary text and CTA. Have a split-test going on for each element.
2)Be aware that highest CTR and/lower lowest CPC don't necessarily equate to highest CR/revenue/profits.
An ad that presells the visitor adequately may have lower CTR and higher CPC, but can result in higher CR. (With adequate preselling, it may be that only the "right" sorts of visitors would click through. Effectively the ad prequalifies visitors.)
An ad that just aims to get the visitor to the offer page ASAP may have higher CTR and lower CPC, but it doesn't mean they'll convert when they get there - so the CR may suffer.
If you have a very strong pre-lander and offer page, then you may be able to skip preselling in the ad, in order to get the cheapest CPC. Basically use the ad to push as many people as you can to the pre-lander, and let that and the offer page do ALL the actual selling.
But if your pre-lander and/or offer page aren't that strong, then make sure you include some hardcore preselling in your ads - in which case, don't just focus on CTR, but keep some ads that have lower CTR as well - until you can gauge CR.
Have fun!
Amy
To lower CPC *specifically*, WITHOUT messing up your ROI, you probably want to look into removing bad performing placements: like Instagram, desktop etc etc.. IF they are very bad and much worse than other placements.
Generally though you want to ignore the CPC and focus on your Conversion rate / return on ad spend.. that's literally all that matters.
As someone said you could lower your CPC but have a worse ROI if you mess with the audience.
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Also think about some retargeting if you haven't done so already... These clicks will likely be cheaper AND more likely to convert.