Google vs. Meta: A Lead Generation Comparison
Lead generation is the lifeblood of any business that strives to contend in the online advertising competition — a consistent influx of leads ensures sustainable business growth and tangible results. Google and Meta are two of the most popular platforms that companies resort to for lead generation. It is worth mentioning that lead generation strategies for new businesses and startups are challenging to choose between both platforms when initially planning for advertising activities. In the following blog, we will dip deep into the quick sauces of Google vs. Meta's lead generation strategies.
Google Lead Generation
With over 3.5 billion searches each day, reaching an estimated 4.39 billion internet users worldwide, and its vast network and reach, Google provides an excellent platform for businesses to generate leads. The core of Google's lead generation strategy lies in its advertising platform equipped with comprehensive analytics tools and algorithms; this refined blend enhances the strength of lead generation campaigns with each ensuing ad.
Google Key Features:
Google's lead generation capabilities offer a suite of features businesses can utilize to maximize their online expansion and customer acquisition. A vital component of this suite is Google Ads. This tool allows companies to prominently display their advertisements on Google's Search Engine Results Page (SERP), a strategic placement that significantly increases their visibility to potential customers and, thus, attracts a pool of prospective leads.
However, the functionality of Google Ads extends beyond ad placement. It also offers keyword targeting, a sophisticated feature that enables businesses to tailor their reach based on the specific keywords users input in their search queries. This level of customization allows businesses to connect with a highly relevant audience, thereby increasing the likelihood of conversion.
Additionally, Google has incorporated lead form extensions into its offering. This innovative tool streamlines the lead-generation process by enabling businesses to capture leads directly from their displayed ads. This feature allows potential customers to express their interest or make inquiries without leaving the SERP, making the engagement process more efficient and user-friendly.
In essence, Google's lead generation tools, including Google Ads, keyword targeting, and lead form extensions, provide businesses with a comprehensive, flexible, and effective solution for attracting, engaging, and converting potential customers.
Meta Lead Generation
Facebook introduced a whopping 2.8 billion active social users across the globe; Facebook lead generation taps into this extensive dynamic network, creating on-target campaigns aimed at specific user groups to pique interest and convert them into viable leads.
Facebook Ads provide a venue for engaging with the target demographic, regardless of location. Such interactions heighten brand visibility and contribute to market share expansion. With its affordability, reporting tools, and advanced algorithm, Facebook Ads enhance the effectiveness of lead generation campaigns with each subsequent ad.
Meta Key Features:
Firstly, companies can deploy targeted advertisements on Facebook and Instagram, reaching their preferred customer base and widening their targets on both platforms.
Secondly, Meta provides the option to construct custom audiences tailored to specific user behaviors, demographics, page likes, shopping activities, interests, and more, ensuring your advertisements display to the most pertinent audience possible in a more casual and dynamic approach for social media users.
Lastly, the platform's lead ads feature is a game-changer. This tool facilitates the direct collection of data from potential customers who express interest in your business within the platform. This streamlines the process and makes it easier for users to interact with brands.
Google vs. Meta: The Comparison
When it comes to reach, Google has a slight edge as it processes over 3.5 billion searches per day compared to Facebook's 2.8 billion monthly users. However, Meta excels in audience targeting, offering detailed demographic, interest-based, and behavioral targeting options while playing with diverse, more dynamic, creative, and relatable content that pops up in daily and casual social media interactions.
While Google's lead form extensions offer a streamlined lead generation process, Meta's lead ads provide a similar feature but within a more engaging social environment.
In Terms of Cost
The average cost per click (CPC) on Google Ads varies significantly depending on the industry and the competitiveness of the keywords. According to a study by WordStream, the average CPC across all industries in Google Ads is $2.69. However, the costs can range anywhere from $1 to $10, which is largely influenced by the market's competition level, the ad's quality, and the targeted keywords' relevance.
On the other hand, the average CPC on Facebook ads also varies and is influenced by several factors, such as audience, industry, and placement of the ad. According to a report by AdEspresso, the average CPC on Facebook ranges from $0.45 to $3.77.
Furthermore, it's worth noting that the average click-through rate (CTR) in Google Ads across all industries is 3.17% for search and 0.46% for display. The CTR is a crucial metric to consider as it indicates the percentage of users who see your ad and actually click on it. In addition, the average cost-per-lead (CPL) on Google Ads is reported to be around $40.74, and the monthly expected ad spend can range from $3,000 to $30,000, depending on the industry, assigned KPIs, and the competitiveness of the market.
Moreover, the conversion rates also play a significant role in understanding the effectiveness of the ads. The average conversion rate for Search Ads is 3.75%, but this rate can vary significantly between industries.
In conclusion, while the average CPC on Google Ads and Facebook can give you a general idea of the potential costs, the actual costs will depend on various factors, including your industry, competitiveness, and the quality and placement of your ads.
Conclusion
Both Google and Meta offer vital and active platforms for online lead generation. The choice between the two often depends on your precise business strategies, for instance, whether you are a B2B or B2C, what are your KPIs?!, target audience, and budgets. By understanding the strengths and weaknesses of each platform, businesses can make an informed decision and develop a thriving online lead-generation strategy.
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