This is a very top notch method but IMO, it's not very suitable for beginners especially with recurring costs and specifically with Facebook Ads.
Facebooks Ads requires extensive research and campaign and testing. And I mean a lot of testing. Testing requires a flexible budget, that you're not afraid to lose it all if it comes to that but most importantly, the willingness to increase it significantly if you spot an opportunity to scale. And you might still lose it all.
The only way to get experience doing this is 1: Get employed by a Advertising Company and test with other ppl's budget or 2: Test with a analytical mind and open budget - this option will probably be for the rest of us.
Few tips I'm gonna give off the bat.
1. Find a Product that is unique (this is probably mention 100% times, and only you can spot something)
2. Do your Research and Demographics Research, what age would be use your product or wear or which countries will be interested in something like this..
This is usually standard google research, looking infographics, comments in the shopify forums, etc. Put data in excel, note pad, learn and THINK.
4. Create your ad angle - sales pitch (title baiting etc), language, and images/videos, up to 2-3 or up to you.
5. Set up your campaign and TEST your theory.
For example,
1 Campaign - Dildos, 1 Ad Set, 2 Ads (seperate)
1 Ad Set (Interests: Men who like Dildos US), Ad (Purple Dildo) - budget
1 Ad Set (Interests: Men who like Dildos US), Ad (Pink Dildo) - budget
The key here is don't put two ads (pink and purple dildo) under ONE ad Set(this targeting) under Same Budget. As the budget is shared across you will not know how its allocated. This is based on several factors and impossible to figure out. Each Ad gets their own budget.
Then you you review insights of demographics/data you continue to test and test and test like this:
1 Campaign - Dildos
1 Ad Set (Interests: Men who like Dildos US, 24-48 age group), Ad (Purple Dildo) - budget
1 Ad Set (Interests: Men who like Dildos US, 24-48 age group), Ad (Pink Dildo) - budget
Failed? Find out what's working, change one thing in the Ad set and reTEST. the key is to OPTIMIZE.
1 Ad Set (Interests: Men who like Dildos US, Show Mobile Only, Same Age group), Ad (purple Dildo) - budget
1 Ad Set (Interests: Men who like Dildos US, Show Mobile Only, Same Age group) Ad (Pink Dildo) - budget
Failed? Maybe Dildos aren't a good product etc. And you continue to test. The most important thing is data, and how to interpret that data and use that data for your next test.
Succeeded? On to something? Duplicate the ad, optimize it according to insights, maybe only 24-48 age group is clicking or maybe they are just coming form New York? Optimize and scale. Much easier said than done.
Here something I've learned over the years of marketing. If you're targeting Tier 1 countries, have a budget of at least $50USD or more per ad set, this way you can get data faster and optimize it. THIS does not mean you have to use it all, learn to cut off ads when they're not working. If you spend only $10USD, you might be able to get minimal data, but you need to test much more extensively and by that time your post will be aged and will no longer have reach or you will need to redo the ad. Remember that people are bidding against you that MUCH higher budgets, if it so happens that your offer/target is the same, you'd lose. This will of course come down to your niche and product.
Here is an example of my testing. One campaign, 27k reach, 136 views. Other Campaign 45k reach, 14k views. Same budget, same angle, same ad. From here I tested, optimized and got results. OPs method works, but you need to have some money to work with and importantly, you have to be smart.
..and a best sales page,Thank you