Is now the right time to advertise on Facebook?
The situation right now is unprecedented, and we’re not sure how long it’s going to last and essentially what’s going to happen. However, alongside the awful effects of this situation, it’s costing less than ever to reach large audiences on Facebook. Social media usage is at an all-time high and many brands have paused advertising.
People are spending more time online as a way to stay connected with the outside world, as they currently have no other outlet. Without taking advantage of the current situation, there is an opportunity to continue to drive branding and messaging to essentially keep your brand alive and ticking – although with more sensitive messaging than the usual playful style.
It’s no surprise that one in four brands have paused all advertising for the first half of 2020, according to the Interactive Advertising Bureau (IAB). With this in mind, it’s fair to say there’s a lot less competition in the market – especially on the Facebook Network.
The graph below from Statista shows that Facebook’s cost per thousand (CPM) has decreased during these COVID-19 weeks, dropping below $1 on average.
All Response Media viewpoint
We have been very sensitive to the situation in helping our clients through these tough times but are pushing to see clients make the most out of the lower pricing that we have seen across all sectors. Interestingly, across a data set of 8 different client sectors, we saw one of the biggest drops in CPM in Messenger, with an average decrease in CPM of 184%. So, should we be pushing ads on Messenger more than ever? Acting fast on these CPMs is key to making the most of a bad situation – one that could keep a brand alive. If now isn’t the right time for a brand, instead focus on analysing previous data to get the accounts in the best place before the inevitable return of full digital advertising.
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