On this episode, we’re talking about how you can create a scalable and profitable Facebook advertising campaign. If you have been working on getting those profits up and those Facebook ads out, you’ll want to check out today’s show.
Before we even get started on the action steps I’m going to give you here, the first thing that so many people overlook is what I call the “Golden Rule of Facebook Ads,” which states:
“Every single ad that you run needs to have a purpose”
Once you know why you’re running Facebook ads, the following high-level steps will help you spend more, and ultimately make more on your campaigns:
1. Get clear on where the profit will come back to you
You absolutely need to know what a profitable ad looks like in your business. What is your conversion rate? 3% is pretty good if you have never launched or sold anything before, and knowing your rate will tell you the maximum you can spend on leads to remain profitable.
The key to this though isn’t just knowing your numbers, but rather having a place to operate from that doesn’t require emotion.
2. Set key metrics
What metrics would make your campaign a success? Remember that cheap leads do not necessarily mean it was a successful campaign. Determine how you want to convert these leads you’re getting into sales, whether it be through an automated marketing funnel, a live webinar or by some other way.
Don’t build a list just to build a list; have a plan on how you will be putting qualified leads in front of an offer.
3. Test in bulk
What I like to do in this important step is to take one ad, one image and one set of copy and split test it across 20 different audiences. Target pages that your ideal client is following and spend $5 to $10 a day on each page to see which one converts the best. Once you know which is converting well, you can then increase your spend there.
Realize that 60 to 80% of the ads you’re testing aren’t going to convert. This is part o the game and not every ad or audience converts that same way!
To know if they’re working or not you need to consider a few things, including checking to make sure the ads are getting delivered and if they’re running but not converting, see what percentage of people are clicking on that ad by looking at your link click CTR stat inside of Facebook. Also, consider that your image or copy might just not be connecting with that audience and if your landing page is converting at less than 30 to 40%, you may not have a compelling headline there (among other issues). Finally, make sure that your offer or freebie is something that your audience actually wants.
4.Start to increase spend based on budget and timeline
The amount you increase depends on the metrics your set in Step 2. You may have to spend money on ads based on the number of leads you need, which can vary based on whether your campaign is time-sensitive or you’re putting people into an evergreen funnel.
Once you find the ads that convert, I recommend increasing the budget by less than 50% every 24 hours and I would stay at $15 to $20 per page each day, max.
5. Hand off your ads or check them just once a day
Once your ads are working and still converting, you don’t have to mess with them much. Delegate the task to a team member, or schedule a time once a day to check in.
However, keep in mind that you always need to check your math! After a few months of a running a campaign, look at how much money was earned versus how much was spent.
Facebook ads is a process that takes time and refinement, but by following these steps you will have a measurable and tangible way to determine how your campaigns are truly growing your business.