Facebook Advertising Benchmarks 2021 – The number of marketers using Facebook has more than doubled in the previous 18 months, making it one of the fastest growing ad networks. In fact, there’s no shortage of ways to show your favorite ad to the exact user you want to convert, thanks to the platform’s extensive range of ad formats and audience targeting choices.
However, users, on the other hand, can easily become numb to advertising messages and ignore them entirely. Ad fatigue and banner blindness are serious issues that must be addressed. So, how do you ensure that your campaigns have positive results? And, in the process, how do your results stack up against Facebook benchmarks from other businesses in your field?
Below are the Facebook benchmarks you should take note of
- Click Through Rate Of Facebook
CTR equals the number of clicks divided by the number of times your ad is displayed: clicks impressions= CTR. If you had 5 clicks and 100 impressions, for example, your CTR would be 5%.
In a research published by WordStream on the click through rate across all industry, Legal marketers may have low Search Engine Result Page (SERP) click-through rates, but they’re fortunate to have the top CTRs on Facebook (1.61 percent ).
It’s true that impressing a prospective client looking for a lawyer can be difficult when your ad is one of seven on the SERP, but a lawyer’s high-value offer and call to action stands out even more when it’s the only one on a prospect’s social feed.
Retail (1.59 percent), clothing (1.24 percent), beauty (1.16 percent), and fitness (1.01 percent) are some of the other industries with high CTRs. Models and high-quality photographs are common in these businesses’ advertisements, and these advertising do particularly well on highly visual platforms like Facebook and Instagram.
The average click-through rate (CTR) for Facebook ads is 0.90 percent across all industries.
Cost Per Click Of Facebook
The average amount you’ve been charged for each ad click. The average cost-per-click (avg. CPC) is derived by dividing your total click cost by the total number of clicks.
In a similar report published by WordStream, the following inferences were made:
Despite the fact that financial advertisers have the highest CPCs on Facebook, at $3.77 per click, marketers may be content with that CPC. The three most costly keywords on Google are “Insurance,” “Loans,” and “Mortgage,” each costing around $50 per click.
The clothes ($0.45 per click), travel and hospitality ($0.63), and other shops($0.70) businesses have the cheapest Facebook clicks, with clicks significantly below a $1.
Conversion Rate On Facebook
According to WordStream, Fitness studios have lots to sweat about, but it doesn’t appear like attracting new clients on Facebook is one of them. Facebook advertising may put motivated prospects in front of fitness advertisers and help them convert at astonishingly high rates, with conversion rates averaging 14.29 percent.
Education (13.58 percent), employment & job training (11.73 percent), healthcare (11.00 percent), real estate (10.68 percent), and B2B are some of the other industries with high CVRs (10.63 percent).
Retail, travel & hospitality, and technology, on the other hand, may not profit as much from Facebook’s lead generation advertisements and, as a result, have considerably lower conversion rates (3.26 percent , 2.82 percent , and 2.31 percent , respectively). Remarketing on Facebook may be very effective for these marketers in terms of increasing conversion rates.
The average conversion rate for Facebook advertising is 9.21% across all industries.
- Cost Per Action On Facebook
The cost per action (CPA) is derived by dividing the total cost by the total number of actions being tracked. For example, if a campaign costs $150 and 10 actions are ascribed to it, the campaign’s cost per action is $15.
Nearly all education advertisers feel that catering to Facebook and Instagram’s relatively young demographic is a sensible move, with an average CPA of $7.85.
While Facebook is a good site to find new students, it can be costly to find a new car, architect, or IT professional — the average Facebook CPAs for auto, home improvement, and technology services are$43.84, $44.66, and$55.21, respectively. Of course, in many businesses, the lifetime value of a new client is extremely high, making it all worthwhile in the end.
Facebook advertising is booming because it provides advertisers from practically every industry with a plethora of options. If you’re not currently advertising on Facebook, use online tools to see how your ads would perform there. To learn how you can improve on your Facebook advertisement, visit Lead Web Praxis Limited today.