Manual bidding & Lookalikes: The 3 Biggest FB Ads Mistakes You're Probably Making
Facebook Ads is one of the most popular advertising platforms for businesses to reach their target audience. However, many businesses make common mistakes when it comes to their Facebook Ads strategy. In this article, we will be discussing the three biggest mistakes businesses make when it comes to Facebook Ads and how to avoid them.
Mistake #1: Manual Bidding
Manual bidding is a common mistake that many businesses make when it comes to Facebook Ads. Manual bidding involves setting your own bid for your ads instead of allowing Facebook's algorithm to optimize your bids for you. This can lead to overspending on ads and not getting the desired results.
Solution: Use Automatic Bidding
Instead of manually bidding, use Facebook's automatic bidding feature. This allows Facebook's algorithm to optimize your bids based on your goals and budget. This will lead to better ad performance and cost savings.
Mistake #2: Lookalike Audiences
Lookalike audiences are a great way to reach new customers who are similar to your existing ones. However, many businesses make the mistake of not properly segmenting their lookalike audiences.
Solution: Segment Your Lookalike Audiences
To get the most out of your lookalike audiences, segment them based on behavior, interests, and demographics. This will help you create more targeted ads and get better results.
Mistake #3: Not Testing Ads
Many businesses make the mistake of not testing their ads before launching them. This can lead to wasted ad spend and poor results.
Solution: Test Your Ads
Before launching your ads, test them using Facebook's split testing feature. This will allow you to see which ad performs best and make adjustments before spending your entire ad budget.
Facebook Ads can be a powerful tool for businesses to reach their target audience. However, to get the most out of your Facebook Ads strategy, it's important to avoid common mistakes such as manual bidding, not properly segmenting lookalike audiences, and not testing your ads. By following the solutions we've outlined in this article, you can optimize your Facebook Ads strategy and get better results for your business.
In the world of marketing, there is a misconception that attribution is the key to success. However, this idea is a lie, and we need to move away from it. Instead, we need to focus on incremental lift and PSM. Let's explore why.
Point 1: Attribution is a lie
- All customers behave differently, and there is no way to say that one ad takes credit for the sale.
- The attribution of who gets credit for the sale has nothing to do with the audience or the ad that drove the result.
- We need to move away from this nearly three-decade-old lie and start to focus on incremental lift.
Point 2: Incremental lift
- When we invest more with our partners, do we get a return above and beyond our investment? This is what we need to focus on.
- Interest groups and lookalikes don't matter, and retargeting is a liability.
- Broad audiences are the only thing you probably need until you're spending a significant amount of money.
- The more people you can reach with ads that they want to see, the more customer journeys you can begin or curate.
- We need to work on the quality and quantity of customer journeys to optimize conversion rates, improve email open rates, and increase LTV and customer service.
Point 3: The importance of teamwork
- Empowering the team is more effective than trying to take credit for their work.
- Success is built on the back of other people's work, and we need to amplify their efforts, not steal from them.
- Facebook shouldn't be our source of sales; it should amplify everything else.
- When we optimize for ourselves, we're undermining everybody else.
In conclusion, we need to move away from the idea of attribution and focus on incremental lift and PSM. We need to work on the quality and quantity of customer journeys, amplify our team's efforts, and optimize for the highest volume of highest quality people to generate incremental lift across a successful business model.
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