Do your Facebook advertisements perform poorly? You spend a lot of money on a Facebook ad campaign in the hopes of generating a lot of leads, but you end up with few to no conversions. You appear to have just squandered your advertising budget.
You are not alone in this!
Unsure of how to make your Facebook advertisements more effective? The following may be the reasons you are doing it all wrong:
1#: Too Low Bid Cap
“ If you don't carefully curate your bid caps, they can really mess up your Facebook ads. Before you mess with these, you should understand the value of your conversion event because they are designed for specific situations.”
An auction is used to distribute Facebook ads. The advertiser who bids the most to reach a specific target market will win and their ad will be better placed & served. A bid cap is meant to inform your Facebook advertising of the highest amount you're prepared to pay to get the desired outcome (click, impression, or whatever you've selected).
With the #Lowest_Cost_bid_strategy, bid caps are completely optional; if you don't specify one, Facebook will simply try to achieve the lowest possible cost per event, even if that cost is very high.
If you don't carefully curate your bid caps, they can really mess up your #Facebook_ads. Before you mess with these, you should understand the value of your conversion event because they are designed for specific situations.
If you want to grow your company by encouraging as many subscriptions or purchases as possible while aiming to maintain a specific cost per optimization event, we recommend using a cost cap. They work best for campaigns that sell a fixed-priced service or product.
Setting a bid limit or a #bid_cap can reduce the performance of your ads (some audiences are just more valuable than others). If you have this enabled and are having trouble with conversions, your best bet is to try raising your lowest bid or cost cap to improve delivery.
You'll probably burn through your daily or lifetime budget faster, but you'll see more conversions and your delivery will be more consistent.
2#: Self Competition
One of the key issues I keep seeing with even established marketers & in particular is that they run too many ads and, as a result, compete with themselves in the Facebook newsfeed.
Facebook announced recently their news feed will start showing fewer news articles, and less marketing content and ads. So that in mind, its best to let the highest preforming ad run & compete with other ads from same categories as yours from other advertisers because the news feed space is too limited.
If you create two campaigns with the same target audiences, won't those campaigns compete in the newsfeed? You're basically competing for the same space and spending money to reach the same people, right?
In the end, why would you waste your marketing budget competing with yourself when you could be competing with your competitors?
To address this issue, we must first change the conversation in the best performing Ads instead of creating more new ads like leads and traffic Ads.
3#: Insufficient conversions to optimize delivery
“ If your campaign fails to convert at all, Facebook will be unable to settle the campaign into a consistent cost or delivery. You'll most likely see your ads results reduce, then start eating through your budget, only to reduce again with no detailed understanding.”
In order for Facebook to optimize delivery and consistently deliver your ads, you must have at least 50 - 60 conversions per week. So, Facebook optimizes conversions from a specific conversion window/time.
If your campaign fails to convert at all, Facebook will be unable to settle the campaign into a consistent cost or delivery. You'll most likely see your ads results reduce, then start eating through your budget, only to reduce again with no detailed understanding.
Campaigns are typically set to lowest cost by default to keep your bid as low as possible, luckily target cost can be useful when you want to stabilize bids.
Instead of attempting to bid the smallest amount possible (lowest cost), you can instruct Facebook to bid an approximate amount (target cost), which will keep your delivery and costs consistent throughout the campaign.
4#: Targeting the Wrong Audience
Who are you attempting to reach? While brands may target small groups when they should target larger audiences, they may also target the wrong audience entirely.
Targeting people who have already engaged with your brand or purchased your product may be smarter and more effective than looking for new faces. First, start by analyzing the #demographics of our current members in order to better understand who they are in terms of location, interests, industry, and other factors.
You can learn more about your prospects' interests by using #Facebook_Audience_Insights. Make use of that data to create a more personalized ad that connects with those people on a deeper level. This method of narrowing your audience helps you save money on advertising.
NB: The larger your audience, the more options you give Facebook for who to serve your ads to. So, don't narrow your audience too much.
5#: Your Budget Is Poorly Distributed
Facebook allows campaign budgets to be distributed evenly across multiple ad sets. This sounds great until one of your ad sets performs poorly in comparison to the others in a campaign. Regardless of performance, Facebook will continue to divide the budget equally among all of these ad sets.
6#: Skipping A/B Test
A/B testing is one of the most fundamental types of social media testing. An A/B test is one in which one variable is changed while the others remain constant.
When it comes to Facebook ads, you can't just set it and forget it. When you launch a campaign, it will not run continuously—you will need to check in on it, analyze performance, test frequently, and keep optimizing in order to see success, that's where A/B testing comes in. Facebook users can A/B test advertisements. Even if you are 100 percent confident in your ad content, there is always the possibility that it will fall flat with some segments of your audience. This is why you should experiment and test ad alternatives.
When you launch an ad, you can use this feature to submit multiple ad types with different formats, images, or text to Facebook. Following that, Facebook will send various variations of the ad to a small segment of your target audience and analyze which format receives the most engagement. The basic concept of Facebook A/B testing is to set a goal and then see which ad variation performs best to accomplish said goal.
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