I set up a funnel to sell one of my products and out of the 5 adsets, 1 ad set got me 2 conversions. The product sells for $24.99 and each conversion is costing me $17.80. With the total cost of the item this particular set is losing -$3 per conversion. Dont pay attention to the ATC or content view metrics unfortunately I only set that up today.
It's the first ad I've ever run on FB. I havent narrowed anything down, running it to all women, all age groups, audience is 1 million. Any thoughts for me? Let me know if you need more data for the analysis. Thanks!
How many ad-sets are you running? and what are the daily budgets of those ad-sets.
What are the ad placements being used by you?
It is really important to be patient with Facebook Ads. If you are starting out fresh, then start with multiple narrow segments of the audience with smaller budgets. $3 or $5 daily budget is good.
I don't believe in this theory "SPENDING MORE, HELP YOU GENERATE MORE DATA, WHICH WILL EVENTUALLY LET YOU SCALE QUICKLY". I have been running Facebook Ads for last 3 years and have spend more than $5 million to prove this shit theory wrong.
To this day, I have 6000 adsets running on dropshipping ad account, all spending $1 to $5 every day.
Also, test ever fucking combination to find what's working for you. Don't just believe, that Facebook Feeds are the best placement to target. Currently, I have a lead gen account where CBO (Campaign Budget Optimisation) and AP (All Placements) are giving me exceptional results.
Use small budgets, test everything, find out what's best for you and then scale the shit out of those ads.