Much has been said about Facebook’s worth as an advertising platform. Some people love it, other people hate it, but one thing that can’t be denied is that it can be cheap, cheap, cheap. As a CPM platform, (cost per 1,000 impressions), Facebook is less expensive than LinkedIn and Google and drastically less expensive than print, television, or radio advertisements. In fact, the average CPM for Facebook advertising is only around $.25.
Think about it, for a buck each day you can expose your brand to over 4,000 potential customers.
Try This Thought Experiment
You’re a company that currently pays for a billboard. Let’s, for the sake of argument, say that every 10 seconds someone sees that billboard. Each minute 6 people see your billboard, each hour 360 people see your billboard, and each day 8,640 people see your billboard.
Now how much per month do you pay for that billboard? I bet it is a lot more than the $70/mo. that you would have to spend to get a comparable amount of views on the Internet; a space, unlike a highway or magazine, where a customer can act – or buy – immediately.
If you’re still not convinced, let’s be generous and say that your company pays $1000/mo. for the previously described billboard. In that month, 259,000 people would see your billboard. Not bad, but keep in mind that these are random people in fast-moving cars. Unlike on Facebook, where you can choose exactly who sees your advertisement, the people in cars could be anyone.
What if You Moved that $1,000 You Spend on the Billboard to the Internet?
If you spent that same $1,000 on Internet advertising, not only could your business target customers by age, demographics, interests, but also, instead of showing your advertisement to only 250,000 people each month, you could have your advertisement seen by 4 million potential customers each month, that’s roughly 133,000 views each day. Sound too good to be true? It’s not, it’s just simple arithmetic.