I work for a company with big budgets and I still work with Supermetrics + Excel quite a lot for quick and dirty optimization (if I dont wanna go through our much slower BI tool).
If you work with lower budgets you can simply use the Business Manager + Supermetrics and you are good to go, no...
As a Facebook marketing manager spending several million on FB every year, very effective if you know what you are doing. In the company I am working for we make most of our sales through Facebook ads (financial services). Can also be a very good alternative if your non-branded Google Ads CPC's...
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