Facebook is the biggest social media platform in the world, with over 2 billion users. It also has a powerful targeting system that makes it perfect for running advertisements. All over the world, businesses of all sizes take advantage of Facebook Ads to reach their desired audience, create leads, and generate sales. In this article, we will look at how to run Facebook ads and save money when paying for your ads with Transferwise for Business.
What is the average cost to advertise on Facebook?
One of the reasons why Facebook ads are so attractive to businesses worldwide is that they are relatively cheap and effective. You can run an ad from as low as £10 with Facebook. Facebook allows you to set the exact budget that you're willing to spend on an ad, and they will never go above that budget.
Facebook ads are priced by an ad auction where ads compete for impression (that is the number of people that see the ad) based on their bid and performance. So, all you need to do is tell Facebook how much you are willing to spend on an ad or a campaign, and Facebook would work to provide you with the maximum results that they can for that amount.¹
There are two ways to define customer running a Facebook ad:
- The overall amount spent
- The cost of each result that you get
You can control the overall amount that you spend on an ad or a campaign by setting a budget. You can control your cost per result through your bid strategy. If you're not sure what to bid, you can set it so that Facebook automatically bids for you to spread your budget throughout your ad’s runtime.²
Let's say you have an ad budget of £50; while creating your ad, you will input this figure as your ad budget for a specific period. So, your budget could be £50 for a week. Facebook's algorithm will then manage the ad to ensure that you get the maximum possible results that you can with that budget.³
To purchase ads on Facebook, the first thing you should do is create a Facebook business page. You cannot run ads from your personal Facebook profile. Once you've done that, follow these steps to create your first Facebook ad:⁴
1. Choose a marketing goal that you want to achieve.
2. Choose your objective. Here are the options to choose from:⁵
There are several ways to pay your Facebook ads. Some of the accepted payment methods are:⁶
- Credit cards, or co-branded debit cards, including:
- American Express, in one of their accepted currencies
- Direct debit
If you have multiple ad accounts in various currencies, it can be challenging to pay for them from your bank. This is because your bank will convert your Facebook ads fee from your national currency to the ad account’s currency at an exchange rate lower than the mid-market rate. This means that you will lose some money whenever you pay for Facebook ads.
You can easily avoid this by paying for Facebook ads with a Transferwise debit card or direct debit. Transferwise allows you to hold money in over 40 different currencies and pay for goods and services in those currencies at the real exchange rate - no secret markup on your exchange rate for a small and transparent fee that is up to 14x cheaper than PayPal.
You can also take advantage of the following additional benefits:
- Make transfers and track their status on the app
- Quickbooks and Xero integration for simpler tax reconciliation
- Powerful API to automate your local and international payouts
- Multi-currency account all in one login to help you manage your global payments simpler and faster
- Facebook for Business Pricing
- Facebook for Business advertising cost
- Facebook for Business - Billing
- Facebook for business - How to create an ad
- Facebook for Business - Ad objectives
- Facebook for Business - Payment methods
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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