Facebook is a social media platform that enables people to connect with their friends and family. But over time Facebook has enabled its platform to allow businesses to connect with their existing and new customers through the Facebook Business Page.
Facebook in Nigeria has over 100 million users of which over 25 million are active Facebook users. Businesses in Nigeria have been able to leverage the Facebook platform to reach new and existing customers through Facebook advertising.
As a Consultant, I would discuss what the cost of advertising on Facebook is and what is to be achieved with such a budget.
This breakdown would explain what is needed when planning how to budget for your Facebook advertising in Nigeria.
But note, the cost of advertising on Facebook in Nigeria can range from N1600 to N500,000 and above depending on the objective of your ad campaign.
Your budget is a determinant of what Goals or objectives you intend on achieving.
So, let’s see what it would cost you to promote your brand or business on Facebook in Nigeria.
Understanding Cost of Advertising on Facebook in Nigeria
The cost of advertising on Facebook varies based on your business goals and objectives as discussed above. Usually, the cost of advertising on Facebook in Nigeria can range from N1600 to N500,000 and above. While the cost of advertising on Facebook in dollars in Nigeria would be estimated at $4 to $10,000 and above.
Now, let us see what determines your cost of promoting on Facebook in Nigeria.
Facebook has various objectives for marketing your business/brand. But before then you would need to know what your business/brand goals are. These goals are determined by what stage your business is and what stage your customers are in.
The stages your customers would fall into are these categories, the same as your business goals:
- Awareness Stage
- Consideration Stage
- Conversions Stage
Once, you have determined the stage your audience is, this would allow you to determine how much budget is required of you when choosing what stage your customers are in. Usually, the cost of advertising on Facebook from the Awareness stage is lower but increases as people convert (all dependent on your kind of business).
Let’s see what the cost of advertising is based on each stage. These costs are just estimated and do not reflect on how much you should spend on advertising on Facebook.
Awareness Stage is the stage where people get to know and show interest in your business. At this stage, it is called Brand Awareness. To advertise to customers at this stage on Facebook could cost between N1600 to N300,000 and above. Your goal here is reach as many people as your budget can carry you. With N1600 (spending N400/day for 4days), you can boost your posts on Facebook. Note: The higher your budget, the more people you will reach.
This cost allows you to reach as many people as possible while promoting your brand.
Consideration Stage is the stage at which people are already thinking about your business and seeking more information. To advertise to customers at this stage on Facebook could cost between N50,000 to N500,000 and above. This cost allows you to effectively reach people who already know about your business.
Conversion Stage is the stage at which people are already interested in your business/brand to buy or use your products or services. To advertise to customers at this stage on Facebook could cost between N50,000 to N400,000 and above. This cost allows you to convert customers who are already interested in your brand/business effectively.
We have discussed the cost of advertising on Facebook and this cost is all dependent on your objectives and goals. Advertising on Facebook can really help grow your business online and it’s a platform that you need to utilize effectively.
The cost highlighted above is the cost of advertising on Facebook for small businesses in Nigeria.
Hope this post was helpful to determine the cost of promoting on Facebook.
If you are also looking for ways to effectively promote your business or brand on Facebook, you can contact us and we would take care of our Facebook advertising while you focus on your business.