Using facebooks ad platform can be highly profitable or it can be an epic failure. The key thing to understand is facebook users are not in buy mode. Offer something you can afford to give away for free and use a squeeze page to bring the user to research mode and eventually to buy mode.
Read 7 mo.des of the mind by M.ullen (great agency)
I've spent some cash finding out what works and doesn't work. I'm just now heading into the green.
Some tricks I'll share:
Set a campaign budget
Start bidding low
Pause Your campaign until Your ads are approved
Once approved, unpause the campaign during prime time, the evening. The reason for this is, Facebook will ONLY give you 1K impressions at a low bid like .20. If you do not get clicks during that time, they stop giving you impressions until you raise your bid. So you want to get the best chances to get clicks during that first burst of impressions.
Anything under .095 CTR, kill. It'll end up costing you $$$ to keep it running and you will not be able to keep a low CPC and still get impressions. I usually give an ad up to 4k impressions before killing. You usually know right away which ads work and don't right away.
In order to get a high CTR, .1+, you need to laser target your ads. Use their reporting. It takes awhile for them to give you reporting but it'll make it easier to see what is working. You have to have a .1+ CTR to get low CPC... like .05... yes... .05 is possible but only on high CTR ads.
Test many pictures and titles. Also read their ad terms, it'll save you time when trying to get approved..... Getting approved can be tricky and it's very inconsistent. Sometimes I can't get the same ab approved twice. Bunnies and pretty picutres get approved quickly but pictures of women take forever it seems... forever is like 6hr+.
Other than that, the other poster said right, Facebook users are VERY cold. They WILL NOT spend $20+ right away. I've managed to sell $4 items without a pre-sell but that was pointless. I'm still testing and spending money but I know eventually I'll find the golden ticket.
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