With 1.62 billion users visiting Facebook every day; it is the most dominating social media platform which is marketers’ favorite when it comes to spending the digital ad budget.
According to eMarketer Facebook is at the second position after Google with $67.37 billion net ad revenues in the year 2019.
When it comes to Facebook ads, a lot of ROI can be driven and a lot of money can be lost at the same time if we do not do it the right way. If you have lost a lot of ad budget and you have no idea how to drive more ROI then do not even think of leaving this article from the middle.
After generating 5000+ leads in the year 2019 and managing Facebook paid ads for different industries like finance, saas, eCommerce, and education; I want to share my own personal experience with Facebook ads that might help other marketers and entrepreneurs to save a lot of ad budget at least in the initial testing phase where you do not have any data in the ad account.
Here are five advanced tips that will help you to get the most out of your Facebook ads budget in 2020.
- Targeting: Whenever you plan to start a new campaign always keep in mind not to complicate the targeting. Keep the targeting very simple and let Facebook algorithms optimize it. The broader audience you choose at the start is better because Facebook will charge you more money when the same ad is shown to one Facebook user more than one time a day.
As you can see in the screenshot I tasted a $44 product using 5 different adsets. I used a broad audience above 1.5 Million on top then kept narrowing the audience size. As a result, I got $9.54 per purchase in the broad campaign but $34.46 in the narrowed one. And no sales in the other ad sets at all.
Same happened here as well, the broader campaigns performed better and I got cheaper leads with better conversion and ROI than other narrowed campaigns.
- Strategy: Without having the right strategy never start a campaign. You must have come across the word called “FUNNEL” in digital marketing. Do a little research on it and try to have a 3 step funnel. Top funnel, middle funnel, and bottom-funnel. The top funnel should be broad and 50-60% budget to be spent in the top funnel. The middle funnel should be for an audience that is already interested or interacted with your website or app. And the bottom-funnel is to remarket that audience who have already entered a decision making phase i.e “cart abandonment”.
- The pixel: Once you are done with the roadmap and strategy make sure that you have a pixel installed. Yes, this is the most important one. If you do not have a pixel installed and you are doing blind assumptions with no data in hand, let me tell you that you are going to burn a lot of ad budget. Facebook ads are operated with artificial intelligence algorithms and the more data you have the better your ads are going to perform even at a lesser budget.
- Choose the right event: A lot of marketers start with “Page View or “Add to cart” when they launch a campaign but their ultimate campaign goal always is to maximize ROAS. Let me tell you ROAS comes from “Purchase” or “Lead” not from Page View or “Add to cart”. If you need more “Purchase” always choose “Purchase” as your conversion event. Because Facebook will optimize the campaign to show it to the right audience who are more likely to buy from you.
- Test & Scale: Never start with a big budget, try starting smaller budget ad sets. Conduct a few A – B split tests and when you have the right amount of data; scale the campaign.
We know that it is impossible to become a Facebook ad ninja by operating only a few campaigns. But make sure to avoid those rookie mistakes and keep these advanced Facebook ad management tips in mind before launching your next campaign.
Want help with scaling your business with Facebook ads? Let’s connect!