Facebook ads can quickly turn into a ridiculous black hole money pit, but in this article, I’m going to show you how I’ve lowered my ad spend in 2 different industries. I’m not a genius, I’m not a magician, and believe me, I’m no guru when it comes to Facebook ads.
I’ve tested and tested, and you’re going to benefit from the thousands of dollars I’ve blown to figure this out. I have to thank my friend and mentor, Sally Hendrick, for her guidance teaching me Facebook ads.
The first thing I want to point out is that these ad spends are not universal to every industry; “good” results are relative, and are very much audience-dependent. The audience for my home and garden blog, FrugalChicken, is full of folks who cost me only $0.05 per click and $0.20 for an opt in.
The people who follow me for blogging, Pinterest, traffic, and my Lazy Girl Traffic & Profit program are a different crowd. I’m spending $0.25 to $0.55 for clicks and $0.92 to $1.17 for leads. So just remember that while results might vary, the STRATEGIES are universal. There’s also no such thing as a “good” ad spend and a “bad” ad spend – there’s just ones that make you a profit and ones that make you sweat when the bill comes.
(Want to learn my formula for creating products that sell? Click here to get my Lazy Girl Formula For Passive Ebook Sales)
I don’t think audience size matters with these results. FrugalChicken gets anywhere from 300,000-350,000 views every month. My Lazy Girl Traffic & Profit website gets about 2,000 views a month at this point. The FrugalChicken audience is less qualified simply because there are so many people – it’s a blog, and not everyone is there for a purpose beyond reading for entertainment. In some ways, with regards to Facebook ad and sales funnels, the size of that audience can be disadvantageous; it’s like Walmart – money is made in volume.
The audience for my Lazy Girl Traffic & Profit website generally visits for a purpose – either to learn something or to buy something, or both. My products on that website are more expensive, but the audience is better qualified and potentially more willing to spend to get results.
So please don’t walk away from this article thinking “it’s easy to get clicks for $0.05 when you reach 1 million plus people a quarter.” A large audience doesn’t always translate into a better audience.
If you don’t have your pixel’s installed, stop reading and go do that, for the love of all things holy. Nothing I tell you in this article matters if you aren’t tracking who is visiting your pages. Stick that thing on every page you create, including your website.
(If you aren’t sure what this is or the difference between all the different pixels, we are covering this in my Lazy Girl Traffic & Profit group, so I suggest you join while enrollment is open).
The pixel is key to lowering your Facebook ad costs. It’s your new best friend, I promise. (Guess what? I’ve tracked that you’ve clicked on this article.)
With the pixel, you can also track people who come from other sources and stay in front of them. FrugalChicken gets about 250,000 views every month from Pinterest alone. So, you can build an audience and get cold leads on one platform, like Pinterest, and then nurture them into buyers once they’ve visited, as long as you have the pixel installed.
Let’s talk targeting
When I first started with Facebook ads, I would just target a competitor’s page, hoping for opt ins. This worked GREAT for FrugalChicken ads (I was getting cold opt ins for $0.55), but laughably pathetic with my other website (I was getting opt ins for $22.00). Even though FrugalChicken’s cold opt in rate was good, I’ve been able to improve it with a couple tweaks. Bottom line: targeting your competitors doesn’t always work. The competition is too high, and it’s too expensive. I found I was better off targeting those pages for clicks rather than opt ins.
This is what separates ads that make you money from ads that make you eat Ramen for the next month. Remember that pixel? In order to decrease the amount ads cost me, I create audiences based on who visits my websites. (Now that you’ve clicked on this article, you’ve become part of one of my audiences!)
Let’s talk retargeting
Once I have an audience, I can retarget. They’re no longer a cold lead (they’re lukewarm – not warm, definitely not hot, but at least aware of who I am). This is the time to start asking them to opt in for my lead magnet with retargeting ads. If I’ve done the first two steps right, these ads cost less than if I just flung an opt in ad out there, hoping for the best. Once they’ve given me their email address, I can nurture and ask for the sale (that’s a whole other discussion, though).
The number one thing to remember with the strategies in this article is this: It’s all a process. You probably won’t come out of the gate with $0.20 opt ins. As you get more experience, you will be able to continue to refine your strategies, thereby lowering the amount it costs you to acquire a new customer.
I hope you’ve gotten something out of this article. If you would like help implementing, we are going to cover Facebook ads in my Lazy Girl Traffic And Profit Group coaching program. Enrollment is open now, but closes down after 20 people (and nearly 50% of the spots are already gone), so act fast. Click here to join.