As we enter a new year, it’s important to stay up-to-date with the latest Facebook benchmarks for 2024. In this blog post, we’ll be diving into the latest Facebook benchmarks by industry, giving you a detailed look at the performance metrics that are specific to your field.
From cost-per-mile (CPM) to conversion rate (CR), we’ll provide insights on how to improve your social media strategy and stay competitive on Facebook. Whether you’re in the beauty or food industry, this blog post will give you the information you need to optimize your Facebook presence in 2024.
A high CTR indicates that a high percentage of people who see an ad are clicking on it, while a low CTR indicates the opposite.
A high CTR is generally considered to be a positive sign that an ad campaign is effective in reaching the right audience and resonating with them.
In contrast, a low CTR can be an indicator that the ad is not resonating with the target audience, or that the targeting is off.
According to our data, an average CTR of 0,79% is the lowest and it’s in the Food and Drink industry. On the other hand, the highest average CTR is in the Home and Garden industry and is 1.30%.
In the table below, you can find your industry and check out your CTR benchmarks.
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Clothing and accessories are the second-highest CTR industry.
For this blog post, we compared the change in CTR between the two industries with the greatest difference in results. The graph below shows the difference in CTRs between Clothing and accessories and the Food and drinks industry.
CTR benchmarks in prospecting campaigns
But, what is the CTR like if we only look at prospecting campaigns?
The highest CTR is still in the Clothing and Accessories industry, and it’s 1.35%, while the Food and Drink industry still has the lowest CTR of 0.82%. Health and Beauty and Home and Garden are industries with a CTR above 1%.
CTR benchmarks in retargeting campaigns
In retargeting campaigns, the industries with the highest CTR are Home and Garden and Clothing and Accessories.. All other industries have a CTR below 1%.
Facebook ads CPM benchmarks by industry
A high CPM indicates that an ad campaign’s cost is relatively high in comparison to the number of impressions received, whereas a low CPM indicates the opposite.
A high CPM can be caused by a variety of factors, including poor targeting, low relevance, or high ad auction competition.
A low CPM, on the other hand, can be caused by effective targeting, high ad relevance, or low competition.
When we look at all CPMs across all industries, the CPM ranges from $3 to $11.
However, one industry that stands out from the rest is Food and Drinks. Food and Drinks has the highest CPM of $10.36.
If we take into consideration the data of CTR, we can conclude that Food and Drink is the most expensive industry to run Facebook ads in, with the lowest CTR.
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Art and entertainment is the most cost-effective industry for running Facebook ads. Facebook ads in the Arts and entertainment industry cost an average of $3.66.
CPM benchmarks in prospecting campaigns
Regarding the CPM in prospecting campaigns the Food and Drinks industry has the highest CPM. The CPM in other industries is around $6, and in the Health and Beauty industry it’ $8.00.
CPM benchmarks in retargeting campaigns
For retargeting campaigns, the lowest CPM is in the Clothing and Accessories industry and it’s around $8.77, in other industries the CPM is around $13.
Facebook ads CR benchmarks by industry
For CTR and CPM, the Food and Drinks has the worst results of all industries.
But when we analyzed CR data it appears that the Health and Beauty industry has the highest conversion rate.
The Sports and Recreation industry has the lowest conversion rate, while the Clothing and Accessories, and Food and Drink industries have relatively high CRs at 1.33% and 2.56% respectively.
Ultimately, these numbers indicate that the Health and Beauty industry performs well on Facebook in terms of conversion rate.
It could be that the Health and Beauty industry brands are using more effective ad targeting or creative strategies to drive conversions, or that their products and services simply have higher demand.
CR benchmarks in prospecting campaigns
The only industry that has CR above 2% is Food and Drinks. The Clothing and Accessories and Healths and Beauty industries have CR of around 1.3%, while the Home and Garden industry has the lowest CR and it’s 0.29%.
CR benchmarks in retargeting campaigns
In retargeting campaigns, Health and Beauty are the industry with the highest CR of 4.32%.
The lowest CR is found in the Home and Garden industry and it is 1.17%.
Facebook ads CAC benchmarks by industry
A high CAC or Customer Acquisition Cost means that it’s relatively expensive to acquire a new customer for a business, while a low CAC indicates the opposite.
Based on our data, the Sport and Recreation industry has the highest CAC at $63.98, while the Health and Beauty industry has a lower CAC at $20.19.
The Art and Entertainment, Food and Drink, and Home and Garden industries have relatively similar CACs.
The Clothing and accessories industry has a CAC of $25.51 which is relatively low compared to the other industries.
It’s important to note that the CAC should be evaluated alongside the lifetime value of a customer (LTV) to understand the overall profitability of acquiring a customer.
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CAC benchmarks in prospecting campaigns
The industry that is most expensive to acquire a new customer is Home and Garden and the cheapest is Clothing and Accessories. In all industries, CAC is above $35.
CAC benchmarks in retargeting campaigns
The Health and Beauty industry has one of the lowest CAC in retargeting campaigns. Along with the Health and Beauty industry, Clothing and Accessories have a relatively low CAC compared to other industries.
Summary
To summarize, the provided data shows that different industries have different performance levels on Facebook in terms of conversion rate, click-through rate, CPM, and CAC.
It’s worth noting that these numbers are just a snapshot of Facebook benchmarks by industry and that it’s important to consider other factors such as ad spend, audience size, conversion rates, click-through rates, and other metrics before drawing conclusions.
It’s also important to consider the specific business objectives and use the data accordingly. Additionally, CAC should be evaluated along with the lifetime value of a customer(LTV) to understand the overall profitability of acquiring a customer.
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