#173: Getting Started with Facebook Ads: The List Building Series (Part 2)

The deep dive into all things Facebook Ads continues with part two of my mini training with Rick Mulready.
In part one we discussed the importance of mapping out a strategy before you jump into scheduling your ads, as well as knowing how to target your ideal customer and build custom audiences using the Audience Insights tool. (Missed Part 1? It was SO GOOD and you can listen here.)
We’re going a little deeper in today’s second part by telling you how to set up your ads using the Power Editor and how to assess your performance by focusing on a few key metrics.
PART TWO
Getting to know the Power Editor. A Facebook ad consists of three elements— campaign, ad set and ad. The campaign is where you set the objective of the ad, such as page post engagement or website clicks. The ad set is where you select the targeting, budget and schedule for the ad. And the ad is where you have the image and text for your ad.
How to Create a Campaign:
Using metrics to evaluate ad performance. First, don’t look at anything related to how your ads are doing for 72 hours. Then, take a look at these numbers by going to the ads manager, clicking the performance dropdown menu and selecting customized columns to choose the stats you want to review.
These are the metrics to pay attention to:
Cost per lead (or conversion): In general, shoot for $9 and under on a lead. Sound high? You’ve got to be real about what’s happening with Facebook. It’s super competitive and that means it’s getting more expensive—yet it’s still the most cost-effective ad platform.
Landing page conversion rate: Your goal is at least 20% conversion. If you’re not there, look at the consistency between your ad and the landing page. Are you using the same text, color scheme and other graphical elements? Is the messaging consistent?
Click-through rate: If it’s less than 1%, that’s a sign that your ad is not resonating with your audience.
Relevance score: The closer you are to 10, the better. If it’s low, that means your ad isn’t relevant. The problem could be with your ad or with the audience you’re targeting.
Frequency score: If you’re at a 4 or higher, that means people are seeing your ad too many times and won’t look at it anymore. Try changing up the type of ad you’re showing.
If you’re happy with the metrics, start to scale. If not, use the data to figure out your next step. For example, if you’ve got a 2% click-through rate and a decent relevance score, but your cost per lead is high, that might mean something about your landing page isn’t consistent with your ad. Use the data to troubleshoot your campaign.
Remember: Become a student of Facebook ads! Research the strategy that works for you, and don’t be afraid to dive in and take some risks for your list-building efforts. Now is the time.