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B2B SaaS (Meta) Facebook Ads Stats & Benchmarks for 2024

by 

Lauren O'Bryan

Last updated: March 21st, 2024

Meta’s vast audience and enhanced targeting capabilities with Facebook Ads make it an indispensable channel for lead generation and business growth. This is why securing an additional budget for Facebook Ads can help you amplify your B2B SaaS company’s market presence and capture high-quality leads.

To guide your strategy and help you make the case for more budget to marketing leadership, we’ve compiled key (Meta) Facebook ad statistics and benchmarks for 2024. Let’s get right into it.

Meta / Facebook Statistics

• As of January 2024, Facebook is the most popular social media platform with over 3 billion monthly active users.
• Just under a quarter of the world’s population are daily active users of Facebook.
• Facebook is also the third most popular website, beaten only by Google and YouTube.
• Users from the US spend about 30 minutes per day using Facebook, which equates to about 20 hours a month.
• Over 50% of all Facebook users are aged 18-34.
• More than 80% of people access Facebook by mobile device.

Facebook for Business

• Globally, over 200 million businesses are using Facebook to connect with customers.
• Over 1 billion people connect with a business account each week.
• A report by TheGovLab identified that around 1.8 billion people are active in Facebook groups each month.
• Facebook has a global advertising audience of over 2.2 billion.
• 56% of B2B marketers make use of Facebook for paid ads.
• B2B decision-makers spend 74% more time on Facebook than other users.
• 70% of B2B buyers use Facebook to research and inform their purchasing decisions.
• A Databox survey reveals that, while Facebook ranks as the second most effective social media platform for engaging with leads, it’s number one for driving traffic.
• 80% of B2B companies use Facebook ads to build awareness.
• Hootsuite analyzed thousands of social media posts and found the best time to post on Facebook is 10 am on a Monday and Tuesday.
• In a mobile vs desktop experiment run by AdEspresso, mobile ads on Facebook outperformed desktop ads by more than 45%.
• Businesses can potentially gain a 66% higher order value from orders placed through Facebook rather than their website.
• 58% of Facebook users say they have sought more information about a brand or product after watching a Facebook story.
• Of all Facebook ads, 69% link to a landing page as opposed to a home page or a Facebook page.
• Image or photo posts show the highest user engagement rate, with status posts coming in a close second.
• 75% of Facebook post engagement will happen within the first 5 hours of the post going live.
• 27% of Facebook Ads are purely conversion-focused, while around 24% are aimed at customer engagement.
• Overall, the CPL in 2023 increased for 91% of industries, but the rate of increase is slowing down.

The Future of Facebook Ads

Like other platforms, 2024 is likely to bring big changes and rapid advancements for Facebook, or Meta, in general. Meta is improving audience targeting and injecting AI enhancements and automation into ad delivery and optimization options.

Tighter user privacy will be a priority in 2024, while advertising costs for advertisers are expected to be more stable.

Here are some additional Facebook Ads stats that show what the future may hold:

• Facebook revenue is expected to hit $121 billion in 2024.

Despite the trend of young people moving away from the platform, Facebook is still a giant across the web. Revenue growth slowed after the COVID-19 pandemic but the platform remains responsible for 19% of global ad revenue.

• Facebook Ads revenue is likely to surpass $200 billion by 2026.

From 2017 to 2024, Facebook ad revenue grew at an annual rate of 23.5%, and it will continue to grow past 2024.

• 50% of a user’s time on Facebook is spent watching videos.

Using in-stream video content, you can present longer stories that will provide more information and give more opportunities to capture interest.

• The average CTR has increased for many industries, while the CPC has decreased.

These stats show that Facebook remains an engaging platform for advertising purposes, and if the CPC continues to decrease, there could be huge gains to be made in terms of ROI.

Facebook Ads Benchmarks

When starting out with Facebook Ads, it helps to have some benchmarks to guide your campaigns. Over time, you’ll have your own data to add to this, but to begin with, here are some benchmarks from 2023 to set your KPIs for the year ahead:

• The average amount SaaS companies spent on Facebook Ads was $1,906.79.
• Across all industries:
  • The average CTR was 1.51%.
  • The average CPC was $0.83.
  • The average CPA was $19.68.
• The overall ROAS for B2B SaaS was 1.24.
• Facebook has an overall engagement rate of 0.15%.
• Brands posted an average of 5 times per week on Facebook accounts.

Getting the Most Out of Facebook Ads for B2B SaaS

The reality is that many B2B SaaS companies have tried and failed to implement a successful Facebook Ads campaign. However, as these stats have shown you, Facebook Ads have the potential to be a valuable advertising platform. In addition, we at Powered by Search have proven that Facebook Ads can and do work for almost all of our SaaS clients.

The main reasons companies fail to create successful Facebook Ads campaigns are often due to inaccurate audience targeting or not testing the ads beforehand.

Fine-tuning audience targeting begins with creating well-crafted ad copy that clearly defines your target audience, the pain points your product resolves, and your value proposition. Additionally, leveraging demographic data allows for precision in targeting, like deploying ads to lookalike audiences or engaging users from existing account lists.

Wrapping Up

Overall, Facebook is a great place to generate leads and build brand awareness – both of which will improve conversion rates.

At Powered by Search we specialize in developing and implementing PPC campaigns for B2B SaaS companies all around the world. By hiring a B2B SaaS Facebook Ads agency, we’ll help you cut ad spend and boost growth.