Without understanding how it works, and without understanding completely whether or not you will make a return in your profit, you would not want to drop money into a new ad or new part of your business. If you are a business owner who that has done this in the past, and if you are someone who is looking to promote their product using Facebook ads, read this article carefully! You do not want to fall into that same trap again and again.
The digital marketing space, because of its size and influence, is overflowing (and always has been) with ads, marketing, products and all sorts of other services that are all competing for your money. This can (and will) make it difficult for you to choose, or even know anything about, an ad service or marketing product.
You are obviously not the only person in the world to feel this frustration and face this problem. On Facebook, people are creating unsuccessful ads and losing money left and right because they do not know what they are getting into when they sign up for Ad-shares. This is mainly because of their own amateur set of skills, but also (and more importantly) because of Facebook’s ever-changing algorithm and ad-calculating services.
The first and foremost nugget of advice I can and any other successful online entrepreneurs can give you, is to learn how to measure what your return will be. Do not focus too much on the up-front costs, because it’s the return that matters. Would you rather put up $1,000 and get $40,000 over the course of 3 months, or put up $3,400 and get $80,000 over the same period of 3 months?
The next piece of advice is to do your research (don’t be afraid to focus a few days or weeks on it, as it is crucial) and to choose the right starting point. If your end goal is to convert a certain percentage of people so that they purchase a 3-product kit of whatever from your online e-commerce store, you may think your best option would be to run an ad directly for that product, but that would be a grave mistake.
You would want to start with something called a ‘tripwire’ which is a marketing term for a one-time offer. This means that you offer whoever you are targeting (as your target audience) a substantial discount if they were to either sign up for your mailing list or purchase your product right then and there.
Before you release your ad (or ads) full-time, you will want to test your target audience using Facebook’s ad tester/planner tool. Facebook ads have one specific and direct target audience, so correctly choosing the right audience can be somewhat confusing and challenging. By starting a tripwire ad, which is what we discussed before, you can test out your different audiences and see what click-to-conversion ratios you get from each audience. Say you run a recycling business called “Waste Focus”, and you want to send ad viewers to the Waste Focus website. To do that, you don’t want to target, say, people looking to have a one time trash removal service. So you will want to focus the audience in the ad setup on the right niche of people interested in recycling, not general trash removal.
Approaching all of your ads strategically and with a plan is mind is certainly something you can use to create a successful Facebook ad. You don’t technically need to have a service or product already planned out before you start your mailing list and ad services, too.
After you have done all of this, you can begin to accurately calculate and balance your data. Using a reactive spreadsheet, such as Excel, is particularly useful in this case. The old saying that goes, ‘Know your numbers!’ really is a perfect anecdote in this case, because it applies in just about every business you could run, and especially when it comes to managing your Facebook ads.
All in all, the same rule applies; if you would not throw random amounts of money into the pit that is a new business approach, then you also would not want to dump money into Facebook ads without knowing how to properly work them!
Here’s a helfpul video for you.