Running ads on social media platforms can turn out to be a somewhat hidden expense. It may not seem like much at first, but the numbers will eventually add up, especially early on where every penny matters. Hence why it is important to keep ad prices in mind when deciding what social media platform to use which is why we have decided to give you a list of prices you can expect with each social media platform.
There are two common ways in which social advertising prices are measured. Cost Per Click (CPC), where you pay for every click on your ad and Cost Per Thousand Impression (CPM) which means paying for every 1,000 people who see your ad. These are the two main ways in which ad costs are measured.
But first, lets have a look at how to create a succefull ad.
How to be successful with you social media ad campaign
Before deciding what social media platform to use based solely on price, you must take into consideration what platform will work best with the type of ad you have in mind.
There are various factors you must consider when creating an advert campaign.
The worst thing you can do is publish a mediocre advert that will just blend in with everyone else’s. The first step to a successful social media ad campaign is being unique. You can use trends as that will get a lot of views but try not to rely on them. A unique design will go a long way to catch the attention of users.
Another thing to consider is timing. More people are going to see your ad on the weekend than on a weekday as social media usage will be higher.
It is also important to tailor every ad to its specific objective which can further vary depending on which platform you use.
We will now go more in depth into what you can do on each site, and what approximate prices you should expect.
The average CPC on Facebook moves around £0.70. This may seem high compared to the likes of TikTok or Twitter, but it is because facebook has been around for years and has the highest number of users. It is also much cheaper than LinkedIn and Instagram as the clicks there are more valuable for reasons we will get into when discussing them respectively.
The CPM hovers at around £5.20 which is relatively even with the other platforms but is still cheaper than Instagram or LinkedIn
Facebook also offers a variety of tools you can use to make your ad campaign better. With tools such as video ads, carousel or live content, it is really up to you to make use of them and create an ad that is most suited to your current objective or content.
When it comes to CPC on Instagram, the price is around double that of Facebook at approx. £2.57. This may be due to the fact that clicks are a lot more valuable on Instagram due to the high value of competition on Instagram.
The CPM on Instagram is at approx. £5.72. This is because of Instagrams insane presence. No matter what kind of business you are, everyone wants growth on Instagram. 200 million users view at least one business profile everyday!
When it comes to tools Instagram provides you with. Nothing is more important than taking an amazing photo to share and then spreading it through the use of hashtags. You can also use the story feature to give more constant lower effort content on any sort of updates happening.
LinkedIn has the highest CPC out of every social media priced at approx. £3.80.This goes to show how important clicks are on LinkedIn compared to every other platform. This due to it being a Business to Business (B2B) friendly platform as well as being the most professional.
Even though LinkedIn was by far the most expensive platform for CPC, when it comes to CPM LinkedIn is the 3nd lowest priced at approx. £4.76, only beaten by Twitter and TikTok. This goes to show how much more important clicks are on LinkedIn compared to impressions.
LinkedIn is your place to be when it comes to B2B ads. The highly professional and educated platform is where you should be when looking for business conversions.
Twitter is the 2nd cheapest platform in both CPC and CPM, being priced at approx. £0.27 and £4.67 respectively.
This could be for a variety of reasons, such as Twitter having different rules for what is seen as an impression compared to the other platform.
The benefits of Twitter are how simple it is to use. All you have to do is constantly make good tweets and one will surely go viral giving your business great exposure. Twitter is also, along with TikTok, a great platform for your business to feel organic and relatable to your audience,
TikTok is by far the cheapest when it comes to CPC priced at only £0.014 (approx), it is half the price of Twitter, the 2nd lowest. This is because out of every platform on this list, TikTok is by far the youngest.
CPM is also by far the lowest at approx. £0.36 for pretty much the same reason as well as TikTok being structured completely differently compared to its competitors.
Don’t let the low prices fool you however, TikTok is an amazing place for advertising as shown in our previous blog. The benefits are endless. Trends are mostly started on TikTok, the ads look so much more organic than other sites, it is gaining massive popularity in its short time of existence amongst many many other benefits.
In conclusion, there are many benefits to every platform and all seem to be priced relatively fairly based on what benefits they offer.If you would like to know more about social media marketing or have any other questions regarding marketing in general, please don’t hesitate to contact us.