With over 2 billion daily active users, Facebook still reigns supreme as the most popular social media platform. And that’s part of the reason that Facebook ads continue to be an extremely popular solution for businesses looking to raise brand awareness, connect with prospects, and get new customers.
So how do you know if your Facebook ads are really working? We’ve got the data to answer your questions!
Just in time to inform your 2024 planning and help you better understand how your Facebook advertising campaigns are performing now, we’re sharing Facebook ads benchmarks across 20 industries, including benchmarks for click-through rate, cost per click, conversion rate, and more for two popular Facebook ads campaign objectives.
Key trends: The big picture
- Click-through rate (CTR) increased year over year for 9 out of 19 industries using Facebook Lead Ads.
- Cost per click (CPC) largely decreased year over year.
- For the leads objective, 13 out of 19 industries saw conversion rate (CVR) increase year over year.
- For the leads objective, cost per lead (CPL) stayed the same or decreased for 12 out of 19 industries.
How to improve your Facebook ads performance
While these benchmarks can serve as a helpful guidepost to compare your results against, they shouldn’t be the end-all-be-all for measuring your Facebook advertising success. Every business is different, and what defines success for your campaigns will be unique to your business needs, budget, and other factors.
How to use Facebook ads to drive traffic
- Choose the traffic objective.
- A/B test CTA buttons.
- Use compelling creative.
How to use Facebook ads to drive leads
- Choose the leads objective.
- Perfect your form fields.
- Ensure users know they are clicking on a lead ad.
How to improve your Facebook ads CTR
- Pay attention to the right metrics.
- Use power words in your copy.
How to lower your Facebook ads costs
- Get strategic with your audience targeting.
- Broaden your audience as needed.
- Try ad scheduling with a lifetime budget.
- Consider all your campaign objective options.
Here’s a breakdown of the Facebook ad objectives you can choose from:
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- Leads
- Traffic
- Awareness
- Engagement
- App promotion
- Sales
How to increase your Facebook ads conversion rate
- Iron out your tracking with Facebook pixel.
- Optimize your landing page.
- Complement your strategy with other channels.
Put these Facebook ads benchmarks to work in 2024
Tracking your Facebook ad performance against these industry benchmarks can help you gauge how your business is pacing compared to the competition. This can be especially helpful when you don’t have a ton of data or you’re unsure of how to best measure your Facebook ads ROI.
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