As usual, we're experimenting! This time with different remarketing tactics on Facebook to see if we can identify any patterns. This test ran over 20 days, spent just over $1k in ad budget and was set up make comparisons between two primary variables, 1.) remarketing list size length, comparing 7 days vs 90 days and 2.) campaign objectives, comparing Link Clicks vs Brand Awareness vs Engagement. Here's the total results from all campaigns:
Facebook Cost per Lead by Remarketing List Length
Varying list length had the largest impact on cost per lead. Cost per lead for 7 day list averaged $9.20. Cost per lead for 90 day list averaged $58.87. 7 day remarketing list resulted in leads that cost 84% less than 90 day list.
Cost per lead for 7 day list averaged $9.20. Cost per lead for 90 day list averaged $58.87. 7 day remarketing list resulted in leads that cost 84% less than 90 day list.
Facebook Cost per Lead by Campaign Objective
Varying campaign objective also had a pronounced effect. Link Click and Engagement had similar average cost per lead, but Brand Awareness leads cost 173% more at just over $34 each.
- Link Click: $12.66 per lead
- Engagement: $13.29 per lead
- Brand Awareness: $34.58 per lead
The results of this small experiment have made it clear there are meaningful differences and optimizations to be explored by varying list length and campaign objectives for remarketing campaigns. And that by focusing on shorter-length remarketing lists and driving people back to the website we can achieve both lead volume and CPL's well within our targets.