Now is a great time to build your brand awareness online as more people go online (particularly on social media) and companies pull their marketing budgets. And with lockdown expected to continue for some weeks, there are a couple of strategies to put in place with the reduction in costs of Facebook and Instagram ads. So, how can you maximise these opportunities?
Key things to note:
- Cost per mille (CPM) is down by 45%
- Click through rates (CTR) are the same
- Cost per click (CPC) is down by 45%
- Onsite conversions are down 53%
People are looking at things but aren’t necessarily buying at the moment – cost per customer acquisition is up by 28%. BUT…
- CPMs are dropping steadily by 20% each week
- Conversion rates have stablised now
This means a 20% decrease in cost per customer acquisition each week moving forward. It will become cheaper to bring your customer in.
Things to look at:
- Adapt your spend towards prospecting
- Update your creative
- Test new promotions
- Launch product campaigns
- Get your email lists up-to-date
Facebook and Instagram CPMs are down 44% over the last three weeks and will continue to drop 20% for the foreseeable future – this rate is a steady decline.
What this means
People are online to burn time, so now is the perfect time to drive awareness and get people engaged with your brand at lower costs. Strengthen relationships and build loyalty. Give people good content and plenty of it, so they’ll enjoy engaging with your brand.