Let’s summarize what you should have created at this point for your campaign:
- You created an audience of potential leads to target.
- You created a landing page around a hook that appeals to your target audience.
- You have developed a few Facebook ads to test with this audience.
Now it’s time to launch your campaign! Start running your ads to drive people in your audience to your landing pages. Make sure you have a Facebook pixel on your landing page, and on the thank you page you send people to after they sign up on your landing page.
The most important metrics to keep an eye on are, in rough order of importance:
- Cost per conversion (CPA)
- Click trough rate (CTR)
- Cost per click (CPC)
- Cost per 1000 views (CPM)
- Frequency (how many times the average person sees your ad)
The most important number to control is your cost per conversion. It goes without saying that you have to keep your cost per conversion below the lifetime value of your customers in order to have a profitable campaign. And in this case, it will have to be significantly lower because you are just collecting leads with this campaign — you aren’t driving sales directly.
Generally speaking, $10 per day per ad set will give you an early warning about whether you campaign is working. But you’ll need to spend $100-$200 before you see credible results that you can start using to make decisions.
Optimizing Your Campaign
Facebook’s algorithm will show you fairly quickly which ads are doing badly. When this happens, the solution is easy: just turn off the ads.
Things get harder when it comes to finding ads that perform well.
The way we like to do this is look at the ads that perform best and then create variations of these. Change one detail — and one detail only — so that you can isolate different variables and see which perform best. Maybe you can find an image that performs well and test different copy to associate with this image to find the best performing overall ad creative.
One warning: don’t test too many ads at the same time. Again, you’ll generally have to spend $100 – $200 before you see credible results for an ad. If your budget is $1,000 then that means you may only be able to test 5 different ads.
Congratulations on finishing the course! If you have followed along to this point, you now have a Facebook campaign that is generating warm leads for your business at a reasonable cost. Over time you can optimize this campaign to reduce costs even further.
You now have a great foundation to grow your business. If you’re an e-commerce business, then email marketing can be a good next step. If you’re a service business, try a phone call. Closing the deal is up to you, but if you can do that following our process to get leads will put you in a position to succeed.
That concludes this course — we hope you enjoyed it! If you have questions or want to take your learning further, consider becoming a member of Online Advertising School — click here to see all the benefits of membership.