In July, Facebook revealed that the average price of an advertisement on its website grew 123 percent in the most recent quarter compared to one year ago, according to the Wall Street Journal. As a result, ad revenue has increased 67 percent.
“The price of ads correlates to the value that they create,” Dave Wehner, Facebook’s chief financial officer, told the Journal. “We continue to focus on making those ad units better and better, more relevant and targeted for the people who use Facebook, as well as for marketers.
However, it’s becoming more challenging for small marketers to make ends meet with expensive advertisements. In many cases, marketers don’t have the budget to continue with their Facebook strategy. Some don’t have the time and effort to dedicate to the advertising program, cancelling out the benefits.
Online Marketing on a Tight BudgetIf Facebook advertising has become financially challenging for you, there are a few ways you can reap the benefits of online marketing without breaking the bank. One method is to opt for old-fashioned free online marketing. This means refocusing on providing meaningful, sharable content on websites where you can post updates for free (think Twitter or LinkedIn).
Another way to market efficiently online is to turn to your blog. Here, you can craft posts that include keywords and concepts that are picked up by search engines, resulting in more reach. If it’s been awhile since you took your company blog seriously, there’s no better time to revamp it than when you’re pinching pennies.
|Chart on Cost to reach 1000 people via online advertising|
Facebook’s advertising price may be increasing, but it is still a much cheaper option that other popular online avenues like Google Adwords and LinkedIn ads. No to mention the ever growing value behind Facebook ads. S0, before you eliminate Facebook advertising from your marketing strategy, weigh the pros and cons, setting money aside.
About 42 percent of marketers said that Facebook was critical to their business in 2012, according to Hubspot. This is a 75 percent increase from respondents who were surveyed back in 2009. The significance of Facebook as a marketing tool is undoubtedly rising to proportions that can’t be ignored.
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