B2B marketers know that paid social, and Facebook, in particular, can be a great advertising channel. However, it is crucial to use data for effective decision-making. Most media buyers operate on a data silo: they know how their campaigns perform, but they have nothing to compare them with.
If you’ve ever asked yourself if your CPM is high, if your CTR is better than average, or what you should expect your CPC to be… you probably ended up with no reliable answers. Growth Benchmarks has changed that.
We’re a community-led data layer that helps businesses better understand the cause and effect of their campaigns. The result is making less reactionary decisions on false negative (or positive) interpretations of your 1st party data.
B2B paid social marketing allows data-driven media buyers to make better decisions by adding context to your key metrics: CPC, CPM, CTR, CPA, and CVR. You can compare them to companies across all industries, or within B2B businesses exclusively.
The cost per click (CPC) average for Facebook is $3.26 on average. This cost seems to be rising as more people begin using Facebook ads. In June 2021, the CPC on Facebook was as low as $1.88. In the last 30 days alone, Facebook’s CPC has increased by 99.92% and 12.71% in the last 90 days. You can expect that these trends will continue.
The cost per mille (CPM) is the cost per 1,000 impressions, which means your ad is seen 1,000 times. The average CPM is $38.28, which is fairly high when comparing Facebook with other platforms. In the last 30 days, the CPM has had a 73.93% increase and in the last 90 days, it’s seen a 506.37% increase. Though these numbers are staggering, most businesses are used to paying close to that. In July 2021, CPM got as high as $73.68, and as low as $11.03, so this does vary widely depending on the day.
A click through rate (CTR) is the percentage of people who see your ad and actually click on it. Currently, the average CTR rate on Facebook is 1.15%. Averages on other platforms may be slightly higher. In July 2021, CTR got as high as 2.04% and as low as 0.65%.
The cost per acquisition (CPA) is the cost it requires to get one paying customer. The average CPA for Facebook is $21.59 on average. This is an 86.1% increase in the last 30 days and a 186.62% increase in the last 90 days. However, this varies depending on the business and industry. In July 2021, the CPA got as low as $7.92 and $5.06 in August 2021. On the contrary, in July 2021, the CPA got as high as $43,27 as well.
Facebook can be one of the most effective methods to grow your business - even in the B2B space. Before investing resources into ads, know what you’re getting into: size up what you can expect and forecast and improve your understanding of what “good” or “bad” performance actually is.
You can do this for free by joining the community that’s dedicated to adding more transparency into benchmarks: www.GrowthBenchmarks.com
Want more help in building and scaling a winning paid social strategy? Ladder builds creative testing engines to help brands stand out and adapt to data to better understand their market. We’re always available to speak if you’d like to talk to a strategist.
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