There are numerous ways to advertise on Facebook, but the best way to optimize ad spending and maximize the return on investment is to constantly test different strategies.
In this article, I will analyze the options that are used the most by successful marketers and business owners.
#1 A/B testing
For example, the so-called A/B testing is a nice marketing strategy where two options – A (control) and B (treatment) are tested against each other.
The reason for this is to increase the chances for something to occur at times when you want to occur. This strategy is often used for advertising, marketing emails, landing pages, and web pages.
The top practices always remain the same, like changing the placement and formatting different things on a web page in order to get user`s attention, changing colors so primary objects will stand out among the rest, changing images for bigger appeal, and changing the text to be more attractive for the reader.
#2 Finding and addressing the right audience
Some other things you should follow include targeting the right audience. You have to develop a certain strategy before you think about optimizing ads.
You have to figure out what your audience likes and what are they likely to respond to.
Therefore, first identify your target audience, configure targeting options, then create sets of ads based on the options and run the ads.
If it looks like the ads are not working as they should, do not immediately rush to turn the entire ad sets off. That way you are risking leaving both traffic and revenue at the table.
#3 Choosing the most effective time
Next thing you should look into is to optimize the Facebook ads when it is the right time for doing so.
Sometimes page managers start to panic when seeing that ads do not deliver desired effects within 24 hours.
Then they quickly turn off ads in order to save money, but this is the wrong thing to do.
You have to remember that the data you have available can sometimes be wrong. Most of the stats that page managers use to make decisions about ads are either insignificant or incomplete.
This is because the ads still have not reached a large enough sample. For example, you have to wait for your ads to reach around 1500 people before making some changes.
Also if you are targeting certain group based on their gender or age, make sure that each of those segments reaches about 1500 views before taking the results more seriously.
#4 Facebook Ad optimization is more than analyzing conversion rates
Another important thing is to always look beyond the conversion rates.
Many people are hoping to improve these rates when optimizing ads, but the often overlook one important thing called cost per mile.
This translates into a cost per thousand impressions, and this gives you a good idea about the competition when you are trying to reach people on Facebook.
At the end, always optimize ads and ad sets simultaneously. Decide who to target, how much you will spend on each set, when you will run ads, and the type of bidding option that should be used.
When you choose to change the target audience, start by modifying the ads with image customization and copy them for different market tastes.