It takes a while to work out what these digital marketing acronyms mean. So if you're a little confused, about whether you should be looking at Cost per Click or Cost per Impression, keep reading.
CPC is cost per click, relates to how much you are charged if your digital ad is clicked on. CPM cost per thousand; this relates to the digital marketing placements where the regularity of your ad is charged per page impressions.
When advertising on Facebook we are looking at the best rate of return on your marketing dollars, so the question is always cost per click vs. cost per impression.... who wins?
So in starting out our advertising on Facebook, we create the ad, enter the goal of the ad and then face the big decision.
If we think we have great content, an amazing ad or a story that will go gang busters, then we use CPM. It also is determined by the audience. If it is a really big Facebook Audience we are going to end up paying a lot for not many repetitions. Repetition in advertising is a big thing.
CPM is fantastic when we have the specific audience that we are targetting through Facebook Audience Targetting methods. We love audience retargeting as it is the way to make your Facebook ads cheap and effective. It's likely that we will get many clicks for a cheap price.
The right method gets you results.
The Kingdom record cost per web click on Facebook is 18c. This was achieved using CPM and audience targeting.
If it is a select ad, in a big audience, select being something like an invite to a seminar or sale of a product, then we go with Cost per Click. This means a huge number of people can see the ad, without it costing too much.
The Facebook recommended pricing scale is presented to you. We like to place the ads at the top end of the recommended scale by Facebook as this results in us being able to understand quickly how the ad is going to go. Feedback is instant, within 24 hours you will know how it is going.