Everything You Need to Know About Facebook Ads Costs in 2023
In this post, Optimus will help you understand Facebook advertising prices in 2023 across all industries.
Note:
- The source article covers overseas markets, so these figures are for reference only (according to wordstream.com)
- Converting overseas costs to Vietnam: Optimus estimates by dividing overseas prices by 5 (based on personal experience; actual costs may differ depending on the advertiser's experience)
Contents
1. Facebook advertising prices by industry in 2023
Overall, the highest cost per click (CPC) on Facebook is VND 17,000, and the average CPC across all industries is VND 8,000.
The lowest Facebook CPCs are found in industries that typically attract broad interest, such as:
Apparel: CPC ~VND 2,000
Travel and hospitality: CPC ~VND 4,000
Other retailers: CPC ~VND 3,000
You can also refer to the industry benchmarks below to estimate the cost per click for your Facebook advertising.
Facebook Ads CPC pricing in 2023
2. Types of Facebook advertising costs
You need to distinguish between:
- Common ways Facebook charges: impressions, clicks and more (impressions are the most common)
- Bid strategies you can use to maximize campaign performance and optimize your advertising objectives: Highest volume, Highest value, Cost per result, ROAS – Return on ad spend, Bid cap and more
There are currently five common Facebook cost metrics advertisers tend to focus on:
2.1 Cost-per-Click (CPC)
The average Facebook advertising CPC across all industries is around VND 8,619. For example, the recruitment industry has a CPC of around VND 12,500.
2.2 Cost-per-Mille (CPM)
The average Facebook Ads CPM across all industries is around VND 52,000. This is equivalent to only about VND 230 per impression.
This varies depending on:
- Audience and competition (CPM is low when there is little competition for your target audience, and higher when there is more competition)
- Optimization objective (brand awareness, conversions):
Brand awareness has the lowest CPM because the aim is to show ads to as many people as possible.
Conversions have a high CPM because Facebook shows ads to users likely to take a more specific action, such as purchasing or submitting their details for advice.
2.3 Cost-per-View (CPV)
The average Facebook advertising CPV across industries ranges from around VND 100 to VND 200.
CPV varies little between ads or industries, making it hard to assess performance using CPV alone. Instead, also assess website engagement metrics such as engagement time, CTR and bounce rate for more information to optimize ads.
2.4 Cost-per-Action (CPA)
The average Facebook advertising CPA is around VND 85,000.
Actual performance can differ greatly from the target CPA. When using a CPA bid strategy, monitor it continuously and adjust the CPA so actual results meet expectations.
2.5 Cost-per-Like (CPL)
Page like campaigns are very expensive in Vietnam, so run only enough to give a new page a reasonable number of likes. Then improve post content to provide useful information to users and increase organic likes.
Cost per like is around VND 5,500. Note that this is only the lowest average cost in Vietnam for a Facebook page like.
3. Frequently asked questions about Facebook advertising costs
3.1 How much does a Facebook ad impression cost?
For each impression shown to a user, you will pay Facebook an average of around VND 22,000.
3.2 What is a suitable Facebook advertising budget?
Facebook advertising costs depend on the business's industry and marketing strategy.
You can spend more or less than 10 million VND on each campaign, depending on the marketing objectives you want to achieve.
With a large budget, you can pay for more ad clicks and thereby increase your business's conversion rate.
Conclusion
Optimus and its experienced team can advise you on suitable services for Facebook advertising from the outset, while controlling and optimizing costs effectively to deliver the best results for your business.
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