We are constantly researching industry trends and advertising trends to ensure we are on top of the ball for our clients. Recently, we decided to put together an article to outline the industry standard results from Facebook. We have to thank WordStream for their incredible infographic and market research on average Facebook performance.
The number of advertisers using Facebook has more than doubled since late 2016. Do you know if your campaigns are going well, or costing you more than they should?
Have you wondered whether your Facebook advertising is on track for your industry? It’s challenging to know how well you’re doing with your campaigns unless you know the industry benchmarks. Considering that there are now 2 million advertisers advertising on Facebook, there is a lot of competition. Furthermore, with the rapid changes to Facebook, it can be easy to get overwhelmed on the new platform.
Just like on AdWords, performance generally will differ from industry to industry, so what numbers should you be looking to beat on Facebook? We’ll run through Click-Through Rates, Cost Per Click, Conversion Rates and Cost Per Action – these are the main staple statistics to benchmark!
Average Click-Through Rate
The average click-through rate (CTR) for Facebook ads across all industries is 0.90%.
|Employment & Job Training||0.47%|
|Finance & Insurance||0.56%|
|Travel & Hospitality||0.90%|
Average Cost Per Click (CPC)
The average cost per click (CPC) for Facebook ads across all industries is $1.72.
The cheapest clicks on Facebook are reserved for the apparel ($0.45 per click), travel and hospitality ($0.63) and other retailers ($0.70) industries, with clicks well below a dollar. These industries often have the largest audiences so even at these low CPCs, it’s important to understand how to manage your budgets so that your Facebook costs don’t run amok.
|Consumer Services||$3 .08|
|Employment & Job Training||$2.72|
|Finance & Insurance||$3.77|
|Travel & Hospitality||$0.63|
Average Conversion Rates
The average conversion rate for Facebook ads across all industries is 9.21%.
|Employment & Job Training||11.73%|
|Finance & Insurance||9.09%|
|Travel & Hospitality||2.82%|
Average Cost Per Action
The average cost per action (CPA) for Facebook ads across all industries is $18.68.
|Employment & Job Training||$23.24|
|Finance & Insurance||$41.43|
|Travel & Hospitality||$22.50|
Facebook Advertising – Summary
Facebook advertising is really taking off because it offers an abundance of opportunity for advertisers of nearly all industries. It always pays to ensure you’re compairing your results against industry benchmarks and reviewing these regularly.
If you find yourself on the lower end of these numbers, that just means there’s plenty of room for improvement. You can contact our team to get a free consultation and review of your Facebook account. If you’re hitting these benchmarks – don’t stop and settle for average either!