This is definitely one question that we cannot answer for you since it is something that is quite subjective. However, we should highlight some facts that you do have to take into account in order to make a smart decision for your business. When you create your financial business plan, you surely have an advertising budget that is included. You will use a part of it on Facebook but we have to recommend that you only use a percentage based on the goals that you have in the future. Always analyze results and adapt your expenditure based on what brings in the best results.
Increasing Page Likes
You want to be sure that the page likes you get are completely relevant. It is hard to make a cold sale on Facebook but you can sell quite well to the people that did choose to see the content you share in news feeds. With this in mind, you do want to increase relevant page likes but you have to be 100% sure that everything is relevant. Do not focus on the irrelevant countries only in order to get more likes.
As a simple rule of thumb, we can say that a relevant like can cost anywhere between 25 cents and 1 dollar based on your industry. You do not have to spend everything on page likes but if your budget is under one hundred dollars, you should focus most of it on increasing page likes.
If you want to promote posts, you want to promote those that drive people to a website or to a page that will convert something. Many brands do not have such a priority and are just interested in being sure that fans see content. Everything varies from one business to the next but you should never use the boost post button. Focus on promoting posts with these goals:
- Reach the fans that missed your posts organically
- Reach people that are not fans but are relevant
Generally speaking, marketers expect to reach around twenty percent of the page fans with this type of ad. This is a good assessment that you can take into account. The optimized CPM that you can expect in this case is around $5.
Buying Website Traffic
This is similar with Promoted Posts but the focus is a little different. We are basically referring to the domain sponsored stories. The only problem with this strategy is that it is quite difficult to assess CPM. However, you can expect it to be up to 4 dollars and a minimum of 1 dollar. In this case, you want to target non-fans but you have to be careful with targeting so that you can reach specific interests and get something properly done. It is difficult if you do not know much about Facebook advertising.
Promote Services And Products
Consider this only in the event that you still have budget after you considered the options above. You can easily promote items like:
- Business services
- Virtual products
- Sign-ups for newsletters